Answer:
B. Cash 10,000 Sales 10,000 Cost of Merchandise Sold 7,590 7,590 Merchandise Inventory
Explanation:
The journal entry is shown below:
cash $10,000
To sales $10,000
(being cash receipts is recorded)
Here cash is debited as it increased the assets and credited the sales as it also increased the revenue
cost of merchandize sold $7,590
To merchandize inventory $7,590
(being cost of merchandise sold is recorded)
Here cost is debited as it increased the expense and credited the merchanidse inventory as it decreased the inventory
Answer:
a. $1508
Explanation:
June 1 150 units
June 10 200 units
June 15 200 units
June 28 150 units
Total 700 units
Out of above, only 210 units are in hand. Under LIFO method, 150 units are from 1st June and 60 units are from 10th June.
Date Units (a) Per unit cost (b) Ending inventory (a*b)
June 1 150 $6.93 (1040/150) $1.040
June 10 60 $7.8 (1560/200) $468
Total 210 $1,508
So, using the LIFO inventory method, the value of the ending inventory on June 30 is $1,508
Answer:
All of the above are true.
Explanation:
The following statements about a corporation is true.
<u>1. A corporation is a separate taxpaying entity that must file a tax return annually. </u>
A corporation is a legal entity that is separate and distinct from its owners. they can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, <u>and pay taxes annually just like individuals.</u>
<u>2. A newly formed corporation must select its basic accounting method. </u>
A newly formed corporation will have to choose its accounting method. Accounting method refers to the rules a company follows in reporting revenues and expenses. The two primary methods are accrual accounting and cash accounting.
3. The terms "regular corporation" and "C corporation" are synonymous.
The C corporation is the <u>standard (or default) corporation under IRS rules.</u> The S corporation is a corporation that has elected a special tax status with the IRS and therefore has some tax advantages, hence cannot be said to be regular but has obtained a special status by election.
All of the answers above.
Interpersonal communication skills are the ability to communicate well with other people.
Answer: Option (d) is correct.
Explanation:
Here, Income elasticity of demand for burger is negative because burger is considered as inferior good for this person. There is a inverse relationship between the income of an individual and demand for a inferior good which means that as the income of a consumer increases, as a result demand for inferior good decreases whereas demand for normal good increases with increased income level. Income elasticity of demand for normal good is positive.
