Answer:
The amount of net revenue Eagle should report for Year 5 is $ 80,000.
Explanation:
Under Cash basis of accounting revenue and expenses are recorded when payment against them is made or received. Expenses and revenues incurred are not relevant.
The amount of net revenue will comprises of revenue received in cash during the reporting period. Detail Calculations are given below.
Cash Sales $ 80,000
Returns and allowances ($ 4,000)
Discounts ($ 6,000)
Opening Receivable $ 40,000
Closing Receivable ($ 30,000)
Net revenue $ 80,000
Answer:
Sorry cant help with this
Explanation:
No, 6ft=72in. There the same.
Answer:
Debit Inventory $40,600
Credit Cash account $40,600
Being entries to recognize the cost of inventory
Explanation:
The initial recognition of inventory is to be done including all the cost incurred in bring inventory to the place of use or storage. These includes freight and the cost of the item. When inventory is purchased on account, entries required are Debit Inventory, credit account payable. Where cash is paid, the debit is same but the credit entry is posted to the cash account.
Hence total cost incurred (which is the cost of inventory)
= $40,000 + $600
= $40,600
Answer:
The correct answer is option a.
Explanation:
The price elasticity of demand shows the responsiveness of quantity demanded to change in price. It is measured by the ratio of proportionate change in quantity demanded and proportionate change in price.
Unit price elastic means that the price elasticity of the good is 1. This implies that the percentage change in quantity demanded must be equal to the percentage change in price.
