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Colt1911 [192]
3 years ago
11

Regarding the four-step closing process under the periodic inventory​ system, ________. A. Sales Revenue is closed with a credit

via the Income Summary account B. the beginning Merchandise​ Inventory, Purchases, and Freight In are closed with a debit via the Income Summary account C. Purchase Returns and Allowances and Purchase Discounts accounts are closed with a credit via the Income Summary account D. the ending merchandise inventory balance must be recorded as a debit via the Income Summary account
Business
1 answer:
ziro4ka [17]3 years ago
6 0

Answer:

The correct answer is D. the ending merchandise inventory balance must be recorded as a debit via the Income Summary account

Explanation:

In the permanent inventory system, all purchases, sales, discounts and returns on purchases and sales are recorded at cost, in the account Goods not Manufactured by the Company. Thus: Purchases: the acquisition of merchandise is accounted for with a debit in the Merchandise not Manufactured by the Company account and a credit in Banks or Suppliers, as the case may be.

The initial inventory represents the value of the stock of merchandise on the date the accounting period began. This account is opened when the control of the inventories, in the Major General, is carried out based on the speculative method, and does not return to movement until the end of the accounting period when it will be closed with charge at cost of sales or by Profit and Loss directly. And it is the detailed and detailed relationship of the stock of merchandise that a company has when starting its activities, after making a physical count.

The final inventory is made at the end of the accounting period and corresponds to the physical inventory of the merchandise of the company and its corresponding valuation. By relating this inventory to the initial one, with the net purchases and sales of the period, you will obtain the Gross Profits or Losses in Sales of that period. is the list of stocks at the end of an accounting period.

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Park Co is considering an investment that requires immediate payment of $28.245 and provides expected cash inflows of 59,300 ann
statuscvo [17]

Answer:

The net present value of this investment is $3,256.06.

Explanation:

Note: There two errors in the figures provided in this question. They are they therefore fixed before answering this question as follows:

Park Co is considering an investment that requires immediate payment of $28,245 and provides expected cash inflows of $9,300 annually for four years. Assume Park Co requires a 7% return on its investments.

What is the net present value of this investment?

The explanation of the answer is now provided as follows:

The present value (PV) of the annual expected cash inflows of $9,300 can be calculated using the formula for calculating the present value of an ordinary annuity as follows:

PV of the annual expected cash inflows = Annual expected cash inflows * ((1 - (1 / (1 + rate of returns))^number of years) / rate of returns) = $9,300 * ((1 - (1 / (1 + 0.07))^4) / 0.07) = $31,501.06

Net present value = PV of the annual expected cash inflows – Required immediate payment for the investment = $31,501.06 - $28,245 = $3,256.06

Therefore, the net present value of this investment is $3,256.06.

6 0
3 years ago
Dana spends several hours researching prices and online reviews of t-shirts for a school
Sunny_sXe [5.5K]

Answer:

B. The time spent on the task

Explanation:

The time that Dana spends carrying out her task is a cost to her.  That cost can be calculated by ascertaining the gains or benefits she has missed due to the research.

If Dana were not doing the research, she would be engaged in other activities. Those activities could have been of benefit to her, be it financially or otherwise. The benefits foregone are the cost of Dana doing the research.

8 0
3 years ago
Foster, who owns a successful business with two locations and a few international clients, was approached by a large organizatio
torisob [31]

Answer:

C) can get started more easily and maneuver faster

Explanation:

A small business (sole proprietorship, partnership, limited liability company) can maneuver much faster than any corporation simply because the owners are the managers of the business. The owners do not have to ask anyone for permission to make any decisions or decide new business activities. Also, last but not least, you are your own boss, and that is priceless.

Small businesses are also much easier to set up and do not require a lot of paperwork and authorizations to start operating.

3 0
3 years ago
Gourmet Aroma Coffee House has an exclusive contract with Columbia exporters. Two brands of gourmet coffee are imported, Morning
Marina86 [1]

Answer:

$24,160 favorable

Explanation:

The computation of the total contribution margin sales volume variance is given below:

The Budgeted contribution margin per pound of MT is

= $40 - $20

= $20 per pound

Now the budgeted contribution margin per pound of ET is

= $60 - $30

= $24  per pound

MT's contribution margin sales volume variance is

= (Actual sales quantity - Budgeted sales quantity) × Budgeted contribution margin per pound

= (3960 - 4000) × $20

= $800 Unfavorable

ET's contribution margin sales volume variance is

= (Actual sales quantity - Budgeted sales quantity) × Budgeted contribution margin per pound

= (5,040 - 4000) × $24

= $24,960 favorable

Now the total contribution margin sales volume is

= $800 unfavorable + $24,960 favorable

= $24,160 favorable

8 0
2 years ago
GDP is the: national income minus all non-income charges against output. monetary value of all final goods and services produced
olasank [31]

Answer:

The correct answer is: monetary value of all final goods and services produced within the borders of a nation in a particular year.

Explanation:

GDP of a nation can be defined as the monetary value of all the goods and services that are produced within the geographical boundaries of the nation in a year.

The GDP does not include intermediate goods and services as it may lead to double counting. The reselling of objects is also not included.

It is used to measure the health of a nation's economy. It shows the level of economic activities in a nation. An increase in GDP means economic growth.

6 0
3 years ago
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