Answer and Explanation:
<u>LEE INC.</u>
<u>Effect of events on the general ledger accounts</u>
<u>Event Cash Account land Account Common stock Retained</u>
<u> receivable Payable Earnings</u>
Sales
on account 62,000 62,000
collected 51,000 -51,000
Expenses 39,000 -39,000
Account
Payable -31,000 -31,000
Issue of stock 40,000 40,000
Purchase land -21,000 21,000
<u>Totals 39,000 11,000 21,000 8,000 40,000 23,000</u>
The computation of the amount of revenue recognized would be equivalent to the service performed i.e. $62,000
For example, a business might be willing to absorb lower profits and even losses in the present to strengthen its position and increase its market share so that it can earn higher profits in the future.
Answer:
Perfect Competition
Explanation:
Perfect competition is a market characterized by many buyers and sellers that have full information and faces no barrier in entry and exit of the markets. It is the ideal form of market structure where competition is at is greatest possible value. The numerous buyers and sellers are engaged in trade of a homogeneous good in the market. It is also characterized by no long run economic profit and no control over prices.
Answer:
$12,300
Explanation:
I will assume that Joseph invested in the fund on July 14, 2013.
We have to calculate the future value to March 15, 2014 (8 months later).
since the interest is compounded semi annually, it will earn interest on January 14, 2014.
Future value = $12,000 x (1 + 2.5%) = $12,300
since the fund is going to earn interests again on July 14, 2014, the value on march 14 is the same = $12,300
false.................................