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4 years ago

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Which of the following is correctly included in the entry to record the sale of finished goods? Select one: A. CREDIT to Finishe

d Goods Inventory B. CREDIT to Cost of Goods Sold C. DEBIT to Accounts Payable D. DEBIT to Sales Revenue E. CREDIT to Work in Process Inventory

1 answer:

Molodets [167]4 years ago

3 0

Answer:

A. CREDIT to Finished Goods Inventory

Explanation:

The journal entry is shown below:

Cash or Account receivable XXXXX

To Sales revenue XXXXX

(being the sales revenue is recorded)

Cost of goods sold XXXXX

To Finishes goods inventory XXXXX

(Being the cost of goods sold is recorded)

So while recording the sale of finished goods we credited to the finished goods inventory account

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Dj, inc., has net working capital of $2,170, current liabilities of $4,590, and inventory of $3,860.

jenyasd209 [6]

The above answer can be explained as under -

Given,

Current Liabilities = $ 4,590

Net working capital = $ 2,170

So, the current assets will be calculated as under -

Net working capital = Current assets - Current liabilities

$ 2,170 = Current assets - $ 4,590

Current assets = $ 2,170 + $ 4,590

Current assets = $ 6,760

The liquid or quick assets will be calculated as -

Current assets - Inventory = Quick assets

Quick assets = $ 6,760 - $ 3,860

Quick assets = $ 2,900.

Now,

1. Current ratio = $\frac{Current assets }{Current Liabilities}$

Current ratio = $\frac{$ 6,760 }{$ 4,590}$ = 1.47

2. Quick ratio = $\frac{Quick assets }{Current Liabilities}$

Quick ratio = $\frac{$ 2,900 }{$ 4,590}$ = 0.63

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3 years ago

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Commercially valuable fish may face extinction even though fish are a renewable resource. true or false.

GREYUIT [131]

True is the correct answer

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3 years ago

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Raphael lives in San Diego and runs a business that sells guitars. In an average year, he receives $722,000 from selling guitars

Rzqust [24]

Answer:

Statement 1: Explicit cost

Statement 2: Implicit cost

Statement 3: Implicit cost

Statement 4: Explicit cost

Accounting profit = Sales revenue - Explicit cost

= 722,000 - (422,000 + 268,000)

= $32,000

Economic profit = Sales revenue - (Explicit cost + Implicit cost)

= 722,000 - (422,000 + 268,000 + 2,000 + 21,000)

= $9,000

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3 years ago

_____ is a method of determining what sales volume must be reached before total revenue equals total costs.?

lina2011 [118]

The answer is the option d. break-even analysis.

Break-even analysis is the method in which you make the incomes equal to the costs and expenses.

The income is the function that relates number of products manufactured and sold with the income, while the costs and expenses is the function that relates the number of products with the total cost.

When you make both income and costs equals you can determine the number of products that make you even (income = costs).

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3 years ago

A store has two different coupons that customers can use. One coupon gives the customer $15 off their purchase, and the other co

andrey2020 [161]

Answer:

16.25;

g(f(x)) ;

76 ;

f(g(x))

Explanation:

For 15 off

f(x) = x - 15

For 35% off

g(x) = (1 - 0.35)x = 0.65x

g(x) = 0.65x

A.)

For the $15 off coupon :

f(x) = x - 15

f(x) 40 - 15 = 25

For the 35% coupon :

g(x) = (1-0.35)x

g(x) = 0.65(25)

g(x) = 16.25

B.)

Applying $15 off first, then 35%

Here, g is a function of f(x)

g(f(x))

Here g(x) takes in the result of f(x) ;

For the $140 off coupon :

f(x) = x - 15

f(140) = 140 - 15 = 125

For the 35% coupon :

g(125) = (1-0.35)x

g(124) = 0.65(125) = $81.25

C.)

x = 140

g(x) = 0.65x

g(140) = 0.65(140)

g(140) = 91

f(x) = x - 15

f(91) = 91 - 15

f(91) = 76

D.)

Here, F is a function of g(x)

f(g(x))

f(x) = (0.65*140) - 15

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3 years ago