Answer:
The cost of goods sold that would be reported on the incoem statement is $70000
Explanation:
The cost of goods sold is the value or cost of the inventory that a business sells to its customers. The cost of goods sold for the year can be calculated using the following formula.
Cost of Goods Sold (COGS) = Opening Inventory + Purchases for the year - Closing Inventory
Thus, Elm Corporation has a cost of goods sold to report on this year's income statement of:
COGS = 32000 + 57000 - 19000 = $70000
Answer:
MPC = 0.8
MPC = 0.2
Explanation:
Marginal propensity to consume is the proportion of an increase in income that is spent on consumption.
Marginal propensity to consume = increase in consumption / increase in disposable income
Marginal propensity to save is the proportion of an increase in income that is saved.
Marginal propensity to save = increase in savings / increase in disposable income
Disposable income is either consumed or saved. so,
Marginal propensity to consume + marginal propensity to save = 1
Marginal propensity to consume = $64 / $80 = 0.8
Marginal propensity to save = $16 / $80 = 0.2
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Fixed cost remained constant regardless of how many products are sold. Fixed cost is a cost behavior which always emerged regardless of the quantity product sold. Machine depreciation expense, insurance expense, and rent expense are several examples of this cost behavior. On the contrary, variable cost is an another type of cost behavior that changes relating to the quantity of the sold product.
The function of <em>gathering, sorting, and dispersing</em> books required for a literature course by the college bookstore is an example of <em>b. logistical functions that intermediaries perform.</em>
The bookstore is an intermediary between the students (customers) and the publishers (suppliers) of the literature book. The bookstore <em>is not performing a transactional, transitional, or facilitating function. </em>
Thus, the college bookstore performs a logistical function by managing the <em>inventory, transportation, and warehousing needs</em> of the college.
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Answer:
Explanation:
The journal entry is shown below:
Cash A/c Dr $2,200
To Service revenue $2,200
(Being cash is received)
Since the cash is received so we debited the cash account and credited the service revenue account as the service is completed which create an income for the business organization.
We do not write unearned service revenue as the amount is actually received from the customer
