Answer:
net income for 20x2 is $220,000
Explanation:
if the company changes to the FIFO method, the adjusting entry should be:
Dr Inventory 15,000
Cr Cost of goods sold 15,000
This means that COGS will decrease by $15,000.
20x2 income statement
Sales $1,200,000
Cost of goods sold <u>($705,000)</u>
Gross profit $495,000
S&A expenses <u>($275,000)</u>
Net income $220,000
Answer(1)
<em>b. interest rate at which banks can borrow reserves from the Federal Reserve</em>
Explanation:
The discount rate is known in America as the rate of interest which a central bank charges on its loans and advances to a commercial bank. This loans and advances are from the federal reserve.
Answer (2)
<em>a. more reserves, causing an increase in lending and the money supply</em>
Explanation:
Excess lending from the national reserve due to a lowered discount rate will lead to a reserve supply excess into commercial banks throughout the economy and expands the money supply .
External forces in the natural environment is C. interest rates, exchange rates, the inflation rate, the unemployment rate, the rate of economic growth, trade deficits or surpluses, savings rates, and per-capita domestic product.
<h3>What are external forces?</h3>
These are factors that affect an environment from the outside instead of within.
For the natural environment, this would represent everything that affects nature, but aren't really part of nature. This includes inflation, unemployment, and other economic factors.
Find out more on external forces at brainly.com/question/14783836.
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Answer:
5.7 times
Explanation:
Computation of George Company accounts receivable turnover for the year.
First step
Net sales - Amount collected on Account receivable
$200,000-$180,000
=$20,000
Thus,
Opening Balance of Accounts Receivable
$25,000+$20,000
=$45,000
Second step is to calculate for Account Receivable Turnover
$200,000 ÷ [($25,000 + $45,000) ÷ 2]
$200,000÷($70,000÷2)
$200,000÷$35,000
= 5.7 times
Therefore the accounts receivable turnover for the year will be 5.7 times
