Answer:
Please see below
Explanation:
Given that:
Number of chairs sold = 35,000
Cost per chair $79
The cost of goods sold that must be eliminated from the consolidated
= Number of chairs sold × Cost per chair
= 35,000 × $90
= $2,765,000
Therefore, for computing the cost of goods sold to be eliminated, we simply multiply the number of chairs sold with cost per chair.
From the first condition, Nancy already has $1,300. From the second condition, Nancy will also receive 10% of her capital balance which is 10% of $100,000 or $10,000. In total, Nancy has a share of $11,300. So, Betty's share is the remaining amount from the $40,000 net income which is
$28,700
Answer:
(A) Total assets,
(C) Cash from operations and
(D) Total liabilities
Explanation:
A company collecting $10,000 cash from a customer as a deposit for goods that will be shipped next quarter is an example of an unearned revenue. It is receiving money from the customer in advance for the good or service yet to be provided.
And this is considered as a liability and recorded in the balance sheet as such because the company now owes the customer.
When the good or service is now provided, it increases the total assets.
