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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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Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $11,880. All s
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Answer:

$880

Explanation:

Sales excluding sales tax 

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Sales tax payable =

Total sales including sales tax - Sales excluding sales tax

= $11,880 - $11,000

= $880

Therefore, sales tax payable is $880

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A market supply schedule shows the relationship between <br><br><br> please!!!!!!
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Answer:

a. Must have a good faith belief that the tax return position will be accepted by the IRS.

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Read 2 more answers
Which fees was John charged on his checking account during this statement period?
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The overdraft fee is the fee that John was charged on his checking account.

<h3>What is an overdraft fee?</h3>

This is a fee that has to be paid due to the fact that a payment has been authorized.

The overdraft fee is usually paid to cover transactions if there are not enough funds in the account.

<h3>The checking account</h3>

This is a current account that lets deposit and easily withdraw for the sake of transactions.

Read more on  the overdraft fee here: brainly.com/question/25532516

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