Answer:
Collection from Customers =$487,000
Explanation:
Collection from Customers=account receivable beginning balance+sales revenue-account receivable ending balance
=97000+$519,000-$65,000
=$487,000
Answer:
This illustrates the principle that;
c.people face trade-offs.
Explanation:
Commercial transaction especially in business involve various situations that can mirror underlying economic principals, An example of the many economic principals is trade-off. This principal is explained in detail below;
1. Trade-off
A trade-off is a compromise between two desirable products that are incompatible. A trade-off usually involves the foregoing of one choice for the other, it usually involves the sacrifice of one of two products which have the same qualities but one only limited to picking one choice. A trade-off usually happens in business dealings. An example is a situation where one needs to purchase two items that have the same cost and the amount of money the buyer wants to buy can only be enough for one of the products. In this case, the buyer will have to sacrifice one product for the other based on the prevailing financial status limiting him/her from purchasing both of them.
Lawrence's case is a classic trade-off scenario since he is torn between buying a flash for his camera or a new tripod. He needs both of them with equal measure but he can only afford one at a time. This means that he will have to choose one over the other, a principle known as a trade-off.
Answer:
B) Sales and cost of goods sold should be reduced by the intercompany sales.
Explanation:
When a parent company consolidates its financial statements with its subsidiaries, it has to eliminate all the transactions involving intercompany sales.
In this case, Perez Inc. must adjust its consolidated financial statements by reducing the sales revenue and COGS of the transaction it made with Senior Inc. (its subsidiary).
Answer:
A. Increase liabilities (Accounts payable) by $337.8 million
Explanation:
The journal entry will be: Inventory (Credit - Increased) 337,860,000 and Accounts payable (Debit - Increased) 337,860,000.
The company must recognize the increase in the Inventory and the medium of payment (Accounts payable).
B is false because this operationn can also be a decrease in cash, but the amount in the operation is too high for this payment medium.
C is false because, the inventory is not sold, and COSG will be increased when the goods are sold.
D is also false because the inventory is increasing, not decreasing.
Answer:
C
Explanation:
The consumers associated the saying with the Doritos brand.