Answer: $159,400
Explanation:
Finished goods inventory on January 1 is:
= Cost of goods sold + Ending finished goods inventory - Cost of goods manufactured
Cost of goods sold = Manufacturing cost + 156,000
= 246,400 + 156,000
= $402,400
Cost of goods manufactured = Manufacturing costs / 80%
= 246,400 / 80%
= $308,000
Finished goods inventory = 402,400 + 65,000 - 308,000
= $159,400
Answer:
Knutson have to debit $12,600 of retained earnings upon conversion
Explanation:
shares issued = 7,000 x $5 = $35,000
Conversion of preferred stock = 7,000 x $3 = $21,000
Retained earning = shares issued - Conversion of preferred stock - premium of preferred stock sold = $35,000 - $21,000 - $1,400 = $12,600
When a partner is added to a partnership the partnership must continue
<h3 /><h3>What is partnership?</h3>
A partnership is formed by individual who volunteers to work together in a business or association. They have an agreement about who contributes assets or services.
Partnership can either increase equity or decrease equity of an individual this is based on the contribution of the person to the business.
Therefore, When a partner is added to a partnership the partnership must continue
Learn more on partnership here
brainly.com/question/25877213
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