To solve for the cost of goods sold (COGS):
COGS = Net sales - gross profit
COGS = $812,000 - $355,000
COGS = $457,000
The cost of doors sold is the costs that are used for production of the goods the company sells. It includes materials used for creating the product and labor.
Answer:
<em>The Accounting Cycle is as follows:</em>
<em>1. Transactions are analyzed and recorded in the journal.
</em>
<em>2. Transactions are posted to the ledger.</em>
<em>3. An unadjusted trial balance is prepared.
</em>
<em>4. Adjustment data are asssembled and analyzed.
</em>
<em>5. An optional end-of-period spreadsheet is prepared.
</em>
<em>6. Adjusting entries are journalized and posted to the ledger.
</em>
<em>7. An adjusted trial balance is prepared.
</em>
<em>8. Financial statements are prepared.
</em>
<em>9. Closing entries are journalized and posted to the ledger.
</em>
<em>10. A post-closing trial balance is prepared.
</em>
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Answer:
Increase
Increase
Explanation:
When wealth increases, the disposable income of individuals increases and individuals are more willing and able to invest in stocks and long term bonds.
I hope my answer helps you.
Answer:
1. Cash $700 Dr
Unearned Service Revenue $700 Cr
2. Unearned Service revenue $35 Dr
Service Revenue $35 Cr
Explanation:
1. When the payment is received in advance, the cash is received so it will be debited as cash is increasing. The service has not been provided so it is a liability of the company and the unearned service revenue will be credited as liability is increasing.
2. The cash received in advance $700 is for the service that is to be provided 20 times.
When the service is provided one time, the revenue for this has been earned so it will be recorded as a decrease to liability and an increase to revenue. So unearned service revenue will be debited and service revenue will be credited.
The revenue from one time service providing is = 700 / 20 = $35
