Answer:
Explanation:
The four transactions will be recorded in the general journal as follows:
1) Debit cash $12,000
Credit common stock $12,000
(To record the sale of common stock)
2) Debit purchases $5,600
Credit cash $5,600
(To record purchase of inventory in cash)
3) Debit cash $5,712
Credit sales $3,360
Credit gross profit $2,352
(To record the sale of inventory in cash)
4) Debit advertising expenses $650
Credit cash $650
(To record the payment of advertising expenses in cash)
Answer:
Ending inventory= $6,765
Explanation:
Giving the following information:
Variable production costs are $12.30 per unit
Assuming a beginning inventory of zero, production of 4,300 units, and sales of 3,750 units.
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead) to calculate production costs.
Units in ending inventory= 550
Ending inventory= 12.3*550= $6,765
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The unit that is used in the denominator is the one to cancels the unit that appears in a numerator.
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Answer:
a. the Fed buys bonds ⇒ increases the money supply because it buys bonds and pays in cash
b. the Fed auctions credit ⇒ decreases the money supply because it sells bonds and receives cash
c. the Fed raises the discount rate ⇒ decreases the money supply because an increase in the discount rate will affect interest rates in all the economy. Higher interest rates decrease the amount of money that households want to hold and increases household spending.
d. the Fed raises the reserve requirement ⇒ decreases the money supply since banks have less money to lend and interest rates will increase.