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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.

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1. Almost half the jobs in this country come from small businesses.<br> True<br> False

Dmitrij [34]

Answer:

True

Explanation:

Small businesses make up:

99.7 percent of U.S. employer firms,

64 percent of net new private-sector

jobs,

49.2 percent of private-sector

employment,

42.9 percent of private-sector payroll,

46 percent of private-sector output,

43 percent of high-tech employment,

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and

33 percent of exporting value.

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3 years ago

It is obvious that an error occurred in the preparation and/or posting of closing entries if: Multiple Choice the Retained earni

Contact [7]

There are different ways to make entry in a balance sheet. It is obvious that an error occurred in the preparation and/or posting of closing entries, if all balance sheet accounts have zero balances.

<h3>Should a balance sheet always have a zero balance?</h3>

Note that the sum of a company assets, liabilities and equity must always balance to zero.

For one to be able to have or generate a balance sheet report that is not equal zero, the balance sheet is said to be out of balance and this may create an error in the ledger transactions.

Learn more about balance sheet accounts from

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7 0

2 years ago

Look at the chart displaying the human development index (HDI) worldwide, which is linked to a high standard of living. Based on

Vilka [71]

Thank you for posting your question here at brainly. I hope the answer will help you. Feel free to ask more questions.

Below are the choices:

A. As HDI increases, so does a nation's level of development.
<span>B. A low HDI usually means that an economy is developed. </span>
<span>C. The HDI varies less in countries below the equator than those above the equator. </span>
D. The HDI is highest in countries with command economies.
<span>According to information about developing and developed countries in the world, sentence A is correct, because most countries with the high level of HDI are the most developed.</span>

5 0

3 years ago

What is land as a factor of production?

marta [7]

Could be cause of trade , if you have land it is also good for crops which is production

3 0

3 years ago

Soundgarden Company sold 200 color laser copiers on July 10, 2020, for $4,000 apiece, together with a 1-year warranty. Maintenan

ziro4ka [17]

Answer:

Soundgarden Company

Journal Entries:

July 10, 2020:

Debit Cash Account (or Accounts Receivable) $800,000

Credit Sales Revenue $800,000

To record the sale of 200 copiers at $4,000 apiece.

July 10, 2020:

Debit Warranty Expense $66,000

Credit Warranty Liability $66,000

To record the estimated warranty maintenance on copiers sold.

December 31:

Debit Warranty Liability $17,000

Credit Inventory $17,000

To record actual warranty costs incurred.

Explanation:

Soundgarden should record these transactions according to the matching principle, whereby warranty expense is recognized in the period that matches the sale so that all expenses related to sales are recognized when the sales are recognized. This is achieved by creating a warranty liability account after the sales and recording a warranty expense as the debit entry. When actual warranty costs are incurred, the Soundgarden Company will debit the warranty liability and credit the inventory actual for the actual costs.

7 0

3 years ago