Answer:
The correct answer is: cigarettes; fiat.
Explanation:
Money performs a number of functions such as medium of exchange, store of value etc. Before the introduction of money, goods and services were used as a medium of exchange. This system was called barter system.
The difference between cigarettes and dollars is that cigarettes have an intrinsic value. Dollars do not have any intrinsic value, but it has high face value.
Fiat money is the physical money in notes and coins which are not backed by any other commodity. These are made legal tender by the government and have no intrinsic value of their own.
Answer:
$854.81
Explanation:
The formula for calculating the present value is as below
PV = FV/( 1 + r)^n
Where Fv =1000
r = 4% or 0.04
n= 6
PV = $1000/ (1 + 4/100)^4
PV=$1000/(1 + 0.04)^4
PV=$1000/1.16985
PV =$854.81
.
Answer:
$6,237
Explanation:
The computation of the cash required for the payment is shown below:
= Merchandise amount - return and allowances - discount
= $7,500 - $1,200 - $63
= $6,237
The discount = (Merchandise amount - return and allowances) × discount rate
= ($7,500 - $1,200) × 1%
= $63
Simply we consider the items i.e merchandise purchase amount, returned merchandise amount and the discount given amount
Answer:
a. No journal entry required.
Explanation:
a. No journal entry required.
b. No journal entry required.
c. DR - Rent Expense - $20
CR - Cash - $20
d. Cash (DR) 7,955
DR - Collection expense - $45
CR - Notes Receivable - $8,000
e. DR - Accounts Receivable-E. Shaw - $ 805
CR - Cash - $805
f. DR - Misc Expenses - $25
CR - Cash - $25
g. No journal entry required.
i. No journal entry required.
Answer:
a. $2,200,000
Explanation:
We solve considering the inventory identity:


the difference during the year means the difference between ending and beginning inventory was of 200,000
So we plug that into the formula and solve

Purchase 2,200,000