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horrorfan [7]
3 years ago
10

Complete the following statement. Merchandise inventory that is still available for sale is considered a(n) (asset/expense/reven

ue) and is reported on the (balance sheet/income statement) and merchandise that is sold during the period is considered a(n) (asset/expense/liability) and reported on the (balance sheet/income statement).
Business
2 answers:
Taya2010 [7]3 years ago
8 0

Answer:

Asset

Balance Sheet

Expense

Income statement

Explanation:

An asset is defined as a property of company, from which future economic benefits will arise, as for inventory in hand, the inventory can be sold in future and then future benefits will arise from such sale. Thus, it is an asset and assets are reported in balance sheet.

The expenses are the cost associated to earn the revenue, as when any inventory is sold the inventory is recorded as an expense called cost of goods sold, which is recorded in income statement.

pogonyaev3 years ago
6 0

Answer:

Merchandise inventory that is still available for sale is considered an asset and is reported on the income statement and merchandise that is sold during the period is considered an expense and reported on the balance sheet

Explanation:

This is true by definition:

  • Assets are reported in income statement
  • Expenses are reported in balance sheets
  • Assets are goods or purchases that can be sold and later converted
  • Expenses are actually cash that is spent to earn revenues
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Crane Company has the following sales data: August September October November December Cash Sales $4000 $5000 $6000 $7000 $16000
umka21 [38]

Answer:

<em>Collections for September is $ 57,100</em>

Explanation:

Computation of cash receipts for September

Collections from cash sales of September                                       $   5,000

Collections from credit sales of August - 57 % of $ 50,000           $  28,500

Collections from credit sales of September 40 % of $ 59,001       <u>$  23,600 </u>  

Total collections for September                                                        $  57,100

5 0
3 years ago
Marker Corp. exchanged an old truck for a piece of equipment and cash on January 1st 2019. The truck was purchased at a cost of
LiRa [457]

Answer:

There is a 1,500 gain

Explanation:

we have commercial subtance so we can recognize gain/loss

these will be the numebrs of the transaction:

truck

purchase             24,000

acc depreciation 17, 000

book value            7, 000

equipment 8,000

cash               500

total            8,500

received - given up = gain/loss

8,500      -    7,000  = 1,500 gain

the journal entry would be

Equipment      8,000 debit

cash                    500 debit

acc dep truck 17,000 debit

           Truck              24,000 credit

          gain on disposal 1,500 credit

3 0
3 years ago
A ______ is a word, name, symbol, or device that is used in trade with goods to indicate the source of the goods and to distingu
alexira [117]

Answer:

trademark

Explanation:

The trademark refers to the logo design, name, word, symbol of the product that represents the company and used for the sale of the goods.

With the help of the trademark, the company could distinguish its products as compared with the competitors with the motive to gain a competitive advantage in the market place

Therefore this is a trademark

6 0
3 years ago
The Walt Disney Company is world renowned for its destination resorts and theme parks. The company prides itself on providing th
rodikova [14]

Answer:

Those repairing the rides.

Explanation:

The Walt Disney Company uses a strategy to create a complete experience when visiting its destination resorts and theme parks. Disney's goal is to create a magical world, where it can win people over by the enchantment of its characters and shows.

For this strategy to be effective, there is a very adequate training of its employees, most of them are included as members of the cast, using fantasies of the iconic characters and assisting visitors and taking photos, making the experience more complete.

But in the case of the above question, the group of employees who are most likely to be considered the "ingroup" in the theme park are those who provide technical support to repair the tours, due to the fact that the application of their skills is more technical and less playful. , as most Disney employees must behave.

7 0
3 years ago
Read 2 more answers
Machida Inc. is considering a project that is expected to produce cash inflows of $3,200 per year in years 1-4, with a final cas
PolarNik [594]

Answer:

The NPV = $1578.185602 rounded off to $1578.19

As the NPV is positive, the project should be accepted.

Explanation:

The Net Present Value or NPV is a tool used to evaluate projects. It is used with various other tools to decide whether to undertake a project or not. To calculate the Net Present Value or NPV, we take the present value of the cash inflows provided by the project and deduct the initial cost of the project.  If the NPV is positive, we should proceed with the project and vice versa.

NPV = CF1 / (1+r)  +  CF2 / (1+r)^2  +  ...  + CFn / (1+r)^n  -  Initial Cost

Where,

  • CF1, CF2, ... represents cash flow in Year 1, Year 2 and so on.
  • r is the required rate of return

NPV = 3200 / (1+0.17)  +  3200 (1+0.17)^2  +  3200 (1+0.17)^3  +  

3200 (1+0.17)^4  +  5700 (1+0.17)^5  -  9800

NPV = $1578.185602 rounded off to $1578.19

4 0
3 years ago
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