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kari74 [83]
3 years ago
9

During fiscal 2016, Shoe Productions recorded inventory purchases on credit of $337.8 million. The financial statement effect of

these purchase transactions would be to: A. Increase liabilities (Accounts payable) by $337.8 million B. Decrease cash by $337.8 million C. Increase expenses (Cost of goods sold) by $337.8 million D. Decrease noncash assets (Inventory) by $337.8 million E. Both A and D
Business
1 answer:
iren2701 [21]3 years ago
6 0

Answer:

A. Increase liabilities (Accounts payable) by $337.8 million

Explanation:

The journal​ entry will be: Inventory (Credit - Increased) 337,860,000 and Accounts payable (Debit - Increased) 337,860,000.

The company must recognize the increase in the Inventory and the medium of payment (Accounts payable).

B is false because this operationn can also be a decrease in cash, but the amount in the operation is too high for this payment medium.

C is false because, the inventory is not sold, and COSG will be increased when the goods are sold.

D is also false because the inventory is increasing, not decreasing.

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A scientist needs 80 liters of a 30% solution of alcohol. She has a 20% solution and a 60% solution available. How many liters o
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3 years ago
to insure goods to send them overseas it costs the exporter 5/2% of the value of the goods. if the goods are valued at 16.400$,
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3 0
2 years ago
Murray Chemical Company refines a variety of petrochemical products. These data are from the firm’s Houston plant: Work-in-proce
Mandarinka [93]

Answer:

1. Using the Weighted-average method

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C = percentage of completion with respect to the product

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Equivalent units of Conversion = 5,580,000 + (3,090,000 × 60%) = 7,434,000 gallons.

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3 years ago
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