Answer:cost of goods sold for Liberty to enter on her Schedule C = $12,000
Explanation:
Cost of goods sold (COGS) of a company are all the costs ie( the raw materials and labor ) involved directly in the production of the particular goods sold by the company.
Given
Beginning Inventory = $50,000
Purchases regarding Labour and materials= $20,000
Ending inventory = $58,000
Cost of Goods Sold is calculated as Beginning Inventory + Purchases During the Period – Ending Inventory
$50,000 + $20,000 - $58,000
$70,000 - $58,000
$12,000
Answer:
All the options given are examples of investment.
Explanation:
Savings are what an individual has left after their spending has been deducted from their disposable income. Savings can increase income by investing the money saved. Investment is an item or asset gotten with aim of generating income. An investment simply means buying goods that are not for immediate consumption but generation of income.
All the options provided are investment examples. A certificate of deposit is given by the bank to an individual after a certain amount of money has been deposited and it generates interest. Also building a cabin , a laboratory and buying stock are investments.
Answer:
The function is, y = 2 + 3x
The rate of change of the function is 3.
The y-intercept of the function is 2.
Explanation:
Given,
For each person,
The cost of renting shoes = $ 2,
Additional cost per game = $ 3,
Thus, the total charges for x games, ( say y ) = rent + additional cost for x games
⇒ y = 2 + 3x
Which is the required function,
∵ y = 2 + 3x is a line,
We know that,
The rate of change for a line y = mx + c is m.
Thus, the rate of change of the function is 3.
Now, for y-intercept,
x = 0,
y = 2 + 3(0) = 2
So, y-intercept of the function is 2.
Answer:
Siewert Inc.
a) Journal Entry:
A memo entry to show that there is a 2-for-1 split only with new par value of $0.50 for 80 million shares.
b) The par value after the split = $0.50
Explanation:
a) Data and Calculations:
Common Stock = 40 million shares
Par value = $1
Declared stock split = 2-for-1
Market price of stock = $15 on June 13
New Common Stock = 80 million shares (40 million * 2)
New Par Value of Stock = $0.50 ($1/2)
b) Siewert Inc. does not record any journal entry for the stock split. Instead, it prepares a memo entry in its journal that indicates the nature of the stock split (2-for-1) and indicates the new par value to be $0.50. The company's balance sheet will reflect the new par value and the new number of shares authorized, issued, and outstanding after the stock split, which has been multiplied by 2 as 80 million shares.
It is a false statement that a financial accounting focuses on the needs of external users who get accounting information from general-purpose financial statements.
<h3>Who are
external users of financial accounting?</h3>
An investors is the most common external users of financial statements because they make and assess their investment decisions by using relevant financial information in a company's financial statements
But external users of financial accounting such as shareholders, boards also uses the financial accounting, therefore, It is a false statement that a financial accounting focuses on the needs of external users who get accounting information from general-purpose financial statements.
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