The "Farm Credit System" is a government-sponsored enterprise that works through a cooperative system to provide agricultural and rural loans.
<h3>What is Farm Credit System?</h3>
A nationwide financing network with a focus on helping the agriculture sector is called as Farm Credit System (FCS). It is composed of banking industry and organisations that extend loans to people and companies around the country.
Some key features of farm credit system are-
- From small farming families to multinational corporations, the FCS supports the rural community including organizations of all shapes and sizes.
- The FCS is composed up several cooperative banks and organisations that lend money to Americans both personally and commercially.
- There are 72 independent, customer-owned financial institutions that make up the FCS.
- A vital source of financing for the agricultural sector, which is viewed as high-risk most traditional lenders, is the Farm Credit System.
To know more about the Farm Credit System, here
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E and b not really sure but it’s my best guess
Answer: See explanation
Explanation:
a. Sales = $27000
Less: sales returned = -$660
Less: discount at 2% = ($27000 - $660) × 2% = -$526.8
Net sales = $25813.2
b. Net sales = $25813.2
Less: cost of goods sold = $15000 - $400 = -$14600
Gross profit = $11213.2
Operating expense:
Less: Selling and administrative expenses = -$2835
Operating income = $8378.2
Non-operating items:
Less: Interest expense = ($200
Add: Gain on land Sales = $900
Net Income= $9078.2
c. The interest expense be shown on the statement of cash flows in the operating expenses section. It'll be recorded in the operating activities.
d. The sale of the land would be under the investing activity as it's capital asset of the business. Therefore, the full sales price of the land, $9,250, would be shown as a cash inflow from investing activities on the statement of cash flows.
Option B is the correct answer.
Answer:
The amount of cash paid to suppliers of merchandise during the reporting period is $31
Explanation:
Inventory beginning balance is $90, ending balance is $93
Account payables beginning balance is $14, ending balance is $16
Cost of goods sold is $30
Using T accounts: Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold.
Therefore Purchases = Cost of Sales - Beginning Inventory + Ending Inventory
Purchases = 30-90+93 = 33
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In the Accounts Payable Account
Opening balance and Credit purchases are on the credit side, while payment to suppliers and closing balance are on the debit side
Therefore: Opening balance + Purchases during the period = Payments during the period + closing balance.
Hence: 14+33= payments during the period + 16
Payments during the period = 14+33 - 16 = $31
