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3 years ago

Taking a physical count of inventory

Business

1 answer:

Inessa05 [86]3 years ago

5 0

Answer:

Taking a physical count of inventory :

d.should be done near year-end.

Explanation:

Taking physical inventory is necessary for any business because it allows taking pertinent actions to start the next year, also for tracking the inventory as every item should be counted. It helps to know what happens with every article, for example, if there are any losses (damaged goods, stolen or miscounted).

It is helpful to detect items that are about to expire or become obsolete so the company can sell them, and don’t lose money, by using a marketing strategy and then renew/supply the store.

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Select the incorrect statement regarding costs and expenses.Multiple ChoiceExpenses are incurred when assets are used to generat

d1i1m1o1n [39]

Answer:

Manufacturing-related production costs are initially recorded as expenses

Explanation:

Cost is defined as an amount that has to be paid or spent to buy or obtain something. Cost can be specific, like, "What is the cost of a particular product?" or it can be a penalty, like consider the cost of missing the event.

Expenses sounds similar to that of cost: an amount of money that must be spent especially regularly ro pay for something.

Manufacturing cost are considered to as those that are spent to transform materials into finished goods. Manufacturing costs include direct materials, direct labor, and factory overhead.

Manufacturing cost are also known as factory cost or production cost

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3 years ago

Read 2 more answers

Planning is often called the primary management function because _____________.

lesantik [10]

Planning is often called the primary management function because,

a. it establishes the basis for all the other things managers do

-Mabel <3

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3 years ago

A firm has earnings before interest and taxes of $27,130, net income of $16,220, and taxes of $5,450 for the year. While the fir

Shtirlitz [24]

Answer:

The answer is -$4,940

Explanation:

Net income = Profit before interest and tax minus interest minus taxes

We rewrite the formula to get interest:

Interest = Profit before interest and tax minus taxes minus net income

= $27,130 - $5,450 - $16,220

=$5,460

Cash flow to creditor equals:

Amount repaid to suppliers minus new amount borrowed plus interest

$31,600 - $42,000 + $5,460

-$4,940

7 0

3 years ago

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May 11 sydney accepts delivery of $40,000 of merchandise it purchases for resale from troy: invoice dated may 11; terms 3/10, n/

k0ka [10]

Answer:

Journal entries for Sydney (buyer)

May 11. Merchandise is accepted.

Dr Merchandise inventory 40,000

Cr Accounts payable 40,000

May 11. Shipping costs.

Dr Merchandise inventory 345

Cr Cash 345

May 12. Returned merchandise.

Dr Accounts payable 1,400

Cr Merchandise inventory 1,400

May 20. invoice paid within discount period.

Dr Accounts payable 38,600

Cr Cash 37,442

Cr Purchase discounts 1,158

Journal entries for Troy (seller)

May 11. Sold merchandise.

Dr Accounts Receivables 40,000

Dr Cost of Goods Sold 30,000

Cr Sales revenue 40,000

Cr Merchandise inventory 30,000

May 12. Returned merchandise.

Dr Sales returns and allowances 1,400

Dr Merchandise inventory 1,050

Cr Accounts receivables 1,400

Cr Cost of goods sold 1,050

May 20. Invoice paid.

Dr Cash 37,442

Dr Sales discounts 1,158

Cr Accounts receivables 38,600

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3 years ago

9. Sometimes economic goals conflict with one another, therefore societies must prioritize their

GarryVolchara [31]

Answer:

the answer is true. some economic goals do conflict with each other.

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3 years ago