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Pachacha [2.7K]
3 years ago
11

Selling inventory costing $93,000 for a selling price of $111,000 to customers on account (to be received at a later date) would

require which of the following as part of the journal entry?
A. Credit to Gain on Sale for $18,000
B. Debit to Cash for $111,000
C. Debit to Inventory for $93,000
D. Debit to COGS for $93,000
Business
1 answer:
Lera25 [3.4K]3 years ago
3 0

Answer:

D. Debit to COGS for $93,000

Explanation:

The following two journal entries are to be recorded in the accounts on the sale of inventory.

                                                  Debit              Credit

Revenue                                    $111,000                                                

Accounts receivable                                        $111,000

Cost of Goods sold                    $93,000                  

Inventory                                                            $93,000      

So based on the above discussion, the answer is D. Debit to COGS for $93,000

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In a make-or-buy decision, a. the company must choose between expanding or dropping a product line. b. the company must choose b
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Answer:

Correct option is (c)

Explanation:

Make-or-buy decision is a form of strategy to analyse if a product must be manufactured internally or sourced from outside suppliers.

Cost and benefits related to the product being produced internally or outsourced is studied and compared before arriving at a decision. If cost of producing and storing goods are less as compared to the cost incurred in outsourcing, then decision to make will be taken and vice-versa.

So, make-or-buy decision involves considering relevance of purchase price of goods sourced externally.

6 0
3 years ago
On December 29, 2019, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation o
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Answer:

journal entry  are given below

carrying value = $4000 and cash received is $2000

Explanation:

given data

delivery van cost = $20,000

accumulated depreciation = $16,000

Annual depreciation  = $2,000

solution

journal entry  are

date                              title                                          debit          credit

December 29, 2019    Cash                                        $2000

                                   Accumulated depreciation      $16000

                                   Delivery van                                                  $20000

note that

here carrying value is = $20000 - $16000

carrying value = $4000

and cash received is $2000

7 0
2 years ago
Utica Company has offered to supply Kingston's entire annual requirements of the part for $53 each. If Kingston buys the part fr
miss Akunina [59]

Answer:

$480,000

Explanation:

Calculation to determine what total relevant costs to make the part internally are

First step is to calculate Relevant cost per unit:

Relevant cost per unit:

Direct materials $6

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Variable manufacturing overhead $12

Fixed manufacturing overhead ($15 × 0.40) $6

Relevant manufacturing cost $48

Now let determine the Total relevant costs to make the part internally

Total relevant costs to take the part internally=($48 × 10,000)

Total relevant costs to make the part internally = $480,000

Therefore total relevant costs to make the part internally are $480,000

5 0
3 years ago
The nation with the largest percentage of publically held land is
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The nation with the largest percentage of publicly held land is United state of America. These lands are usually set aside for different purposes such as parks, refuge camps, forests, historical places, etc.
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2 years ago
GDP does not directly include: Select one: a. the value of goods produced domestically and sold abroad. b. the value of intermed
serg [7]

Answer:

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GDP: <em>Gross domestic product</em> include the services and the value of finished products in a given period.

However, the <em>intermediary goods </em>aren't accounted for as, there will be an error of double counting. <em>Because </em>when you count for an <em>intermediary good </em>and that good is now <em>finished</em> and part of another good, when you will count that <em>finished good</em>, the value of that intermediary good will be counted also, so this will double the numbers of your <em>GDP </em>and you will make an error.

5 0
2 years ago
Read 2 more answers
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