Ace bonding company purchased inventory on account. the inventory costs $2,000 and is expected to sell for $3,000. how should ace record the purchase using a perpetual inventory system?

a. inventory 2,000
accounts payable 2,000
b. cost of goods sold 2,000
deferred revenue 1,000
sales revenue 3,000
c. cost of goods sold 2,000
accounts payable 2,000
d. cost of goods sold 2,000
gain 1,000
accounts payable 3,000

You are head of the schwartz family endowment for the arts. you have decided to fund an arts school in the san francisco bay area in perpetuity. every 5 years, you will give the school $ 1 comma 000 comma 000. the first payment will occur 5 years from today. if the interest rate is 5.9 % per year, what is the present value of your gift?

Any point on a country's production possibilities frontier represents a combination of two goods that an economy:

Simon, aged 10, is invited to a classmate's birthday party at an exclusive ski resort on march 15th. the day will include 4 hours of snowboarding, lunch and birthday cake. simon's mother checks a box on the invitation that says "yes, we will attend" and returns it to the classmate's address. unfortunately, they later don't attend the party when simon comes down with the flu. on march 17th, simon's mother receives an invoice in the mail from simon's classmate for $35 that says, "party no-show fee." can simon's classmate collect the fee?