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3 years ago

Gambling is something you should only do if you have discretionary income?

2 answers:

5 0

A. True
Discretionary means money that you can use whenever you want so it has to be true because if it wasn't discretionary and you can't use it whenever you want then you'll be in debt because you have no way of paying if you lost

vichka [17]3 years ago

3 0

A. Its true NOT B but its not false.

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Dynamic Services Company purchased computers that are to be used in its consulting services. Based on the matching principle, t

Nina [5.8K]

Answer:

B. Depreciation Expense - Equipment

Explanation:

As according to the matching principle all the revenues should be matched against some expense,

As for the asset called computer is purchased for its consulting services, which will generate revenue, as for that some expense has to be charged against such revenues.

For this the cost of asset is provided as a depreciation expense in income statement, as proportionate to the use of equipment in current year for generating consulting services.

Correct answer is:

B. Depreciation Expense - Equipment

8 0

3 years ago

The process whereby particular activities, entities and individuals come to be defined as criminal is best characterized as:

Ostrovityanka [42]

Criminalization<span>
I hope this helped</span>

5 0

4 years ago

Anstead Co. is experiencing a decrease in sales and operating income for the fiscal year ending October 31, 2014. Ryan Frazier,

Sergeu [11.5K]

Answer:

Yes, Ryan Frazier is behaving in a professional manner.

Explanation:

Yes, Ryan Frazier is behaving in a ethical and professional manner because the company is following FOB point method when shipping goods it customers due to the fact that Ryan Frazier, controller of Anstead Co., has suggested that all orders received before the end of the fiscal year be shipped by midnight as the company follows merchandise FOB shipping points the company should go ahead and record the sales in the current year Octocber 31st due to the fact that FOB shipping point means that the buyer pays all cost incurred for the delivery of the goods once the goods has left the suppliers warehouse which makes the buyer to becomes the owner of the goods in transit when the goods are been shipped by the seller.

6 0

3 years ago

When you choose, you are never accountable for the resources used and paths selected?

labwork [276]

If the question is trying to ask whether it is true or false, the answer is false. It is because whatever you chose or the decisions you make, there is always a cause, or things affecting your decision in which you will be held accountable for such as the statement above implies, you are accountable of resources and such when you choose.

7 0

4 years ago

Fit World began January with merchandise inventory of 90 crates of vitamins that cost a total of $ 5,850. During the month, Fit

antoniya [11.8K]

Answer:

1. FIFO method

A. Cost of Goods sold is $24,330

B. Ending inventory is $6,020

C. Gross profit is $8,390

2. LIFO method

A. Cost of goods sold is $25,800

B. Ending inventory is $4,550

C. Gross profit is $6,920

3. WA method

A. Cost of goods sold is $24,655

B. Ending inventory is $5,695

C. Gross profit $8,065

4. If the business wanted to pay least taxes, they should use LIFO method of inventory costing

Explanation:

1. Using FIFO method of inventory costing, the cost of goods sold is computed as follows:

Jan 05 sale 140 crates

90 @ 65 = 5,850

50 @ 76 = 3,800

Total $9,650

Jan 27 sale 180 crates

80 @ 76 = 6,080

100 @ 86 = 8,600

Total $14,680

Therefore, $9,650 + $14,680 = $24,330

2. Inventory end using FIFO method

Beg 90 crates add total purchases of 300 crates total available crates is 390 less crates sold of 320 makes the inventory end reduce to 70 crates @ 86. Total amount of inventory at hand is 6,020.

3. Gross profit using FIFO method is computed as follows:

Total sales

Jan 05, 140 @ 100 = $14,000

Jan 27, 180 @ 104 = $18,720

Total amount of sales $32,720

Next, let’s deduct the computed cost of goods sold from total sales to arrive the gross profit. $32,720 - $24,330 = $8,390 (answer)

2. LIFO method (last purchases crates will be sold first)

Cost of goods sold:

Jan 05

130 @ 76 = 9,880

10 @ 65 = 650

total $10,530

Jan 27

170 @ 86 = 14,620

10 @ 65 = 650

total 15,270

total cost of goods sold $25,800

B. Ending inventory at hand using LIFO method

Beg inventory of 90 crates plus total purchases of 300 crates. Total available crates is 390 less total crates sold of 320 makes the ending inventory at hand reduce to 70 crates. Units per crates under this method is the oldest inventory per unit. This is because, under this method, all units sold are those purchased recently. So 70 crates x 65 = $4,550

C. Gross profit using LIFO

To compute the gross profit let’s deduct the cost of good sold computed above from the sales we already computed also.

Sales $32,720

less: COGS $25,800

Gross profit is $6,920

3. WEIGHTED AVERAGE method

Using this method, please refer to the attached file for more clear explanation.

4. If the business wants to pay least tax, they should choose the method that has the least per unit cost of ending inventory at hand. Due to least amount of inventory at hand the cost of goods sold is higher which leads to lesser gross profit reported which result to least amount of tax liability.

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4 years ago