LIFO uses the last unit costs for Cost of Goods Sold on the income statement and the first unit costs for Inventory on the balance sheet.
<h3>What is LIFO?</h3>
LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.
For example, if beginning inventory consists of 10 units at $10 per unit. In the middle of the month, 10 units were bought at $15 per unit. At the end of the month, 10 units were sold. Using LIFO, the cost of goods sold would be $150 ( 10 x 15). Ending inventory would be $100 ($10 x 10).
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The combination of expansionary monetary policy and a self-regulating economy will cause real GDP will rise to the level above natural real GDP and the recessionary gap would hence turn into an inflationary gap situation.
<h3>What do you mean by monetary policy?</h3>
Monetary Policy refers to the control of the quantity of money available in an economy through which new money is supplied.
The self-regulating economy experiences a recessionary gap. The real GDP is less than the level of natural real GDP. The gap is been corrected by the rightward shift in the short-run aggregate supply curve.
Due to interplay, real GDP will rise to the level above natural real GDP and the recessionary gap turn into an inflationary gap.
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Answer:
Debit Unearned Fees, $8,370
Credit Fees Earned, $8,370
Explanation:
Based on the information given we were told that the Company received the amount of $33,480 from Santa Fe for 36 month on April 1 in which we are to assumed that the adjustments will be made at the year end this means that the adjusting entry will be to:
Debit Unearned Fees, $8,370
Credit Fees Earned, $8,370
Calculated as :
Amount received $33,480/36 months ×9 months
=$8,370
Note that from 1st April to 31st December will give us 9 months.
Is this an open ended question ? Or multiple choice ?
Answer: Incorporating a corporation
Explanation:
According to the question, the given process is known as incorporating the corporation. As, the incorporation is one of the type of legal process in which the organization are used the various types of corporate entities to form a corporation.
The corporation is the type of legal entity in an organization which results into the separation of investors and the owner.
According to the question, the organizers uses the proper requirement with the help of corporation code to form a proper corporation.
