Answer:Directly related to the list price of the good
Explanation:
<u>Solution and Explanation:</u>
The following journal entries will be passed in the book sof fasteners Inc., Co., which is a supplier of buttons and zippers for clothing
Date Accounts Titles and Explanation Post Ref Debit Credit
1 Nov-21 Notes receivable $ 72,000
Accounts receivable-McKenna Outer Wear Co. $ 72,000
2 Dec-31 Interest receivable 
$720
Interest revenue $ 320
3 Jan-20 Cash $ 73080
Interest revenue 
$360
Interest receivable $720
Notes receivable $72,000
Note: the figures have been calculated and rounded off in the nearest dollar amount.
Answer:
True
Explanation:
The reason is that the business would only recruit extra employees if the demand of the product is increasing which means that the consumer are spending more on purchasing goods and services which would increase the domestic production that is responsible in increase in GDP of the country. So it is true that increased customer spending increases the domestic production which increase the GDP of the country.
Answer:
Option (C) is correct
Explanation:
The payment is made during the discount period of 11 days so the 2% discount rate would be applicable.
Goods purchased = $112,000
Goods returned = $2,200
Discount = (Goods purchased - goods returned) × 2%
= ($112,000 - $2,200) × 2%
= $2,196
Net purchase = Goods purchased - returned - Discount
= $112,000 - $2,200 - $2,196
= $107,604
Total inventory cost = Net purchase + Freight cost
= $107,604 + $400
= $108,004
Therefore, company’s inventory increased by $108,004.
Answer:
Stuart Manufacturing Company
Assets = $107,200
Explanation:
a) Data and Calculations:
Cash Account
Common stock $89,000
Furniture (32,000)
Equipment (40,000)
Salaries (12,000)
Wages (21,000)
Raw materials (26,000)
Sales 72,000
Cash balance $30,000
Inventory:
Cost = $26,000
Units produced = 10,000 units
Cost per unit = $2.60 ($26,000/10,000)
Cost of goods sold = 8,000 * $2.60 = $20,800
Ending inventory = 2,000 * $2.60 = $5,200
Sales Revenue = 8,000 * $9 = $72,000
Assets:
Cash $30,000
Ending inventory 5,200
Furniture 32,000
Equipment 40,000
Total $107,200
b) An asset is something that brings in future cash flows to the business entity. It is made up of Cash and Cash Equivalents, Inventories, Property, Plant, Equipment, and other business investments. Assets are funded from finance provided by creditors and the equity owners, and they generate economic values.
