They benefit producers and hurt consumers
Answer:
$343,000
Explanation:
Given that,
Sales revenue = $385,000
Operating expenses = $65,000
Net loss = $23,000
Gross profit:
= Net loss + Operating expenses
= - $23,000 + $65,000
= $42,000
Cost of goods sold:
= Sales revenue - Gross profit
= $385,000 - $42,000
= $343,000
Therefore, the amount of cost of goods sold for the Lucky is $343,000.
Answer:
A detailed list of the accounts that make up the five financial statement elements.
Explanation:
The company's chart of accounts is the listing of all the accounts that the company has included as part of the five financial statement elements during a specific period of time.
The five financial statement elements are: assets, liabilities, equity (part of the balance sheet), expenses and revenues (part of the income statement).
Examples of accounts that can be part of a firm's chart of accounts are: land (asset), cash (asset), notes payable (liabilities), outstanding stock (equity), operating expenses (expenses), and sales revenue (revenues).
The chart of accounts can differ greatly from company to company simply because companies engage in vastly different economic activities.
Answer:
Notes payable; $10,000
Explanation:
Given that,
Borrowing amount = $10,000
Time period = 60 day
Interest rate = 8%
On the due date of the note, avers co. paid the amount.
Therefore, this entry would be recorded by Avers with a debit to Notes payable with an amount of $10,000.
Interest amount = $10,000 × (60 ÷ 360) × 0.08
= $10,000 × 0.17 × 0.08
= $136
(Note: Assuming 360 days in a year)
Therefore, the Journal entry is as follows:
Notes payable A/c Dr. $10,000
Interest Expense A/c Dr. $136
To cash $10,136
(To record Avers pays the amount due in full)
<h2>Joshua would lose and Sue would benefit from unanticipated inflation.</h2>
Explanation:
- Both Joshua and Sue are associated with fixed pension and fixed interest respectively.
- Now the value of money goes down due to inflation
- So to live as usual, Joshua need to spend some extra money. But considering the fixed income, it's a lose to Joshua
- Whereas Sue is associated with fixed interest of mortgage. She is benefited because, though the inflation has changed the value of all other products, but the fixed interest rate does not change.
- "Fixed-rate mortgage holders are inflation winners", says "Thoma, professor of economics at the University of Oregon"
