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Tanzania [10]
3 years ago
10

Roland Richard, a baker, purchased 200 ounces off of an expensive spice for $400 on 3/1/09. The journal entry to record the purc

hase was:
3/1/09 Spice Inventory 400
Cash 400

By December, 12/31/09, there were 80 ounces on hand. Which of the following is the correct adjusting journal entry for 12/31/09?

A. debit Spice Expense and credit Spice Inventory 160
B. debit Spice Inventory and credit Spice Expense 160
C. debit Spice Inventory and credit Spice Expense 240
D. debit Spice Expense and credit Spice Inventory 240
Business
1 answer:
kirill [66]3 years ago
6 0

Answer:

The correct adjusting journal entry for 12/31/09:

D. debit Spice Expense and credit Spice Inventory 240

Explanation:

Roland Richard purchased 200 ounces off of an expensive spice for $400.

Cost per ounce = $400/200 = $2

By December, 12/31/09, there were 80 ounces on hand. Roland Richard used 120 ounces of expensive spice with the amount of expense: $2 x 120 = $240

The adjusting journal entry for 12/31/09:

Debit Spice Expense $240

Credit Spice Inventory $240

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I think it's a cashier's check...(Don't mark my words)
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Cad Cream Inc, an ice cream company, has collaborated with Bite Snack Inc, a food manufacturing company, to come up with a third
tangare [24]

Answer:

A) Joint Venture

Explanation:

Based on the scenario being described within the question it can be said that in this context, Cream Bite Inc. is a Joint Venture. This is a business term that refers to an arrangement between two parties in which both combine their resources in order to meet an agreed upon goal in a more efficient manner and in a much smaller time-frame than if they were to do it separately.

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Your Aunt Elsa has $500,000 invested at 6.5%, and she plans to retire. She wants to withdraw $40,000 at the beginning of each ye
Ksju [112]

Answer:

22.85

Explanation:

Present value (PV): $500,000

Rate: 6.5% per annual

Payment (PMT) : $40,000 per year

We can use excel to calculate the maximum number of whole payments that can be withdrawn before the account is exhausted

=NPER(rate, PMT, -PV,,1) = NPER (6.5%,40000,-500000,,1) = 22.85

Download xlsx
7 0
3 years ago
A portfolio is comprised of 100 shares of Stock A valued at $22 a share, 600 shares of Stock B valued at $17 each, 400 shares of
Dafna1 [17]

Answer:

.4792 or 47.92%

Explanation:

The computation of the weight of C is shown below:

But before that first determine the following things

For A is

= 100 × $22

= $2200

For B

= 600 × $17

= $10200

For C

= 400 × $46

= $18400

For D

= 200 × $38

= $7600

So,

Total = 38400

And, finally

weight of C is

= $18,400 ÷ $38,400

= .4792 or 47.92%

6 0
2 years ago
The purchase and sale of long-term assets and current investments are classified as:
Sveta_85 [38]

ash transactions that encompass purchase as well as sale of long-term assets as well as current investments can be considered to classified as Investing activities.

  • Investing activities can be regarded as one of the categories of net cash activities which is been reported by business on the cash flow statement.

  • It is the purchase as well as sale of long-term assets at a given period.

Therefore, Investing activities is correct.

Learn more at:

brainly.com/question/13158188?referrer=searchResults

8 0
2 years ago
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