Answer:
a.retained earnings.
Explanation:
All of the below mentioned accounts are acquired at historical cost and cash benefits do not change for them, as because they are acquired on cost, that is there carrying value is cost and related to amount for which it was acquired, further retained earnings includes the balance of current earnings added, therefore as per rules retained earnings are not converted, on historical conversion rate, and will be converted using current conversion rates of currency.
Final Answer
a.retained earnings.
Answer:
The market supply curve shows the minimum prices that all the sellers in the market will be willing to accept for the product.
Explanation:
The market supply curve of a product is the summation of individual supply curves. It represents the minimum acceptable prices of the product that all the firms in the market will be willing to accept.
The market supply curve is an upward line representing the law of supply. The law of supply states that other things being constant the supply of a product will be directly related to its price. this means that with an increase in the price level, the output level will increase as well.
Answer: Debit: Cost of goods sold $1400
Credit: Inventory $1400
Explanation: The lower of cost or LCM rule indicates that a company needs to value it's inventory at the end of the year at whatever cost is lower, between the actual cost of the inventory or its market price currently. This is in accordance with US GAAP.
In Mariah Company the historical cost, which is the actual cost of the inventory and thus what it is valued at in the books, is $74000. Replacement cost, which is how much it would cost to replace an asset based on market rates, is only $72600. The replacement cost is thus lower. Since the inventory is still valued at historical cost in the books, it will have to been written down to the replacement cost value. To do this the difference between both costs will need to be deduced. Difference is thus: $74000 - $72600 =$1400.
When write down occurs, this is expensed to cost of goods sold. This is because there is a decrease in closing inventories. If there is a decrease in this figure then it will lead to a subsequent increase in cost of goods sold, leading to it being debited to show this increase (remember the formula to calculate cost of goods sold). Inventory is credited as the value of this inventory has decreased, and inventories decrease on the credit side.
Answer: STRATEGIC PLAN
Explanation: Strategic plan is a well thought approach to deciding, determining and organising the flow of resources or the way activities are conducted. Strategic plan is known to consists of five parts or components which includes;
A vision statement which shows the future endeavours of the business or organisation.
A mission statement which is built based on the strategic objectives of the business or organisation.
Goals and Objectives which show what is to be achieved.
An action plan ways or steps to take towards achieving the goals. Details on how often the strategic plan will be reviewed and updated. The contributions of Jonah as the Chief marketing officer of the apparel company in this scenario is will most likely help to develop the STRATEGIC PLAN of the company.
<span>In the business market, organizational customers purchase products from the fishing and agricultural industries to use in their finished products. These are examples of raw materials.
A raw material is defined as a basic material that a product is made from. Anything that's from the wild is an example of a raw material. Raw materials are used in making a lot of products and most would be hard to produce without.
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