The activities needed to operate a business can be divided into a number of three types of activities. These are operating, investing, and financing activities.
<h3>What are business activities?</h3>
Business activities can be defined as kinds of activities firms conduct for achieving their purpose. It helps in generating revenues and ensuring business continuity.
The major three types of activities are operating, investing, and financing activities. Operating activities support the entity's primary purpose. Financing deals with collecting funds for financial strength and growth. Investing activities are when a business invests in long-term assets.
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Answer:
- Adjusted Cost of Goods sold = $1,206,860
- Adjusted Retained Earnings = $4,675,190
Explanation:
An overstated opening inventory would overstate Cost of Goods sold. The overstatement should therefore be removed from the Cost of goods sold.
An overstated closing inventory would understate Cost of Goods sold. The overstatement should therefore be added to the Cost of Goods sold.
Adjusted Cost of Goods sold 2020 = Cost of Goods sold + 2020 ending inventory - 2019 opening inventory
= 1,290,700 + 32,910 - 116,750
= $1,206,860
Adjusted Retained earnings
The retained earnings would have to be adjusted for the overstatement of the current inventory by $32,910 because this understated Cost of Goods sold.
= Retained earnings - Overstatement of inventory
= 4,708,100 - 32,910
= $4,675,190
Answer: A hire purchase is a system by which one pays for a thing in regular instalmentsinstallments while having the use of it.
A credit sale is a purchases made by customers for which payment is delayed.
Answer:
Advertising appeal and unique selling proposition.
Explanation:
Advertising is a promotional activity which purpose is to sell a product or service to a target audience.
The unique selling proposition of a product is intended to appeal to a specific. group of audience. For example, the social, psychological, physical and financial backgrounds of customers play a major role. When these various characteristics of the target group are known, it will be easy to determine how a product’s features would be a solution to the problems faced by the target audience.
Advertising appeals are the different techniques that are applied to get the attention of customers to patronize a particular product or service.
