The answer is inventory account and Cost of goods sold account(COGS) respective to the order of the blanks.
Goods not yet sold means the stock we still have in our inventory. Therefore, the costs related to them will be shown in the inventory account as an asset. As we can recover the cost by selling the goods.
On the other hand, goods sold are included in the sales. Therefore, the costs related to these goods which are sold should be written off and adjusted with the sales account by recording them in the Cost of goods sold (COGS) account
Hence, The cost of goods not yet sold is recorded in the Inventory account, whereas the cost of goods that are sold to customers is recorded in the Cost of goods sold account.
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Answer: See explanation
Explanation:
The year-end adjusting entry to record the cost side of sales returns and allowances will be:
Dr Inventory Return estimated $3200
Cr Cost of goods sold $3200
(To record expected coat of returns)
Note that the above calculation was done as:
= $64,000 × 5%
= $64,000 × 0.05
= $3200
Answer:
C.
It is found where the supply curve meets the demand curve
Answer:
The Correct answer is "liability of foreignness"
Explanation:
Walmart didn't redo its methodologies for Germany and kept it same as that what it practiced in America. This came about into the social contrasts that forestalled Walmart from growing in Germany. In addition, the Company likewise acquired greater expenses in the field of coordination since it was new to the locale. Hence, together these elements called for greater expenses that were exposed to the liability of foreignness.
Answer:
The correct answer is $16,000.
Explanation:
According to the scenario, the given data are as follows:
Cash received = $12,000
Fair market value of the property = $20,500
Tax basis of stock = $16,500
So, we can calculate the amount of gain by using the following formula:
Amount of gain = Cash received + Fair market value of the property - Tax basis of stock
By putting the value in the formula, we get:
Amount of gain = $12,000 + $20,500 - $16,500
= $16,000.
