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2 years ago

12

think of some examples of products for which people are willing to pay premium prices. Name one such product and explain why you

think consumers value it so highly.

1 answer:

Fiesta28 [93]2 years ago

4 0

IPhone. People pay a ton for iPhones. I think people pay so much because it’s a computer in ur pocket.

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At the beginning of the year, Bryers Incorporated reports inventory of $6,200. During the year, the company purchases additional

Nana76 [90]

Answer:

Cost of Goods Sold = $19200

Explanation:

The cost of goods sold or COGS is the cost of inventory that the business has sold for the period. The cost of goods sold can be calculated as follows,

Cost of Goods sold = Opening Inventory + Purchases for the year - Closing Inventory

Cost of Goods Sold = 6200 + 21200 - 8200

Cost of Goods Sold = $19200

8 0

3 years ago

Sorenson LLC, a publicly traded company, has ten members on its board. Of the ten members, six members are employees of the comp

Vesnalui [34]

Answer:

D. 7

Explanation:

Based on the information provided within the question it can be said that they need to appoint a total of 7 outside board members to achieve board independence. This is because in order to achieve board independence the board needs to consist of more members that are not employees than those who are. This is because votes need to be made in accordance to what is best for the company and shareholders, which may not always be best for the employees. Therefore when voting the employees may be biased.

8 0

3 years ago

In July, Lane Co. sells merchandise to Avery Co. on account. In August, Avery pays the balance in full. The entry that Lane will

grandymaker [24]

The entry that Lane will make to record the receipt of cash will include a credit to the: a. Accounts Receivable.

<h3>What is Accounts Receivable?</h3>

Accounts Receivable can be defined as the amount a company is expected to receive from their clients or customers for the goods and service they rendered to their clients.

Based on the information given the appropriate journal entry to record the transactions is:

Debit Cash

Credit Account receivable

(To record the receipt of cash)

Inconclusion the entry that Lane will make to record the receipt of cash will include a credit to the: a. Accounts Receivable.

Learn more about account receivable here:brainly.com/question/24848903

7 0

1 year ago

Settings alzania produces and consumes 500,000 tons of cotton during a year. Reports indicate that alzania's neighbor, which a

UkoKoshka [18]

Answer: C- Alzania's neighbor exported half its production of cotton that year

Explanation: Alzania produces and consumes 500,000 tons of cotton during a year. While, the neighbor which also employs the same number of people in the cotton industry, consumed 400,000 tons of cotton. There is no information on production of the neighbor. Just by looking at the consumption units we can argue that Alzania has an absolute advantage over the neighbor as it consumes more. However, if there is any information on the amount of exports of cotton from the neighbor then it will weaken the absolute advantage conclusion.

Thus, if <em>Alzania's neighbor exported half its production of cotton that year </em>the total production of cotton is greater of the neighbor than Alzania.

6 0

3 years ago

The following information is available for two different types of businesses for the 2014 accounting period. Lewis CPAs is a ser

gayaneshka [121]

Answer:

a-1) Lewis CPAs Income Statement:

Service Revenue $60,000

Salary Expense -$40,000

Net Income $20,000

a-2) Lewis CPAs Balance Sheet:

Cash $100,000

Total Assets $100,000

Liabilities + Equity:

Bank Loan $80,000

Retained Earnings $20,000

Total Liabilities + Equity $100,000

a-3) Lewis CPAs Statement of Cash Flows:

Cash from customers $60,000

Cash to suppliers of labor -$40,000

Net Cash from operating activities $20,000

Bank Loan $80,000

Total Cash inflows $100,000

a-4) Casual Clothing Income Statement

Sales $60,000

Cost of Sales -$32,000

Gross Profit $28,000

Operating Exp -$7,200

Net Income $20,800

a-5) Casual Clothing Balance Sheet:

Cash $82,800

Inventory $18,000

Total Assets $100,800

Liabilities + Equity:

Bank Loan $80,000

Retained Earnings $20,800

Total Liabilities + Equity $100,800

a-6) Casual Clothing Statement of Cash Flows:

Cash from customers $60,000

Cash to suppliers -$50,000

Operating Expenses -$7,200

Net Cash from operating activities $2,800

Bank Loan $80,000

Total Cash inflows $82,800

b) Casual Clothing has product costs. While Lewis CPAs has service costs.

Explanation:

a) Revenue from Customers: Lewis CPAs as a service business does not have sales as revenue from customers. Its revenue from customers is described as Service Revenue. For Casual Clothing, its revenue from customers is typically described as Sales.

b) Cost of Goods Sold: Lewis CPAs has cost of goods sold in the form of salaries paid to providers of labor, while Casual Clothing's cost of goods sold is in the form of inventory. Therefore, there is always inventory either at the beginning or at the ending of the business period.

c) Ending Inventory for Casual Clothing is determined as follows:

Purchase = $50,000

Cost of Sales = -$32,000

Ending Inventory = $18,000

d) Cash Balances:

i) Lewis CPAs:

Bank Loan = $80,000

Cash from customers = $60,000

Salary Expense= -$40,000

Balance = $100,000

ii) Casual Clothing:

Bank Loan = $80,000

Purchases = -$50,000

Cash from customers = $60,000

Operating Expense= -$7,200

Balance = $82,800

e) The Net Income in each case is treated as Retained Earnings since there are no other charge against it.

3 0

3 years ago