1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anuta_ua [19.1K]
3 years ago
7

After making a sale, a seller may have customers that return goods. The seller uses the perpetual inventory system. This require

s the seller to ________.
Business
1 answer:
kolbaska11 [484]3 years ago
4 0

Answer:provides a running balance of cost of goods available for sale and cost of goods sold.

Explanation:

Perpetual inventory system provides a running balance of cost of goods available for sale and cost of goods sold. Under this system, no purchases account is maintained because inventory account is directly debited with each purchase of merchandise. The expenses that are incurred to obtain merchandise inventory increase the cost of merchandise available for sale. These expenses are, therefore, also debited to inventory account. Examples of such expenses are freight-in and insurances etc. Each time the merchandise is sold, the related cost is transferred from inventory account to cost of goods sold account by debiting cost of goods sold and crediting inventory account.

The balance in inventory account at the end of an accounting period shows the cost of inventory in hand. The accuracy of this balance is periodically assured by a physical count – usually once a year. If a difference is found between the balance in inventory account and a physical count, it is corrected by making a suitable journal entry. The common reasons of such difference include inaccurate record keeping, normal shrinkage, and shoplifting etc.

You might be interested in
Teal Company sells televisions at an average price of $814 and also offers to each customer a separate 3-year warranty contract
ki77a [65]

Answer:

A.

Dr Cash 266,178

Cr Sales Revenue 243,741

Cr Unearned Warranty Revenue 22,437

b)Current Liabilities:Unearned Warranty Revenue 90,579

Long-term liabilities:Unearned Warranty Revenue 181,158

Explanation:

Teal Company

A.

Dr Cash (814*327) 266,178

Cr Sales Revenue 243,741

Cr Unearned Warranty Revenue (277*81) 22,437

b)Current Liabilities:Unearned Warranty Revenue 90,579

(327×277)

Long-term liabilities:Unearned Warranty Revenue 181,158

(90,579×2)

4 0
3 years ago
Which of the following projects is most likely be used in STEM education to learn technology concepts?
ivanzaharov [21]

Answer:

  • <u>investigate search engine criteria to improve search results</u>

<u>Explanation:</u>

Remember, the application of STEM implies using the knowledge found in the field of science, technology, engineering, and mathematics to carry out projects.

Since <u>the focus is on learning technology concepts</u>, the most likely, that is, the <em>project that is closest to technology </em>is investigating search engine criteria to improve search results.

7 0
3 years ago
Fashion, Inc. had a Retained Earnings balance of $16,000 at December 31, 2021. The company had an average income of $6,500 over
avanturin [10]

Answer:

Total amount of dividends paid over the last three years is $20500

Explanation:

The net income of the company is either retained in the company or paid out as dividends. To calculate the value of the ending retained earnings, we use the following formula,

Ending balance = Beginning balance + Net Income - Dividends

We first need to calculate the total net income for the 3 year period. The total net income for the 3 year period is, 3 * 6500 = $19500

Plugging in the available values for the ending and beginning balance of retained earnings and net income, we can calculate the value of total dividends paid for the three year period.

15000 = 16000 + 19500 - Dividends

Dividends = 35500 - 15000

Dividends = $20500

4 0
3 years ago
What is the correct answer Even when competitive firms are unable to calculate marginal revenue product directly,
Aleks04 [339]

Answer: The corrects answers are "C) the pressures of competition in the labor market" and A) will push wage rates toward the marginal revenue product of labor.".

Explanation: Because the correct and complete statement would be: Even when competitive companies cannot directly calculate the product of marginal income, the pressures of competition in the labor market will push wage rates towards the product of marginal income from labor.

Making it clear that the strong pressures that are the product of competition in the labor market pushed wage rates towards the product of marginal income.

8 0
3 years ago
Armando, a technology enthusiast, is often willing to pay premium prices to always have the newest tech gadgets. Armando most li
KatRina [158]

Answer:

c. innovators.

Explanation:

  • Armando a technology enthusiast is often willing to pay premium prices to the gadgets that are new and belong to the groups of the people that are called as innovators. And they try to find new in everything and they are the early adopters and are focused in the new and advanced levels of technology. This they always likely to be updated and are fast learners.
8 0
3 years ago
Other questions:
  • In Equal Employment Opportunity Commission v. Consolidated Service System, the defendant was a janitorial firm owned by a Korean
    12·1 answer
  • After working for Stafford Automotive Group as an automotive technician for the last 4 years, Stan was promoted to the position
    11·1 answer
  • If the company pursues the investment opportunity and otherwise performs the same as last year, what margin will it earn this ye
    14·1 answer
  • Select the examples that best demonstrate likely employers for Design/Pre-Construction workers. Check all that
    5·2 answers
  • Up-Town Express processed 89,233 packages this month. If this is 36.5% less than last month, how many packages did they process
    6·1 answer
  • Suppose that you are participating in a game show. so far, you have won $10,000 free of tax and can leave with your winnings.how
    9·2 answers
  • Which statement is true?A) From a legal perspective, preferred stock is a form of corporate equityB) All classes of stock must h
    6·1 answer
  • Advise the Sampsons on the maturity to select when investing their savings for their children’s education. Describe anyadvantage
    15·1 answer
  • Explain what a trade war is
    11·1 answer
  • Suppose Alex and Becky are playing a game in which both must simultaneously choose the action Left or Right. The payoff matrix t
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!