Answer:
cash 1,000 debit
inventory 2,000 debit
land 5,000 debit
note payable 3,000 credit
Krug capital Account 5,000 credit
Explanation:
The land and inventories will be accepted at his market value.
Along with cash this are assets which enter the partnership so they are debited.
The note payable decreases the Krug capital contribution. It is credited.
Krug capital account balance will be to complete the entry and make debit = credit.
Answer:
<u>Entity (set)</u>
<u>Explanation:</u>
The Cardinality implies the<em> maximum </em>number of elements in a set or the number of possible relationship occurrences for an Entity.
<em>For example, </em>let's take {1,2,6} as the entity, thus the cardinality of such an entity is 3, meaning, we have 3 as the maximum number of possible relationship occurrences in the entity.
Answer:
Distributions of cash from a corporation to its stock holders - Dividends
Consumed assets or services - Expenses
Ownership is limited to one person - Sole Proprietorship
Officers and others who manage the business - Internal users
Creditor claims against the assets of the business - Liabilities
A separate legal entity under state laws - Corporation
A report prepared by management that presents financial information - Annual Report
A section of the annual report that presents management’s views - Management discussion and analysis
Future economic benefits - Investing activities
Answer:
Instructions are listed below
Explanation:
Giving the following information:
December:
Beginning Inventory 40units at $10
December 10: Purchases 50 units at $17
December 20: Purchases 70 units at $20
The company sold 155 units in December
LIFO (last-in, first-out):
COGS= 70*20 + 50*17 + 35*10= $2,600
Inventory= 5*10= $50
FIFO (first-in, first-out)
COGS= 40*10 + 50*17 + 65*20= $2,550
Inventory= 5*20= $100
<span>What’s the purpose of a revenue tariff?</span> To raise money for the government. When the government puts a revenue tariff on something they are charging a tax on goods to bring in more revenue when items are imported. Their goal is to raise funds by allowing the goods to be imported and exported not ban them from doing so.