Answer:
Unearned membership revenue of $9,000
Explanation:
The sales on credit during January 2017 was valued at $12,000 ($200 x 60).
In March 2017, customers paid $3,000, leaving the balance of $9,000 outstanding.
Since the season for which sales and collections were made starts March 1, 2017, when reporting the financial statements for the period ending March 31, 2017, the Membership Revenue would be $3,000 only and the balance $9,000 would be reported as Unearned Membership Revenue in the Balance Sheet with a further $9,000 reported in the Accounts Receivable to balance the records.
This shows that Unearned Membership Revenue of $9,000 is the only valid statement.
Answer:
$21,080.2
Explanation:
The price of the car will be the down-payment plus the future value of 375 paid each month for 5 years compounded monthly at 9.72%.
The formula for calculating future value is
PV = P × 1 − (1+r)−n
r
PV is $350
r is 9.72 % or 0.0972 % per year or 0.0081
t is five year or 60 months
FV = 350 x (1-(1+0.0081)-60
0.0081
Fv =350 x 1-0.61628715419
0.0081
FV =350 x( 0.38371284581/0.00810
FV =350 x 47.371956
FV =16,580.20
The value of the car = $4500 + 16,580.20
=$21,080.2
The cumulative difference between reporting inventory at LIFO rather than FIFO is commonly referred to as the LIFO reserve
<h3>What is
LIFO reserve?</h3>
Generally, LIFO reserve is an accounting term that represents the difference between the cost of inventory calculated using the first-in, first-out (FIFO) method and the cost calculated using the last-in, first-out (LIFO) method for the purposes of bookkeeping.
In conclusion, The LIFO reserve is a term that is widely used to refer to the accumulated discrepancy that results from reporting inventory using the LIFO method rather than the FIFO method.
Read more about LIFO reserve
at brainly.com/question/28146683
#SPJ1
The per-worker production function describes the relationship between real gdp per hour worked and capital per hour worked, holding the level of technology constant
