Answer:
The journal entry should be:
Dr Merchandise Inventory account 50,000
Cr Retained Earnings account 50,000
Explanation:
Since Oscar's merchandise inventory was understated by $50,000 because of the previous inventory method (LIFO), when the new method, FIFO, starts to be used then the merchandise inventory must increase by $50,000 as well as retained earnings.
Merchandise inventory is an asset account and it increases, therefore it should be debited.
Retained earnings is an equity account and it increases, therefore it should be credited.
+ is you know what you are looking for in life, what are your goals and what you need to do to achieve them.
- is getting bored soon (changing your mind), and not enjoying your childhood.
I hope i helped :)
Answer:
B. $228,122.
Explanation:
Number of quarters = 3 * 4 = 12
Quarterly interest rate = 12%/4 = 3%
From the table, the correct discounting factor for the future value (FV) = 1.42576
We then have:
FV = $160,000 * 1.42576 = $228,122
Therefore, the maturity value of the CD is $228,122.
Answer:
D
Explanation:
Because price ceiling is put by the government so that certain commodities could still be available at a reasonable price for many
