Answer: Full service retailer
Explanation: In a full service retailing a business organization makes use of fully trained personnel to actively attend to each customer demands. These sales representative answers questions about the product while outlining benefits of purchasing the product to the purchaser.
The carat organization is actively using the full service retailing method. Where each customer is actively attended to and appropriate explanation on the product is given
Dec 31
Dr Interest expense $72,000
Cr Interest Payable $72,000
($900,000*9%)
(Being to record the first year interest expense accrued)
<h3>What is Interest Payable? </h3>
Interest Payable is a liability account, shown on a company's balance sheet, which represents the amount of interest expense that has accrued to date but has not been paid as of the date on the balance sheet.
In short, it represents the amount of interest currently owed to lenders.
<h3>Is interest payable an asset?</h3>
Interest payable is a liability, and is usually found within the current liabilities section of the balance sheet.
Learn more about interest payable here:
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The answer for Equivalent units for the period will be calculated as follows under FIFO
1. Units from beginning work in process: calculate this as beginning work in process units x (100% – given % complete) to calculate the amount of additional work needed to make the unit 100% complete.2. Units in progress and completed this period: take the units x 100% complete since they were started and completed they have received all of their materials, labor and overhead and will not receive any more since they are finished.3. Units in Ending work in process: take the ending work in process units x a given % complete.
Solution by step:
Equivalent units = 1. (5,000 × 40%) +2. (31,000 – 5,000) (Since there is a beginning work in process deduct this from the units completed) +3. (2,000 × 80%)
= 2000 + 26000 + 1600
Answer = 29,600 units
Alpha level is a probability value that is used to define the concept of "very unlikely" in a hypothesis. This value determines he boundaries for the critical region, which is composed of the extreme sample values that are very unlikely to be obtained if the null hypothesis is true. Type I error is <span>when a researcher rejects a true null hypothesis.</span>
The relationship between the alpha level, the size of the critical region, and the risk of a type i error is the following: when the alpha level increases, the critical region increases and type I error increases.
