Could be cause of trade , if you have land it is also good for crops which is production
Answer:
$840
Explanation:
Data provided in the question:
Beginning inventory = 30 units @ $120 each
Purchases during the year:
Jan. 15: 34 units at $110
May 30: 61 units at $84
Oct. 20: 160 units at $60
Sales during the year totaled 271 units
Now,
Total inventory before selling = 30 + 34 + 61 + 160 = 285
Inventory left after selling 271 units = 285 - 271 = 14 units
Now,
Under the FIFO method, the units purchased first will be sold first
Therefore,
The price of units left inventory will the price of units purchased last i.e $60
Hence,
The cost of ending inventory = 14 × $60
= $840
Answer:
Policy owner
Beneficiary
Face amount
Insured
Explanation:
John is both the “Policy owner” and the “Beneficiary” who will receive the “ Face amount” upon the death of Betty, the “Insured”.
The term policy owner is used to refer to a person who buys and pays the premium. At the same time, a beneficiary is a person who receives the face amount that was on the name of the insured (Betty).
It is given that John has bought the policy and paying the premium so he is the owner. Moreover, he is the beneficiary because he is getting the insurance amount after the death of betty who is insured.
Answer:
a. Debit Equipment; Credit Cash.
Explanation:
Backhoe is a fixed asset therefore, cannot be categorized as an expenditure, further it is paid in cash therefore, cash account will be credited, and further
Equipment will be debited, as asset account is debited if created or any value added in it , also in categorization the equipment will be clubbed in fixed assets but directly the amount will not be debited to fixed assets.
Therefore correct entry will be:
Debit Equipment
Credit Cash
