Answer:
Explanation:
In business accounting, the inventory conversion period / payables deferral period and average collection period use different inputs due to the fact that Inventory and accounts payable are carried at cost on the balance sheet, whereas accounts receivable are recorded at the price at which goods are sold. Therefore the accounts receivable (average collection period) are attached and dependent on the specific/changing price of the goods sold.
 
        
             
        
        
        
Answer:cost of goods sold for  Liberty to enter on her Schedule C = $12,000
Explanation:
  Cost of goods sold (COGS) of a company are all the  costs ie( the raw materials and labor ) involved directly in the production of the particular  goods sold by the company. 
 Given 
Beginning Inventory = $50,000
Purchases regarding Labour and materials= $20,000
 Ending inventory = $58,000
Cost of Goods Sold is calculated as Beginning Inventory + Purchases During the Period – Ending Inventory
$50,000 + $20,000 - $58,000
 $70,000 - $58,000
 $12,000
 
        
             
        
        
        
It is and should be the managers job to do that
        
             
        
        
        
Answer:
 Law of Diminishing Marginal Utility
Explanation:
The Law Of Diminishing Marginal Utility states that all things being equal as consumption rises the marginal utility derived from additional unit of consumption falls.
 
        
             
        
        
        
Answer:
Rent Expense (Dr.) $5,000
Cash (Cr.) $5,000
Inventory (Dr.) $35,380
Accounts Payable Martin Co. (Cr.) $35,380
Accounts Receivable Korman Co. (Dr.) $62,000
Sales (Cr.) $62,000
Cost of Goods Sold (Dr.) $48,500
Inventory (Cr.) $48,500
Explanation:
Advertising Expense (Dr.) $21,800
Cash (Cr.) $ 21,800
Cash (Dr.) $62,000
Accounts Receivable Korman Co. (Cr.) $62,000
Customer Refund Payable (Dr.) $31,500
Cash (Cr.) $31,500
Sales Salaries Expense (Dr.) $12,000
Office Salaries Expense (Dr.) $ 38,000
Cash (Cr.) $50,000
Store Supplies Expense (Dr.) $2,200
Cash (Cr.) $2,200