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3 years ago

Identify the term for unsold goods, raw materials, Or work-in-progress that a company has.

Business

1 answer:

ss7ja [257]3 years ago

3 0

Answer:

Inventory

Explanation:

Inventory refers to

The finished products in the warehouse or store that is ready for sale.
Raw materials used in the production of goods
Goods that in the production process, also known as work in progress.

Inventory is held with the intention of selling. It is classified as current assets. Income realized from the sale of inventory is revenue to the business.

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Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment

lara31 [8.8K]

Answer:

Straight Line Depreciation Expense $ 11,480

Explanation:

Given

Cost= $ 63,000

Salvage Value = $ 5,600

Life in years = 6

Calculations

Straight Line Depreciation Expense= Cost - Salvage Value/ Useful life in years

Straight Line Depreciation Expense = $ 63,000- 5,600/5

= $ 57,400/5= $ 11,480

Depreciation Expense for 1 month = $ 11480/12= $ 956.67

Adjustment at the end of the 1st month

Depreciation Expense $ 956.67 Dr

Accumulated Depreciation $ 956.67 Cr.

4 0

2 years ago

Fill in the blanks with the category of the expanded accounting equation (assets; liabilities; owner, capital; owner, withdrawal

Lana71 [14]

Answer:

bro ask Ur teacher lol

lull

4 0

3 years ago

Read 2 more answers

At an inflation rate of 7 percent, the purchasing power of $3 would be cut in half in 10.25 years. how long to the nearest year

lyudmila [28]

The applicable formula is;
A = P(1-r)^n

Where;
A = Final purchasing power
P = Current purchasing power
r = inflation
n = Number of years when P changes to A

Confirming the first claim:
A = 1/2P (to be confirmed)
P = $3
r = 7% = 0.07
n = 10.25 years

Using the formula;
A = 3(1-0.07)^10.25 = 3(0.475) ≈ 3(0.5) = $1.5
And therefore, A = 1/2P after 10.25 years.

Now, give;
P = $9
A = 1/4P = $9/4 = $2.25
r = 6.5% = 0.065
n = ? (nearest year).

Substituting;
2.25 = 9(1-0.065)^n
2.25/9 = (1-0.065)^n
0.25 = (1-0.065)^n
ln (0.25)= n ln(1-0.065)
-1.3863 = -0.0672n
n = (-1.3863)/(-0.0672) = 20.63 years

To nearest year;
n = 21 years

Therefore, it would take approximately 21 years fro purchasing power to reduce by 4. That is, from $9 to $2.25.

7 0

3 years ago

Ajax, Inc., issued callable bonds with a par value of $1,000,000 that require the payment of a call premium of $10,000. The bond

almond37 [142]

Answer:

bonds payable 1,000,000 debit

loss on redemption 20,000 debit

discount on bonds 10,000 credit

cash 1,010,000 credit

--to record tyhe call of the bonds on September 30th--

Explanation:

par value of the bonds: 1,000,000

call premium: <u> 10,000</u>

total cash disbusements: 1,010,000

carrying value 990,000

loss on redemption 20,000

<u>Notice: </u>It is a loss as we are paying more than the aliability is worth

discount/premium:

face value 1,000,000

carrying value 990,000

discount 10,000

We write off the bonds account: bond payable and bon discount

we debit the loss and credit hthe cash disbursments

8 0

2 years ago

Consider the following statement: "An increase in supply decreases the equilibrium price. The decrease in price increases dem

pochemuha

Answer:

The correct answer is option A.

Explanation:

An increase in supply decreases the equilibrium price as the supply curve shifts rightward and intersects the demand curve at a lower point. This decline in the equilibrium price causes the quantity demanded to increase. The demand for the product remains the same.

The statement given in the question is false. A change in demand is caused by a change in other factors while the price of the product remains the same. The change in price affects the quantity demanded.

5 0

3 years ago