It might be said that the least likely scenario to occur is that <span>"The government allows only two competitors to offer goods for sale on the country's highways"
This might be because the best scenario would be the government to promote competition by setting clear rules for everyone. The government should intervene to reestablish efficiency in the market</span>
The adjusting entry to record revenue for services the seller has performed but not yet collected requires: A debit to Accounts Receivable and credit to Service Revenue.
<h3>Journal entry</h3>
The appropriate journal entry the record revenue for services the seller has rendered but not yet collected will includes debiting account receivable and crediting service revenue.
Adjusting journal entry
Debit Accounts Receivable
Credit Service Revenue
Inconclusion the adjusting entry to record revenue for services the seller has performed but not yet collected requires: A debit to Accounts Receivable and credit to Service Revenue.
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Answer:
The inflation rate is different using the two methods as the rate of inflation calculated by the CPI holds basket of goods and services constant while the GDP deflator allows it to change.
Explanation:
i. Value of market basket of the good in 2020 = ($50*2) + ($5*6) = $130
Value of market basket of the good in 2021 = ($70*2) + ($6*6) = $176
CPI in 2020 = ($130 / $130) * 100 = 100
CPI in 2021 = ($176 / $130) * 100 = 135.38
Thus, The percentage change in overall price level is = [(135.38 - 100) / 100) * 100 = 35.38%
ii. Nominal GDP in 2020 = ($50 * 20) + ($5 * 60) = $1300
Nominal GDP in 2021 = ($70 * 21) + ($6 * 80) = $1950
Real GDP in 2020 = ($50 * 20) + ($5 * 60) = $1300
Real GDP in 2021 = ($50 * 21) + ($5 * 80) = $1450
GDP deflator in 2020 = (Nominal GDP in 2107 / Nominal GDP in 2107) * 100 = ($1300 / $1300) * 100 = 100
GDP deflator in 2021 = (Nominal GDP in 2108 / Nominal GDP in 2108) * 100 = ($1950 / $1450) * 100 = 134.48
Thus, the percentage change in overall price level is = [(134.48 - 100) / 100) * 100 = 34.48%
Definition:
Contributions that bring benefits over and above those directly associated with the core business activities and events. These contributions can include monetary, employee time, employee resources, and gifts of any kind.
Answer:
COGS= $7,950
Explanation:
Giving the following information:
Beginning inventory 10 units at $120
First purchase 15 units at $150
Second purchase 30 units at $180
Third purchase 20 units at $195
Helen Tools has 25 hammers on hand at the end of the year.
<u>Under the FIFO method of inventory cost, the cost of goods sold is calculated using the purchasing price of the first units incorporated.</u>
We need to calculate the number of units sold:
Units sold= total units - ending inventory
Units sold= 75 - 25= 50 units
COGS= 10*120 + 15*150 + 25*180= $7,950