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r-ruslan [8.4K]
3 years ago
5

When does information become a liability for an organization?

Business
1 answer:
jeyben [28]3 years ago
7 0
A liability is a debt to an oraganization/business. Once the information brings the company down -holds them back- it becomes a liability. It's like if you have an accounts payable your creditors would have full rights to your money upon company liquidation. That means your company will earn less revenue. A liability is something you owe.
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Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. Dur
Natalija [7]

Answer:

Powell Warehouse

General Journal

June 1:

Debit Inventory $1,280

Credit Accounts Payable (Catlin Publishers) $1,280

To record the purchase of books, terms 2/10, n/30.

June 3:

Debit Accounts Receivable (Garfunkel Bookstore) $1,100

Credit Sales Revenue $1,100

To record the sale of books on trade terms.

Debit Cost of Goods Sold $800

Credit Inventory $800

To record the cost of goods sold under the perpetual inventory system.

June 6:

Debit Accounts Payable (Catlin Publishers) $80

Credit Inventory $80

To record the credit received for books returned.

June 9:

Debit Accounts Payable (Catlin Publishers) $1,200

Credit Cash Discount $24

Credit Cash Account $1,176

To record the payment on account.

June 15:

Debit Cash Account $1,100

Credit Accounts Receivable $1,100

To record the receipt of payment in full settlement.

June 17:

Debit Accounts Receivable (Bell Tower) $1,100

Credit Sales Revenue $1,100

To record the sale of books on account.

Debit Cost of Goods Sold $950

Credit Inventory $950

To record the cost of goods sold under the perpetual inventory system.

June 20:

Debit Inventory $800

Credit Accounts Payable (Priceless Book Publishers) $800

To record the purchase of books on account, terms n/30.

June 24:

Debit Cash Account $1,078

Debit Cash Discount $22

Credit Accounts Receivable (Bell Tower) $1,100

To record the receipt of payment on account.

June 26:

Debit Accounts Payable (Priceless Book Publishers) $800

Credit Cash Account $800

To record payment on account.

June 28:

Debit Accounts Receivable (General Bookstore) $1,550

Credit Sales Revenue $1,550

To record the sale of books on account.

Debit Cost of Goods Sold $800

Credit Inventory $800

To record the cost of goods sold under the perpetual inventory system.

June 30:

Debit Sales (Returns) $200

Credit Accounts Receivable (General Bookstore) $200

To record the return of books on account.

Debit Inventory $70

Credit Cost of Goods Sold $70

To record the return of books.

Explanation:

Journal entries are the initial records made in the accounting system for business transactions.  They show the accounts affected by each transaction.  Two or more accounts are usually affected.  One account receives value and is debited and the other gives value, and it is credited.

4 0
3 years ago
_____-is the cost of the merchandise that the merchandiser has sold.
Effectus [21]

It should be the price right?

7 0
3 years ago
Read 2 more answers
Peak performance sporting goods company has reported net income after taxes = $3,750,000, with 18,250,000 shares outstanding. ba
LiRa [457]
<span>The basic earning per a share can be calculated by dividing the net income after taxes by the number of shares outstanding. Thus we have that the basic earning per share is 3,750,000/18,250,000 = .20547 dollars per share. The basic earning per share for peak performance is .205 dollars per share.</span>
7 0
2 years ago
Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period
sdas [7]

Answer: (D) Customer lifetime value  

Explanation:

 The customer lifetime value is the term, which refers to the overall profit  of an organization and this type of method also helps in estimating the customer monetary in the business.

The customer lifetime value is basically using the predictive analytical method for analyzing the relationship with the consumers.

The customer lifetime value is refers to the metric of net profit in an organization and it also helps in making various types of decision in an organization in terms of development, marketing and the customer support.

 Therefore, Option (D) is correct answer.

5 0
3 years ago
Direct labor and indirect labor are recorded, respectively, to:
torisob [31]

Answer:

d. Work in Process Inventory and Factory Overhead.

Explanation:

Direct labor is labor that is directly involved in the production process, for example a machine operator in a factory is supplying direct labor. So when recording direct labor we do so under work in process inventory as that is where the labour is applied.

Indirect labour is one that is not directly involved in the production process, for example office cleaners, building maintenance. Since their contribution is not directly impacting production, indirect labor is recorded under factory overhead.

8 0
3 years ago
Read 2 more answers
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