All categories

2 years ago

Under the perpetual inventory system, in addition to making the entry to record a sale, a company would

1 answer:

5 0

Under the perpetual inventory system, in addition to making the entry to record a sale, a company would: a. debit Inventory and credit Cost of Goods Sold.

<h3>What is Inventory ?</h3>

Inventory, also known as stock, refers to the goods and materials that a company keeps for the purpose of resale, production, or use. Inventory management is primarily concerned with specifying the shape and placement of stocked goods.

There are four types of inventory: raw materials/components, work in progress (WIP), finished goods, and maintenance and repair (MRO).

Inventory valuation methods include FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost).

Inventory refers to all of the items, goods, merchandise, and materials held by a company for the purpose of reselling in the market for a profit. For instance, if a newspaper vendor uses a vehicle to deliver newspapers to customers, only the newspaper is considered inventory. The vehicle will be considered an asset.

To know more about Inventory follow the link:

brainly.com/question/24868116

#SPJ4

You might be interested in

A CEO who communicates about the opportunities and challenges facing the company to employees at all levels and in all departmen

Firdavs [7]

Try looking for the worksheet with the answer key

4 0

3 years ago

Under which type of listing will an agent receive a commission only if he is the procuring cause of the sale?

Akimi4 [234]

Under a C) exclusive right to sell, the listing firm will earn a commission if the property sells during the listing period, even if it's a licensee from another firm or the seller who finds the buyer.

Promoting dealers cooperate with the brokers promoting the home to acquire reimbursement for supporting connect them with the right shoppers. The listing broking will pay the promoting agent a commission for finding a purchaser to shop for the belongings.

In most instances, you don't require a college degree to come to be an actual property agent, but it does help capacity profession task seekers stay aggressive and applicable. A partner or bachelor's degree is more than sufficient—perhaps in the enterprise, finance, or some other related subject.

They realize the nearby actual estate market, look into and appraise homes to decide honest marketplace costs, write and provide list presentations to offer dealers a document of their findings, and market and stage homes for sale to attract capacity consumers.

The question is incomplete. Please read below to find the missing content.

Under which type of listing will the seller owe a commission to the listing agent regardless of who is the procuring cause of the sale?

A. Open listing

B. Exclusive agency

C. Exclusive right to sell

D. Net listing

Learn more about the listing firm here brainly.com/question/13926715

#SPJ4

3 0

1 year ago

Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for e

eduard

Answer:

Great Adventures

a) Adjusting Entry for Uncollectible Accounts:

Date General Journal Debit Credit

Jun. 30 Uncollectible Expense $2,320

Allowance for Uncollectibles $2,320

To provide 8% allowance for uncollectibles.

b) To accrue one month of interest on the note receivable:

Date General Journal Debit Credit

Jun. 30 Interest Receivable $40.83

Interest on Notes $40.83

To accrue one month of interest.

c) GREAT ADVENTURES, INC.

Partial Balance Sheet as at June 30, 2022

Assets

Current Assets:

Accounts Receivable $29,000

less allowance for uncollectibles 2,320

Net Accounts Receivable $26,680

Explanation:

a) Accounts Receivable

Date Description Debit Credit Balance

Feb. 25 Kr. Kendall's Boys Scout $4,000 $4,000

Feb. 28 Cash $3,840 160

Feb. 28 Cash Discount 160 0

Mar. 19 Reynold 5,000 5,000

Mar. 27 Cash 4,800 160

Mar. 27 Cash Discount 200 0

Apr. 7 Cash 8,500 (8,500)

Apr. 14 Elks Lodge 8,500 0

Apr. 30 Myers Manufacturing 7,000 7,000

May 31 7% Note Receivable 7,000 0

Jun. 15 MBA Groups 29,000 29,000

b) Allowance for uncollectibles = $29,000 x 8% = $2,320

c) Interest on Notes = ($7,000 x 7%)/12 = $40.83

3 0

3 years ago

MILLS ALLOCATES MANUFACTURING OVERHEAD TO PRODUCTION BASED ON STANDARD DIRECT LABOR HOURS. MILLS REPORTED THE FOLLOWING ACTUAL R

tekilochka [14]

Answer:

1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances.

variable overhead cost variance = $1,000 unfavorable
variable efficiency variance = -$1,200 favorable
fixed overhead costs = $1,500 unfavorable
fixed overhead volume variance = -$100 favorable

2. EXPLAIN (as best you can) why the variances are favorable or unfavorable. Based on cost and efficiency budget standards.

variable overhead cost variance is unfavorable because actual variable overhead costs per unit are higher than budgeted.
variable efficiency variance is favorable because the company used less direct labor hours than budgeted to produce a higher amount of units (1,600 vs. 2,000).
fixed overhead costs are unfavorable because total fixed overhead costs were much higher than budgeted, but most of this variance can be explained by higher output.
fixed overhead volume variance are favorable because a higher volume was produced using less hours than budgeted.

Explanation:

Static budget variable overhead $1,200

Actual variable overhead $4,000

Static budget fixed overhead $1,600

Actual fixed overhead $3,100

Static budget direct labor hours 800 hours

Actual direct labor hours 1,600

Static budget number of units 400 units

Actual units produced 1,000

Standard direct labor hours 2 hours per unit

Actual direct labor hours 1.6 per unit

standard variable rate = $1,200 / 400 units = $3 per unit

actual variable rate = $4,000 / 1,000 units = $4 per unit

standard fixed rate = $1,600 / 800 hours = $2 per hour

actual fixed rate = $3,100 / 1,600 hours = $1.9375 per hour

variable overhead cost variance = actual costs - (standard rate x actual units) = $4,000 - ($3 x 1,000) = $1,000 unfavorable

variable efficiency variance = (actual hours x standard rate) - (standard hours x standard rate) = (1,600 × $3) − (2,000 x $3) = $4,800 - $6,000 = -$1,200 favorable

fixed overhead costs = actual overhead costs - budgeted overhead costs = $3,100 - $1,600 = $1,500 unfavorable

fixed overhead volume variance = (actual fixed rate x actual hours) - (standard rate x actual hours) = ($1.9375 x 1,600) - ($ x 1,600) = $3,100 - $3,200 = -$100 favorable

5 0

3 years ago

A good example of a ______________ offense is selling alcoholic beverages to a minor

laila [671]

Minor criminal offense, specifically a strict liability offense. Strict liability refers to an offense made regardless of the the intent of action. In other words, even if you have no malicious intent, you are still liable for the offense. Another example is possession of drugs.

4 0

2 years ago