Paxson began 2014 with an inventory T-account debit balance of $22,000. In 2014, its inventory purchases amounted to $42,000, and it had no inventory-related write-downs or losses. What amount did Paxson record as cost of goods sold expense in 2014?
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Ответ:
$46,000
Explanation:
Note: The balance sheet is shown in the attachment. Kindly find it below:
The computation of the cost of goods sold expense is shown below:
Cost of goods sold = Opening inventory + Purchase - ending inventory
where,
Opening inventory = $22,000
Purchase = $42,000
And, the ending inventory is $18,000
So, the cost of goods sold is
= $22,000 + $42,000 - $18,000
= $46,000
Basically we applied the above formula to find out the cost of goods sold expense in 2014
Ответ:
C) Barb will earn interest on interest.
Explanation:
Compound interest can be defined as more interest earned by previously earned interest, i.e. interest that earns more interest.
At the end of the first year both Andy and Barb will have $3,150 in their accounts (= $3,000 + 5%). Since Andy will withdraw his money at the end of year 1, only Barb will earn compound interest. At the end of second year Andy will have $3,150 while Barb will have $3,307.50 (= $3,150 + 5%).