Answer:
$87,200
Explanation:
The computation of the total amount of merchandise purchase is shown below:
As we know that
Cost of goods sold = Beginning merchandise inventory + purchase of merchandise - ending merchandise inventory
$69,400 = $11,600 + purchase of merchandise - $29,400
$69,400 = -$17,800 + purchase of merchandise
So, purchase value of merchandise is
= $69,400 + $17,800
= $87,200
Answer:
The correct option is;
B. Companies use GAAP when preparing financial statements
Explanation:
Generally Accepted Accounting Principles (GAAP) are the guidelines with regards to the standards, principles, practices and procedures of financial statement compilation by accountants issued by the Financial Accounting Standards Board (FASB). It is a requirement that all publicly quoted companies make use of GAAP for their financial compilation.
GAAP comprises of the generally accepted accounting records reporting and recording methods as well as policy board standards of accounting procedures.
Answer:
Accrual basis accounting
Explanation:
Under Accrual basis of accounting, income is recognized when it is earned and not when actual cash is paid or received.
Under cash basis of accounting, income is only recognized when actual cash is received.
Accrual basis of accounting ensures transactions pertaining to a period are recorded in that period and it depicts more accurate financial picture unlike in cash accounting wherein income for a period might be overstated or understated.
Following cash basis of accounting is not in accord with both US GAAPs (generally accepted accounting principles) and IFRS.
Answer : rent to own business !
shes paying for her to own it but still gets to take it home
Based on the amount you pay now and the increase in insurance premiums, your annual insurance costs next year would be $6,325.
<h3>What is the next insurance cost next year?</h3>
The annual cost of insurance refers to the amount that is paid in premiums in a year.
That cost is currently $5,500 but will increase by 15%.
= Current insurance cost x ( 1 + rate of increase)
Solving gives:
= 5,500 x ( 1 + 15%)
= $6,325
Find out more on insurance cost at brainly.com/question/4953989.
