Powell company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. during 2018, powell experienced the following events: sold merchandise costing $58,000 for $99,500 on account to prentise furniture store. delivered the goods to prentise under terms fob destination. freight costs were $900 cash. received returned goods from prentise. the goods cost powell $4,000 and were sold to prentise for $5,900. granted prentise a $3,000 allowance for damaged goods that prentise agreed to keep. collected partial payment of $81,000 cash from accounts receivable. required record the events in a statements model shown below. prepare an income statement, a balance sheet, and a statement of cash flows. why would prentise agree to keep the damaged goods?

Information necessary to prepare the year-end adjusting entries appears below. a. depreciation on the machines for the year is $9,300. b. employee salaries are paid every two weeks. the last pay period ended on december 23. salaries earned from december 24 through december 31, 2018, are $3,300. c. on september 1, 2018, jaguar borrows $31,500 from a local bank and signs a note. the note requires interest to be paid annually on august 31 at 12%. the principal is due in five years. d. on march 1, 2018, the company purchases insurance for $19,800 for a one-year policy to cover possible injury to mechanics. the entire $19,800 was debited to prepaid insurance at the time of the purchase. e. $4,300 of supplies remains on hand at december 31, 2018. f. on december 30, jaguar receives a utility bill of $1,850 for the month. the bill will not be paid until early january 2019, and no entry was recorded when the bill was received.

You are attending college in the fall and you need to purchase a computer. you must finance the purchase because your parents will not purchase it for you, and you do not have the cash on hand to purchase it. in blank #1 determine which type of credit would you use to finance your purchase (installment, non-installment, or revolving credit). (2 points) in blank #2 defend your credit choice by explaining why your financing option is the best option for you. (2 points) in blank #3 explain why you selected that credit option over the other two options available. (2 points)

If a product goes up in price, and the demand for it drops, that product's demand is a. elastic b. inelastic c. stable d. fixed select the best answer from the choices provided