“World Series” 2010 (I just did this on Apex)
Answer:
a. unaffected
b. understated
c. overstated
d. overstated
e. overstated
f. unaffected
Explanation:
The journal adjustment entry for supplies consumed should be;
Supplies expense A/C Dr.
To Supplies A/C
(Being supplies consumed recorded)
Supplies expense being an expense and supplies being an asset, the omission would lead to understated expenses since the expense has not been recorded and overstated assets since the cost of supplies used was supposed to be reduced from assets balance.
Answer:
<em>a) Trade can make everyone better off </em>
Explanation:
In business, it is common to see trades. If the startup agrees to maintain an accounting firm's website in EXCHANGE for the tax returns, that is called trading since you are giving one thing for another.
Hope this helps! :)
Answer:
COGS= $181,000
Explanation:
Giving the following information:
Beginning Finished Goods= $39,000
Ending Finished Goods= $53,000
Cost of goods manufactured= 234,000 - 39,000= $195,000
<u>To calculate the cost of goods sold, we need to use the following formula:</u>
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 39,000 + 195,000 - 53,000
COGS= $181,000
Answer: d. inflation will increase.
Explanation:
The Natural rate of unemployment is the long term rate of unemployment which means that it is the rate associated with the Potential GDP.
If the Actual unemployment is less than this natural rate, it means that the Economy is performing better than the potential GDP. When this is happening, it means that the economy is overheating.
One of the symptoms of an overheated economy is increased inflation as more people can afford to buy goods and services. Inflation is therefore more probably rising in this economy.
