Answer:
Adjusting Entry
Cost of goods sold (Dr.) $11,000
Beginning Inventory (Cr.) $6,000
Purchases (Cr.) $5,000
Closing Entry
Ending Inventory (Dr.) $2,000
Income Summary (Cr.) $2,000
Explanation:
The adjusting entry is made by debiting cost of goods sold account which reflects the amount of inventory sold during the month and the entry is credited by beginning inventory of $6,000 and the remaining amount which is $5,000 is credited in purchases account.
The closing entry is made by debiting the ending inventory by the amount of $2,000 and Income Summary account is credited by the same amount to close the inventory account.
Answer:
If a company pays more in dividends than it generates in net income, its retained earnings as reported on the balance sheet will decline from the previous year's balance.
Explanation:
The dividend is shown while preparing the retained earning statement. So, it does not affect the net income.
The highly liquid marketable securities does not show a decline in the current assets
If the long term bonds are issued to purchase fixed assets it would show under the long term liabilities and the long term assets rather than the current assets and the current liabilities
Account receivable are reported in the current assets rather than the current liabilities
We know that
The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid
If the dividend amount is more than the net income so the ending balance of retained earning will decline than its beginning year balance.
Answer:
The correct answer would be option B, GreyHound Bus System.
Explanation:
Greyhound Bus System is considered to be the generic competitor for Southwest Airline. Generic competitors are the ones who have different products or provide different services but the purpose of the product or service remains the same.
So the Greyhound Bus System and Southwest Airline both provide different services, as Greyhound bus system allows travelling through bus while Southwest Airlines allow travelling through aircraft, but the purpose of both the companies remain same, which is to travel or to transport people from one place to another. So these both companies will be the generic competitor of each other.
Answer: the difference between two numbers can be obtained by subtracting the smaller number from the bigger number.
• Here, - 0.4 is the smaller number, and 44.4 is the larger number.
• Therefore, the difference between the two is 44.4 - (- 0.4).
• Now, in mathematics, - and - makes a +.
This implies that, 44.4 - (- 0.4) = 44.4 + 0.4 = 44.8
∴ The required difference is 44.8.
Explanation: follow meif you want to help more
Answer:
The correct option is D,cannot be determined from the data provided
Explanation:
Break-even points in units=fixed costs/contribution margin per unit
Contribution margin per unit =selling price -variable cost
In other words, from the scenario, it is clear that the numerator fixed costs has increased and also a reduction in variable cost per unit implies an increase in contribution margin per unit since a lesser variable cost is being deducted from selling price.
The impact of both increases in fixed costs and contribution margin cannot be determined except if more details is provided which will give further guidance regarding which of the two increased at a higher rate compared to the other.
