Answer:Manufacturers produce or make products. They typically sell them to wholesalers or distributors that have expertise in getting products to retailers. Retailers then hold inventory and market the goods to consumers that purchase them for personal or family consumption.
Answer:
The value of total liabilities is $155.031 million and option c is the correct answer.
Explanation:
The basic accounting equation states that the total value of assets is always equal to the sum of the total value of liabilities and the total value of equity.
Thus, we can say that,
Total Assets = Total Liabilities + Total Equity
The equity part can contain various components. In the given question it has two components namely Common Stock and retained earnings.
205.498 = Total Liabilities + (6.350 + 44.117)
205.498 = Total Liabilities + 50.467
205.498 - 50.467 = Total Liabilities
Total Liabilities = $155.031
Answer:
C.)Finished Goods Inventory is credited.
Explanation:
The journal entry at the time of product sold which are held in inventory is shown below:
Cost of Goods Sold A/c Dr XXXXX
To Finished goods inventory A/c XXXXX
(Being the product sold is recorded)
For recording this transaction, we debited the cost of goods sold and credited the finished goods inventory account so that the correct posting could be done
