A career goal should be measurable, detailed, and include a plan. a. True b. False

On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the not

Sati [7]

Answer:

Given that,

Note face value = $12,000

Interest rate = 7%

Time period = 90 days

Interest amount:

= Face value × Interest rate × Time period

= $12,000 × 0.07 × (90/360)

= $210

Therefore, the journal entry is as follows:

On October 30,

Interest receivables A/c Dr. $210

To Interest revenue $210

(To record the interest value on note)

5 0

3 years ago

Under perfect competition, a firm is a price taker because:________.a. setting a price higher than the going price results in ze

JulsSmile [24]

Answer:

a. setting a price higher than the going price results in zero sales

Explanation:

Perfect competition markets are theoretical since there is not perfectly competitive market in the world, but some markets, specially commodities, work in similar ways. All the markets that work similarly to perfect competition markets have many sellers and buyers, and that prevents any individual seller or buyer from having to much market power, so all of them must be price takers if they want to sell their goods.

5 0

3 years ago

Based on the following information, calculate the cost of goods sold and ending inventory using FIFO, LIFO, and weighted average

Flauer [41]

Answer:

Cost of Sales :

FIFO = $ 6,030

LIFO = $6,840

Weighted Average = $6,354.60

Ending Inventory :

FIFO = $4,176

LIFO = $3,150

Weighted Average = $3,636.60

Explanation:

FIFO

This method assumes that the first inventory purchased will be the first to be sold

Cost of Goods Sold :

90 units × $11 = $990

150 units × $15 = $2,250

30 units × $18 = $540

Total = $ 6,030

Ending Inventory :

232 units × $18 = $4,176

LIFO

This method assumes that the last inventory purchased, will be the last to be sold

Cost of Sales :

240 units × $15 = $3,600

180 units × $18 = $3,240

Total = $6,840

Ending Inventory :

90 units × $11 = $ 990

60 units × $15 = $ 900

70 units × $18 = $ 1,260

Total = $3,150

Weighted Average

A new average cost per unit is calculated with every purchase made.

New Average Cost = (90 units × $11 + 300 units × $15) ÷ 390 units

= $14.08

Cost of Sale , April 4 = 240 units × $14.08

= $3,379.20

New Average Cost = (150 units × $14.08 + 250 units × $18.00) ÷ 400 units

= $16.53

Cost of Sale, Aug 16 = 180 units × $16.53

= $2,975.40

Total Cost of Sales = $3,379.20 + $2,975.40

= $6,354.60

Ending Inventory = 220 units × $16.53

= $3,636.60

8 0

3 years ago

In business markets, individuals or groups purchase products for one of three purposes. These purposes areA) resale, wholesale,

Elanso [62]

Answer:

D). Resale, Direct Use in Producing Other Products and Use in General Daily Operations

Explanation:

Business Groups represent a group of people who purchase goods and services for resell, new products and daily operations purposes.

Resale Purpose- This include wholesalers and retailers, they purchase these goods and services do not modify them but sell them in order to make profits. These are called Reseller markets

Use in Producing other Products- This include category of Producer markets. They include manufacturing and construction compaines, they buy goods and services for use in producing sellable products to consumers for profit making.

Direct use in General Daily Operations- Those who purchase goods and services for direct use are divided into two categories and they are not for profit making purposes.

Government Markets- They buy goods and services through bidding processes and they include state, local and federal governments
Institutional Markets- They include religious organisations among other NGOs who purchase goods an services to ensure community benefits.

Read more on Brainly.com - brainly.com/question/14212640#readmore

5 0

4 years ago

Sun Devil Hair Design has the following transactions during the month of February. February 2 Pay $700 for radio advertising for

lord [1]

Answer:

Sun Devil Hair Design Journal entries

Feb. 2

Dr Advertising expense 70p0

Cr Cash 700

Feb. 7

Dr Supplies 1,300

Cr Accounts payable 1,300

Feb. 14

Dr Cash 2,900

Cr Service revenue 2,900

Feb. 15

Dr Salaries expense 900

Cr Cash 900

Feb. 25

Dr Accounts receivable 1,000

Cr Service revenue 1,000

Feb. 28

Dr Utilities expense 300

Cr Cash 300

Explanation:

No further explanation was been given in this question.

5 0

3 years ago