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yan [13]
3 years ago
14

A company's Inventory balance at 12/31/16 was $188,000 and $200,000 at 12/31/15. Its Accounts Payable balance at 12/31/16 was $8

4,000 and $80,000 at 12/31/15, and its cost of goods sold for 2016 was $720,000. The company's total amount of cash payments for merchandise in 2016 equals:1) $728,000.2) $712,000.3) $704,000.4) $720,000.5) $736,000.
Business
1 answer:
slava [35]3 years ago
8 0

Answer:

3) $704,000

Explanation:

The procedure will be as follow:

Based on the company's inventory we will determinate the purchases.

And then, with the account payable balance, the cash payment

<u>First, purchases amount:</u>

beginning inventory + purchase = ending inventory + COGS

200,000 + purchase = 188,000 + 720,000

<em>purchases</em> = 720,000 + 188,000 - 200,000 = 708,000

<u>Now, we solve for payment to suppliers</u>

begging AP + purchase - payment = ending

80,000 + 708,000 - payment = 84,000

payment = 80,000 + 708,000 - 84,000

payment= 704,000

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A monopolistic competitive firm has a downward sloping demand curve just like a monopoly, so the monpolistically competitive firm chooses the quantity that maximises its profit and then chooses price.

A downward sloping demand curve indicates that quantity demanded is sensitive to price. The higher the price, the lower the quantity demanded.

A monpolistically competitive firm is a firm that has features of both a monopoly and a competitive firm.

The ability of a monpolistically competitive firm to set prices makes it a price maker.

Just like a monopoly, a monopolistically competitive firm has the following features:

1. It faces of downward sloping demand curve.

2. It sets the price for its products.

Just like a perfect competition, a monopolistically competitive firm has the following features:

1. No barriers to entry or exit.

2. There are many buyers and sellers

Other features of a monpolistically competitive firm are:

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6 0
3 years ago
One way to interpret the change in Blue Hamster's accounts receivable balance from Year 1 to Year 2 is that more customers purch
mash [69]

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The balance of account receivable for year 2 is increase from the balance of year 1.

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Vertical integration is: a. A firm's ownership of vertically related activities b. A firm's control over its input sources and t
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Answer:

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Explanation:

As we know that

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