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andriy [413]
1 year ago
9

Inventories held for sale in the normal course of business are classified in the balance sheet as?

Business
1 answer:
Iteru [2.4K]1 year ago
4 0

Inventories held for sale in the normal course of business are classified in the balance sheet as Current liabilities.

<h3>What is meant by current liability?</h3>

This is the term that is used to refer to all of the financial obligations that the customer would have to have due to themselves in the long run. These are the liabilities that are known to be dropped in the current assets and would then be settled in the course of a year.

Hence we can say that Inventories held for sale in the normal course of business are classified in the balance sheet as Current liabilities.

Read more on Current liabilities here: brainly.com/question/28039459

#SPJ1

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After hiring 151 units of the variable input, labor, a firm determines the MFC to be $.30 and the MRP to be $.33. The firm shoul
zhuklara [117]

Answer:

Option (c) is correct.

Explanation:

Labor (Variable input) hired = 151 units

After hiring this much units of labor, a firm incurred:

Marginal cost of hiring (MFC) = $0.30 and marginal product of labor (MRP) = $0.33

The firm continuing hiring new labor until the point at which marginal cost of hiring labor is equal to the marginal product of labor.

In this case, MFC is less than the MRP, so firm should increase the use of labor till the MFC becomes equal to the MRP.

7 0
3 years ago
The Josey Company uses the weighted average method. The beginning work in process consists of 6,000 units (100% completed as to
zvonat [6]

Answer:

Total equivalent units= 135,000 units

Explanation:

<u>The weighted average method blends the costs and units of the previous period with the costs and units of the current period.</u>

<u></u>

Conversion costs:

Units completed and transferred out= 133,000 units

Ending WIP= 10,000*0.2= 2,000 units

Total equivalent units= 135,000 units

3 0
3 years ago
If you are someone who performs services at other people’s homes, you cannot have a small business.
Gnoma [55]
The answer is false cause you cause just be doing the services for extra money or just for fun

7 0
3 years ago
Be5-4, Prepare the journal entries to record the following transactions on Novy Company’s books using a perpetual inventory syst
Leto [7]

Answer:

a: March 2

Dr Accounts Receivable 900,000

Cr Sales Revenue 900,000

March 2

Dr Cost of Good Sold 590,000

Cr Inventory 590,000

b. March 6

Dr Sales Returns and Allowances 90,000

Cr Accounts Receivable 90,000

March 6

Dr Inventory 62,000

Cr Cost of Goods Sold 62,000

c. March 12

Dr Cash 793,800

Dr Sales Discount 16,200

Cr Accounts Receivable 810,000

Explanation:

Preparation of Journal entries using a perpetual inventory system

a. March 2

Dr Accounts Receivable 900,000

Cr Sales Revenue 900,000

(To record sale of merchandise)

March 2

Dr Cost of Good Sold 590,000

Cr Inventory 590,000

b. March 6

Dr Sales Returns and Allowances 90,000

Cr Accounts Receivable 90,000

(To record sale of merchandise)

March 6

Dr Inventory 62,000

Cr Cost of Goods Sold 62,000

c. March 12

Dr Cash 793,800

(98%*810,000)

Dr Sales Discount 16,200

(2%*810,000)

Cr Accounts Receivable 810,000

(900,000-90,000)

8 0
3 years ago
1. Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1. Sadowski Brick Company signs a $500,000, 6%
Rainbow [258]

Answer:

Debit interest expenses for $15,000

Credit interest payable for $15,000

Explanation:

Since January 1 to June 30 is 6 months, we need to calculate interest expenses for the 6 months as follows:

Monthly interest expenses = ($500,000 * 6%) / 12 = $2,500

Interest expenses for 6 months = $2,500 * 6 = $15,000

The adjusting entry required will therefore look as follws:

<u>Date            Particulars                              Dr ($)                 Cr ($)        </u>

June 30      Interest expenses                 15,000

                   Interest payable                                               15,000

<u>                    (</u><em><u>To record 6 months interest payable on note.)           </u></em><u>         </u>

3 0
3 years ago
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