Answer and Explanation:
The preparation of the balance sheet is presented below:
<u> </u><u> Keisha King </u>
<u> Balance sheet</u>
Assets
Current Assets
Cash $2,000
Accounts receivable $17,000
Office supplies $4,250
Total current assets $23,250
Land $36,000
Office equipment $28,000
Total fixed assets $64,000
Total assets $87,250
Liabilities
Current liabilities
Accounts payable $7,500
Total current liabilities $7,500
Total liabilities $7,500
Equity
Common stock $76,470
Retained earning $3,280 (Working note)
Total equity $79,750
Total liabilities and owners equity $87,250
Working note:
As we know that
Retained earning = Sales - rent expense - salary expense - telephone expense - miscellaneous expense - dividend paid
= $19,000 - $3,420 - $7,600 - $660 - $680 - $3,360
= $3,280
Answer:
M-commerce
Explanation:
Since in the given situation it is mentioned that Central Park Inc sells the women clothing and currently they shut down the physical store and they are operated now through app based. With this feature, anyone could access anywhere via using the mobile phones also at the same time the customer compared the prices
So this situation represent the mobile commerce or M -commerce as the people can access this from anywhere at any time, it is easy to use also it save the cost and time
Answer:
e) 118.3.
Explanation:
days' sales in inventory = (average inventory x 365 days) / cost of goods sold year 2
- cost of goods sold year 2 = $398,000
- inventory year 2 = $129,000
days' sales in inventory = ($129,000 x 365 days) / $398,000 = 118.30 days
Days' sales in inventory measures how much time it takes on average for a company to sell its inventory.
Answer: Income Elasticity of demand = 2
Explanation:
Income Elasticity of demand shows the responsiveness of the quantity demand for a good or service is to any change consumers income. it is calculated as
Income Elasticity of demand = Percentage change in Quantity / Percentage change in price
=20%/ 10% = 2
Income Elasticity of demand = 2
therefore we can say the good is a normal good sinve it has a positive income elasticity of demand which means that there will be an increase in demand as consumer income increases and a decrease in demand as consumers income decreases.