Lorna makes an advance rent payment of $36,000 on January 1. These are the outcomes of this transaction. decreasing cash and increasing rent.
Cash in economics refers to currency in its actual, physical form, such as coins and banknotes.
Cash is defined in bookkeeping and financial accounting as current assets made up of money or money equivalents that may be obtained instantly or almost immediately (as in the case of money market accounts). Cash is viewed as a tool to either prevent a decline in the financial markets or as a reserve for payments, in the event of a structural or accidental negative cash flow.
To know more about cash
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Equity in a business is simply the net worth of an individual or a company or a business organisation. It is calculated by subtracting liabilities from the assets (Assets - Liabilities). It is the sum of earnings, inventory and other assets less overheads, loans and other liabilities incurred by a business. Therefore, in this case the major types of transactions that affect equity in a business includes, revenues, expenses, owners withdrawals, and owners investments.
Given:
Cost of goods sold = $852,000
Beginning inventor = $40,600
Ending inventory = $48,000
By definition,
Average inventory = (1/2)*(Beginning inventory + Ending inventory)
= (1/2)*(40600 + 48000)
= $44,300
Answer: $44,300
Answer:
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