Answer:
Journal entries
Explanation:
1. Cash Dr XX
To Sales revenue XX
(Being the cash sales is recorded)
Since the cash is received so we debited the cash as it also increases the assets and the sales revenue would be credited as it an income for the company
2. Cost of goods sold XX
To Merchandise inventory XX
(Being the cost of goods sold is recorded)
While calculating the cost of inventory we debited the cost of goods sold and credited the merchandise inventory
1. Account receivable Dr XX
To Sales revenue XX
(Being the cash sales is recorded)
Since the sales is made on account so we debited the account receivable as it also increases the assets and the sales revenue would be credited as it an income for the company
2. Cost of goods sold XX
To Merchandise inventory XX
(Being the cost of goods sold is recorded)
While calculating the cost of inventory we debited the cost of goods sold and credited the merchandise inventory
Small business in the US provides 64% of new private-sector jobs, 49.2% of private sector employment and 46% of private-sector output. It can be seen clearly from this that small business is a major contributor to employment and output in the US.
The total retained earnings on 31st December 2016 is $197,100. The journal entry are attached below.
<h3>What is Retained Earnings?</h3>
Retained earning is basically the profits of the company which is kept aside to meet the future requirement of the company. It the amount which is left over after deducting all cost such as direct cost, indirect cost, income taxes and dividend.
The retained earning is used in the future projects or for buying the equipment for the company.
Learn more about retained earnings here:
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.
Answer:
B) False
Explanation:
That would be a monopoly (only one supplier).
An oligopoly is a market where there are very few suppliers, and competition is very limited since the barriers to entry are very significant.
For example, the automobile industry is an oligopoly. There are only a few car manufacturers in the world, and they all are very large corporations. It costs hundreds of millions of dollars to introduce a new car model, and every time that happens, the corporations must carry on expensive advertising and promotional campaigns.
Answer:
incentives, trade-offs, opportunity cost, marginal thinking, and the principle that trade creates value.
Explanation:
