Answer with its Explanation:
Transaction 1: The purchase of equipment is increase in the fixed assets and as the amount paid is in cash, the decrease in cash asset will also be with the same amount. This means the net effect on assets will be zero.
Accounting Equation is given as under:
Fixed Assets + Current Asset = Equity + Liability
Equipment 318,770 - Cash $318,770 = Zero Net Effect
Transaction 2: The increase in the equity will increase the current asset as well here, which means:
Fixed Assets + Current Asset = Equity + Liability
Current Assets + $139,050 = Issued common stock + $139,050
Transaction 3: The purchase of inventory on account means that the current asset would be increased and the payables will increase with the same amount. The effect on the accounting equation is given as under:
Fixed Assets + Current Asset = Equity + Liability
Current Asset + $70,94 = Current liabilities + $70,940
Answer:
110
Explanation:
The consumer price index is an index that measures the inflation rate in a country. It tracks changes in prices for a basket of products and services in a country over time. CPI is calculated with a base year as the reference period.
The formula for calculating CPI with a base year is as below.
consumer price index=cost of the market basket in a given year x100
cost of a market basket at the base
In this case,
CPI = $ 55 x 100
$ 50
CPI = 1. 1 x 100
CPI =110
Answer:
Legal
Explanation:
A corporation is a business that is owned by shareholders. The corporation is a separate legal entity and so it can sue and be sued, pay taxes and own assets.
Advantages of a corporation include :
- they have unlimited liabilities
- they have unlimited life. the business doesn't end even after the death of the owners unlike a sole proprietorship
- they have more access to capital
Disadvantages of a corporation include :
high cost of setting up
Earnings to shareholders are taxed twice
Answer:
$9.5
Explanation:
The median is the middle number in a data. The data has to be arranged in either ascending or descending order.
In the case, our data price, which is $7, $9, $10, and $13. The data is already arranged in ascending order.
7,9,10,13
The median will be the mean of 2nd and 3rd digit
=(9+10)2
=$9.5
The median price is $9.5
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