Identify the errors in the following schedule of the cost of goods sold for the year ended May 31, 2018 Cost of goods sold:
Inventory, May 31, 2018
$ 105,000
Cost of merchandise purchased:
Purchases
$1,110,000
Purchases returns and allowances
55,000
Purchases discounts..
30,000
Freight in...
(22,000)
Total cost of merchandise purchased.
1,173,000
Inventory available for sale.
$1,278,000
Less inventory, June 1, 2017
91,300
Cost of goods sold before estimated returns..
$1,186,700
Estimated returns of this year's sales
43,300
Cost of goods sold
$1,230,000

Northington, inc. is preparing the company's statement of cash flows for the fiscal year just ended. using the following information, determine the amount of cash flows from operating activities using the indirect method: net income$182,000gain on the sale of equipment12,300proceeds from the sale of equipment92,300depreciation expense—equipment50,000payment of bonds at maturity100,000purchase of land200,000issuance of common stock300,000increase in merchandise inventory35,400decrease in accounts receivable28,800increase in accounts payable23,700payment of cash dividends32,000 $189,400.$332,200.$236,800.$261,400 .$186,800.

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance