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2 years ago

norma inc. uses the perpetual inventory system. when the company records a sale, it should make entries to:

1 answer:

5 0

The fact that Norma Inc. uses a perpetual inventory system means that when a sale is recorded, the company should:

b. decrease an asset and increase an expense.
c. increase an asset and increase revenue.

<h3>What happens when a sale is made?</h3>

The revenue account should be increased because a sale brings money into the business. Cash or Account Receivables should also increase depending on is the sale was a cash or credit sale.

Cost of goods sold would increase as well and it is an expense. The asset of inventory would decrease to show that there is less inventory on account of the sale.

Options for this question are:

a. decrease an asset and decrease revenue

b. decrease an asset and increase an expense

c. increase an asset and increase revenue

d. increase an asset and decrease an expense

Find out more on the perpetual inventory system at brainly.com/question/25014592.

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China and india require that when foreign firms enter into joint ventures with local firms, the local partners must have the con

marishachu [46]

In a case whereby China and india require that when foreign firms enter into joint ventures with local firms, the local partners must have the controlling ownership stake, and this illustrate a Local content law.

<h3>What is Local content law?</h3>

Local content law can be described as the law that measure the local content requirements and they are policies imposed by governments that make the firms to use domestically-manufactured goods.

Hence , in the In a case whereby China and india require that when foreign firms enter into joint ventures with local firms, the local partners must have the controlling ownership stake, and this illustrate a Local content law.

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2 years ago

This year Truckit reported taxable income of $160,000 and received $20,000 of municipal interest. Truckit paid $55,000 in entert

Lynna [10]

Answer: $76,400

Explanation:

GIVEN THE FOLLOWING :

TAXABLE INCOME = $160,000

MUNICIPAL INTEREST = $20,000

ENTERTAINMENT EXPENSE = $55,000

FUN.

CURRENT E&P = (taxable income + interest) - (expenses + Tax deduction).

CURRENT E&P = $160,000 + $20000 - (55000 + 15000 + (160,000*0.21))

CURRENT E&P = 160000 + 20000 - 55000 - 15000 - 33600)

THEREFORE CURRENT E&P = $76,400

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3 years ago

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alexgriva [62]

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Explanation:

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3 years ago

Audra owns a rental house. She makes mortgage payments of $1,060 per month, which include insurance, and pays $2,700 per year in

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Answer:

A $740 cable bill for them to be able to watch shows and have internet.

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3 years ago

When market conditions are such that a passively managed portfolio no longer meets its target allocation, the tool most commonly

Assoli18 [71]

Answer:

D) rebalancing

Explanation:

Rebalancing in domain of marketing can be regarded as a process involving realiigment of weighting of portfolio of particular asset. It involves activities such as buying or even selling of asset in portfolio so that desired allocation/ risk is been maintaned. It should be noted that When market conditions are such that a passively managed portfolio no longer meets its target allocation, the tool most commonly used to rectify the situation is rebalancing.

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3 years ago