Answer:
(a) the cost of the goods sold for the September 30 sale and
(b) the inventory on September 30.
- Ending inventory = 9 units at $17 = $153
Explanation:
date transaction units unit price total
1 beginning inv. 23 $16 $368
5 sale -13 ($208)
17 purchase 24 $17 $408
30 sale -25 ($415)
30 ending inv. 9 $17 $153
When we use first in, first out (FIFO) inventory method, the price of the units sold are calculated using the oldest units in inventory.
The COGS of the units sold on Sept. 5 = 13 units x $16 = $208
The COGS of the units sold on Sept. 30 = (10 units x $16) + (15 units x $17) = $160 + $255 = $415
Ending inventory = 9 units at $17 = $153
Cash equivalents do not include High-grade marketable equity securities.
Examples of cash equivalents include industrial paper, Treasury payments, and quick-time period government bonds with an adulthood date of 3 months or much less. Marketable securities and money marketplace holdings are taken into consideration as coin equivalents because they may be liquid and not subject to fabric fluctuations in cost.
Cash consists of prison soft, payments, coins, assessments received however no longer deposited and checking and savings debts. Coins equivalents are any short-time period investment securities with maturity intervals of 90 days or much less.
In keeping with worldwide Accounting popular 7 (IAS 7), cash “contains cash accessible and demand deposits”. And coins equivalents “are quick-term, quite liquid investments which are readily convertible to acknowledged amounts of coins and which are a challenge to a trifling hazard of modifications in price”.
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Answer:
Temporary Accounts
Explanation:
All the income statement accounts are often termed as temporary accounts because the reason is that the accounts balances of the income statment accounts, which includes expense and income accounts, are closed at the end of each accounting period and the net balances of these accounts are adjusted in the balance sheet.
These accounts are only for one accounting period and thus the new accounting year starts with zero balances in these accounts as at the end of previous accounting period the accounts were closed.
The question is incomplete, however I managed to find similar question with the following as options for selection:
Selection list:
a. Debit Cost of Goods Sold $50.
b. Credit Merchandise Inventory $50.
c. Debit Merchandise Inventory $50.
d. Credit Cash $50.
e. Credit Sales Returns and Allowances $50.
f. Credit Cost of Goods Sold $50
g. Debit Sales Returns and Allowances $50
h. Credit Accounts Receivables $50
Answer:
g. Debit Sales Returns and Allowances $50
h. Credit Accounts Receivables $50
Answer:
a. Monetary Policy involves changing the money supply. In the United States, Monetary Policy is implemented by the Federal Reserve
b. Expansionary Monetary Policy can be used to address a Recessionary Gap; while Contractionary Monetary Policy can be used to address an Inflationary Gap.
c. To enact Contractionary Monetary Policy, the central bank will sell bonds. This decrease the amount of cash in the economy. This will cause bond prices to fall, and interest rates to rise. The change in interest rates causes investment and consumption to fall, shifting Aggregate Demand inwards.
d. To enact Expansionary Monetary Policy, the central bank will buy bonds. This increase the amount of cash in the economy. This will cause bond prices to rise, and interest rates to fall. The change in interest rates causes investment and consumption to rise, shifting Aggregate Demand outwards.