This transaction will affect the financial statement by: Increase inventory and increase accounts payable.
<h3>Financial statement:</h3>
Assuming the company purchased merchandise inventory on account of the amount of $8,500 using the perpetual inventory method the effect of the transaction on the financial statement is: Inventory will increase by $8,500 and accounts payable will increase by $8,500.
The company inventory will increase due to the purchase they made while the company accounts payable will increase because the company purchased the goods on credit which simply means that they are yet to pay their suppliers.
Inconclusion this transaction will affect the financial statement by: Increase inventory and increase accounts payable.
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Answer:
The production function is homogeneous of the first degree
Explanation:
The Solow Growth Model can be described as an exogenous model of economic growth that analyzes changes in the level of output in an economy over time as a result of changes in the population.
In this case, Slow growth model is adopted most times after the economy has been affected due to various occurrence of disaster, such as the natural disasters eg Tsunami, hurricane..
In this case, the company will focus on the production of a particular product to boost the economy.
Answer:
COGS= $81,770
Explanation:
Giving the following information:
Beginning inventory= 477 units that cost $65 each.
Purchases:
715 units at $68 each
364 units at $70 each.
Units sold= 1,197
<u>To calculate the cost of goods sold under the LIFO (last-in, first-out) method, we need to use the cost of the lasts units incorporated into inventory:</u>
COGS= 364*70 + 715*68 + 118*65
COGS= $81,770
Answer:
sales revenue 540,000
other revenue 49,000
income summary 589,000
to close revenue accounts
income summary 520,000
COGS 290,000
other expenses 230,000
to close expense accounts
income summary 14,000
dividends 14,000
to close dividends expense
income summary 55,000
Retained Earnings 55,000
Explanation:
We use incomme summary to close the temporary accounts.
The revenues has credit normal balance, so we debit them to close them.
The expenses has debit normal balance so we credit to close them.
We do this using the income summary account to balance the entries.
We also close dividends account against Income Summary
Finally we move the balance of income summary to retained earnings
Answer:
B.
Explanation:
First of all, it's the only answer that make sense, because we're talking about competitive. So, in order to be competitive you need to offer goods or services with high quality and lower costa than the competition.
This is like a competitive rule for organisations. When a company has this ability, you can say that is a high competitive company.