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saveliy_v [14]
3 years ago
11

Explain what lower of cost or market means in regards to reporting merchandise inventory on the balance sheet.

Business
1 answer:
Degger [83]3 years ago
4 0

Answer and Explanation:

Inventory is an asset and is posted on the asset side of the balance sheet. As per accounting standards regarding inventory valuation, it can be either valued at historical cost or at market price, whichever is lower.

Historical cost is the cost at which asset was acquired. Market price is the price which would be received if the asset is replaced as on the date on which balance sheet is prepared. Inventory is valued at lower of the above mentioned costs.

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During the 2008 election period the United States
iogann1982 [59]

Answer:

C.

Explanation:

During the 2008 election period the United States was going through a period of stagflation and the Presidential candidates were proposing various tax cuts and tax relief measures to stimulate the economy. This period of stagnation, which is a period of very little economic growth and yet a very high unemployment rate, it was mostly caused by the stock market crash during that year.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

3 0
3 years ago
Seamus dropped out of school as a 16-year-old and needs to support himself, though he has few skills. He is a part-time employee
RoseWind [281]

Answer:

Psychological needs

Explanation:

From the question, we are informed about the Seamus who dropped out of school as a 16-year-old and needs to support himself, though he has few skills. He is a part-time employee at a department store earning minimum wage. Seamus wants to earn more, but hasn't been able to find a better job since he is without the right qualifications. He is having a hard time paying his rent and his mounting bills. He even started to skip breakfast to save on food costs. Seamus is having trouble meeting his Psychological needs. Psychological needs can be regarded as autonomy as well as competence and relatedness which has been regarded as one that play an important role when it comes to well-being as well as motivation and life satisfaction , even vitality of people as regards their general and daily level activities. These needs could be getting needed pleasure as well as avoiding pain.

3 0
3 years ago
Kuzma​ Foods, Inc. has budgeted sales for June and July at $ 680 comma 000.00 and $ 720 comma 000.00​, respectively. Sales are 8
atroni [7]

Answer:

The budgeted Accounts Receivable balance on July​ 31 is $ 244,800.

Explanation:

Since the company sells 85% credit of which 60% is collected in the month of sale and 40% in the following month. This implies that where the sales for the month of June is $ 680,000, all of the credit sales for the month of June would have been collected by 31 July. Hence no receivables will be budgeted for considering June sales by 31 July.

For sales to be made in July budgeted at $ 720,000, 85% will be credit sales

This amounts to

Credit sales for July = 85% of 720000

                                  = \frac{85 * 720000}{100}

                                  = $ 612,000

60% of the credit sales in the month of July will be collected by 31 July while 40% will be collected in the following month hence,

Accounts Receivable balance on July​ 31

= 40% of 612000

= \frac{40 * 612000}{100}

= $ 244,800

6 0
3 years ago
Privett Company Accounts payable $ 30,000 Accounts receivable 35,000 Accrued liabilities 7,000 Cash 25,000 Intangible assets 40,
erica [24]

Answer:

$113,000

Explanation:

As we know ,

Working capital = Total current assets - total current liabilities

where,

Total current assets = Accounts receivable + cash + inventory + marketable securities + prepaid expenses

= $35,000 + $25,000 + $72,000 + $36,000 + $2,000

= $170,000

And, the total current liabilities = Accounts payable + accrued liabilities + short term notes payable

=  $30,000 + $7,000 + $20,000

= $57,000

Now put the values to the above formula

So, the value would  be equal  to

=  $170,000 - $57,000

= $113,000

3 0
3 years ago
LO 3.3When sales price decreases and all other variables are held constant, the break-even point will ________.
miss Akunina [59]

Answer:

increase

Explanation:

Break-even point is used to determine the minimum number of units a business needs to sell in order to fully cover the fixed costs. The break-even  formula is below;

Break-even = Fixed cost / (Sale price - Variable cost)

If sales price (SP) decreases while keeping other factors; variable cost(VC) and fixed cost(FC) constant, the denominator amount will be smaller, making the break- even point to increase.

3 0
3 years ago
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