Answer:
Increase on cost of goods sold by $215, decrease in merchandize by $215.
Explanation:
With regards to the above information, the cost of goods sold will increase by $215, while the merchandize value would also decrease by $215.
Here, the books will be even out so that it would show there was a shrinkage at year end and beyond that which was purchased to have taken place.
Answer: 3.70
Explanation: Stock turnover can be calculated using following formula :-
where,
cost of goods sold =598,600
average stock = 162,000
now, putting the values into equation above, we get :-
= 3.70
Answer:
b. Debit Petty cash $200 and credit cash $200
Explanation:
Based on the information given we were told that the Company decided to establish petty cash fund that has a beginning balance of the amount of $200 which means that journal entry to record establishing the account will be:
Dr Petty cash $200
Cr Cash $200
From each according to his ability, to each according to his needs is the phrase Marx used
