All categories

1 year ago

Using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes a.

1 answer:

3 0

Using a perpetual inventory system, the entry to record the return of merchandise purchased on account includes 4)Merchandise Inventory.

Product vending is the practice of intentionally promoting, showing, and promoting the goods in your keep. A huge part of this is visual merchandising—the process of making plans, designing, and showing merchandise to focus on their capabilities and advantages.

Merchandising is the exercise and procedure of displaying and selling merchandise to clients. Whether or not digital or in-save, stores use vending to persuade clients' motives and reach their sales goals.

Vending approach selling merchandise to retail customers. Merchandisers, also known as retailers, buy merchandise from wholesalers. Manufacturers, upload a markup or gross earnings quantity and sell the products to customers at a better rate than what they paid.

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

Question: Under the perpetual inventory system, all purchases of merchandise are debited to the account

1)Cost of Merchandise Available for Sale

2)Cost of Merchandise Sold

3)Purchases

4)Merchandise Inventory

Learn more about merchandise here brainly.com/question/27046371

#SPJ4

You might be interested in

Uncertainties such as natural disasters are: Select one: a. Estimated liabilities because the amounts are uncertain. b. Not cont

Dovator [93]

Answer:

d. Disclosed because of their usefulness to financial statements.

Explanation:

A liability is a present obligation (Legal or Constructive) of an Entity that arises as a result of a past event and the settlement of which will result from an out flow of cash from the entity.

One class of Liability that relate to the case is a Provision.A provision is a liability whose amount can be determined with certainty.

A liability whose amount can not be determined with certainty is known as a Contingent liability.A contingent liability is not presented in the financial statements but is only disclosed in the Financial Statements.

6 0

3 years ago

In its first year of operations, Crane Company recognized $29,500 in service revenue, $6,100 of which was on account and still o

Montano1993 [528]

Answer: See explanation

Explanation:

1. Calculate the first year's net earnings under the cash basis of accounting, and the first year's net earnings under the accrual basis of accounting.

The first year's net earnings under the cash basis of accounting will be:

Service revenue = $23400

Less: Expenses = $14310

Net income = $9090

The first year's net earnings under the accrual basis of accounting will be:

Service revenue = $29500

Less: Expenses = $15500

Net income = $14000

2. Which basis of accounting (cash or accrual) provides more useful information for decision-makers?

It should be noted that the accrual basis of accounting gives decision makers more useful information. This is due to the fact that the decision makers will probably want to know the revenue and the expenses that were incurred for a particular period and every other necessary details.

8 0

2 years ago

Sally and Andy are partners in Just Hats, LLC. Andy works in the business for an agreed salary draw of $4,000 per month. Sally h

den301095 [7]

Answer:

Net income allocated to sally is $112000

Explanation:

Sally invested $200000 and Andy invested $100000, which means Andy's investment is half of Sally's investment. So he will receive the half of what Sally will get.

Let

Sally's pay be x

Andy's pay be x/2

Total Net income is 168000 dollars.

So, putting it in an equation, we get

(x+x/2)=168000

x(1+0.5)=168000

x(1.5)=168000

x= 168000/1.5

x=112000

So Sally's share will be $112000

Andy's share will be x/2

=112000/2

=56000

So Andy share will be $56000

4 0

2 years ago

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Purchased 400 units

viva [34]

Answer:

WA 1,682

LIFO 910

FIFO 2,260

Explanation:

$\left[\begin{array}{cccc}Date&Cost&Units&Subtotal\\$Jan 20th&8&400&3200\\$April 21th&10&200&2000\\$July 25th&13&280&3640\\$Sept 19th&15&90&1350\\$Total&10.51&970&10190\\\end{array}\right]$

We add the units purchase and the subtotal to get the total units available for sale.

Ending inventory physical units: 970 - 810 = 160 units

Then, we calculate for each method:

Weighted average:

cost of goods / available units = 10,190 / 970 = 10.51

160 units x 10.51 = 1,681.6‬

LIFO:

Ending inventory will be the oldest units:

160 units x 8 = 960

FIFO:

Ending inventory will be the newest units as the units are sold as soon as they come in

90 x 15 = 1,350

70 x 13 = 910

Total 2,260

5 0

3 years ago

Blazer Sports Store is preparing to pay its quarterly dividend of $7.75 a share this quarter. The stock closed at $105.64 a shar

Lana71 [14]

Answer:

$99.3625

Explanation:

The computation of ex-dividend stock price is shown below:-

Ex-dividend stock price = Stock closing price - Stock dividend × (1 - tax rate)

= $105.64 - $7.75 × (1 - 19%)

= $105.64 - $7.75 × 0.81

= $105.64 - 6.2775

= $99.3625

Therefore for computing the ex-dividend stock price we simply applied the above formula.

3 0

3 years ago