Answer:
Explanation:
New and improved products, services or technology from entrepreneurs enable new markets to be developed and new wealth to be created. Additionally, increased employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending.Entrepreneurs boost economic growth by introducing innovative technologies, products, and services.
Answer:
The journal entry for recording the transaction of transfer is shown below:
Explanation:
The journal entry for recording the transaction of transfer is as follows:
Accounts Payable A/c..............................................Dr $12,000
Purchases Returns and Allowances A/c..................Cr $12,000
Being record the transfer of goods which were purchased earlier
When the purchase was made, this would be passed or recorded as:
Purchase A/c.................................................Dr XXXX
Accounts Payable A/c..............................Cr XXXX
Being purchase recorded
So, when some of the purchase is returned, then the accounts payable account is debited against the account of Purchases Returns and Allowances with the amount of purchase return.
Answer:
$70,000
Explanation:
The amount of direct material purchased during the year will be arrived at by working back from the amount of Direct Materials used within the year, then we <u>less</u> opening stock of Direct Material because obviously that was not purchased within the year but was carried over from previous period; and finally we add closing stock of Direct Material because that was left over from what was bought during the current period.
Direct materials used............................... $72,000
Beginning Direct materials inventory... ($9,000)
Ending Direct materials inventory..........<u> $7,000 </u>
Direct material purchased ........................<u>$70,000</u>
Answer:
Annual depreciation= $20,000
Explanation:
Giving the following information:
cost= $180,000.
The tractor has an estimated salvage value of $20,000 and an estimated life of 8 years
<u>Under the straight-line depreciation method, the depreciation expense remains constant during the useful life. </u>We need to use the following formula:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (180,000 - 20,000)/8
Annual depreciation= $20,000
Answer:
$2,400,000
Explanation:
Based on the information given, How much of the $3 million note that is classified as long-term in the December 31 financial statements will be $2,400,000 because we were told that
Parton owes the amount of $3 million which is due on February 28 while the company borrows the amount of $2,400,000 on February 25 (5-year note) which means that the amount that the company borrowed on February 25 on a 5 year note will be classified as long-term in the December 31 financial statements.