1,710 units
1,300 in inventory
+ 350 in transit
+ 80 on consignment
= 1730
- 20 damaged units
=1,710 units in period end inventory
Answer:
Date General Ledger Dr. Cr.
1. September 30 Cash $6,300
Sales Tax Payable $300
Sales $6,000
2. September 30 Cost of Goods Sold $3,900
Merchandise Inventory $3,900
3. October 15 Sales Tax Payable $300
Cash $300
Explanation:
Sales Tax is subject to the price of merchandise. Sales tax is collected by the business on the taxable supplies on the behalf of government and paid to the government.
Sales tax amount = 6,000 x 5% = $300
Cost of Merchandise is recorded as cost of goods sold and deducted from the merchandise inventory.
Answer:
Date Account Title and Explanation Debit Credit
XXXX Cost of goods sold $5,800
To manufacturing overhead $5,800
(Entry for unapplied overhead transfer to cost of goods sold)
Answer:
take a complex, real-world issue and simplify it down to its essentials.
Explanation:
A theory can be defined as a simplified but abstract representation that gives a detailed relationship about the interaction between two or more variables.
Generally, the main purpose of a theory is to take a complex, real-world issue and simplify it down to its essentials. Thus, in economics, a theory gives a detailed explanation and an understanding of issues such as inflation, recession, taxation, etc and any problem associated with them.
In order to test theories, economists usually make use of economical models such as the production possibility frontier (PPF), Mundell-Fleming model, Classical model, Keynesian IS/LM model, Solow growth model, etc.
Answer:
Central Bank
Explanation:
A public authority that provides banking services to commercial banks and regulates financial institutions and markets is called a "Central Bank".
A Central Bank oversees the activities of commercial banks and creates regulations in order to control the activities of financial institutions.
Every commercial bank is answerable to the Central bank. This enables the central bank to provide the services needed by the commercial banks.
The Central bank is the apex financial institution.
