The value of the goods produced is recorded for the the current year GDP. The year of production not the year of the sale is where the product being produced needs to be recorded within. If it is sold the following year, the sale will then be recorded in the year it is sold in.
Answer:
Is often gathered BEFORE primary data
Explanation:
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Answer: A. debit of $3,745 to Premium on Bonds Payable.
Explanation:
The carrying value of the bonds at redemption date is $103,745.
The bonds retired however, had a face value of $100,000.
The company therefore paid a premium on these bonds which is:
= 103,745 - 100,000
= $3,745
This amount will be debited to the Premium on Bonds Payable account.
Answer:
$4.94 million
Explanation:
As we know that
Current ratio = Total Current assets ÷ total current liabilities
0.95 times = Total current assets ÷ $26 million
So, the total current assets would be
= $24.7 million
So, the value of inventory would be
= (One - current assets percentage - account receivable percentage) × current assets
= (1 - 50% - 30%) × $24.7 million
= 0.20 × $24.7 million
= $4.94 million