<span>The Panic of 1819 was the result of over-speculation on newly available western lands, which led to high prices on land and banks foreclosing on western lands. It caused an international financial crisis.</span>
The steps involved in closing the books are as follows:
Closing the Revenues
Closing the Expenses
Closing the net income
Closing the dividend and withdrawals
The most important output of the accounting cycle is the financial statement like balance sheet and Income statement. If the books were never closed, then the business would never be able to know the financial position for a particular accounting period.
Answer:
Discount = $420
Explanation:
Inventory purchased = $22000
Defective inventory = $ 1000
to find out
amount of the purchase discount that would be available to the company is
solution
we know Inventory purchased = $22000
and return is $1000
so Net Purchases = $22000 - $1000
Net Purchases = $21000
so
discount claim for $21000 is 2%
Discount = 2% of $21000
Discount = $420
Answer:
The note payable will be presented in the financial statement at the face amount minus a discount calculated at the imputed interest rate.
Explanation:
The imputed rate is the rate at which the present value of the face amount of the note will be equal to the amount at which it is originally recorded.
Notes issued or received in exchange for goods or services that do not bear interest at a fair rate are reported at an amount equal to the fair value of the note, the fair value of the goods or services, or the present value of the note using a fair interest rate, whichever is more readily determinable.
The difference between the recorded amount and the face value is considered a discount and the applicable interest rate regardless of which method is used to value the note.
Because of this, the note is reported at its face amount minus a discount calculated at the imputed interest rate.
Answer:
Differentiate their products
Explanation:
A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.
examples of monopolistic competition are restaurants
A monopolistic firm in the food industry acting in their own self-interest, will often include a recyclable symbol on packaging used for their product to Differentiate their products. This is meant to communicate to consumers that they are different from other firms in the industry
