The answer to this question is 30/100*$50,000 = $15,000 remains on the balance sheet at the end of the year.
The $ 1200 paid for advertisement is not included in the cost of inventory.
<span>Cost of inventory=cost of inventory+ any other cost needed to get inventory in place of sale.</span>
khó quátyjrthrthedre5rherdht\
Explanation:không bít dòi
The statement that is true among the choices given is option C. The presentvalue of money is greater than its future value. This statement is a fact and is always true. The present worth of a money is greater than its future value due to inflation. This is the principle called the time value of money.
Answer and Explanation:
The Journal entry is shown below:-
Bad debts expense Dr, $2,000
To Accounts receivable-Hopkins $2,000
(Being write off is recorded)
Here we debited the bad debt expenses as it increased the expenses and we credited the accounts receivable as it reduced the assets so that the proper posting could be done
Answer:
b. False
Explanation:
A good is said to be 'normal' by economists if an increase in consumers' income bring about increase in demand for the good.
In other words, consumers will buy more of those goods when they have sufficient money due to availability of income.
Example of normal good is when the demand for household appliance like TVs or expensive clothes increases due to increase in income of consumers.
Whereas for an inferior good, demand for such good decreases as consumers' income increases.
