.Answer:
A. customer classification
Explanation:
Classification of consumers is the process of grouping customers according to shared traits. Customers in the same group will share some common characteristics that a business can use to serve them better. In customer classification, the firm seeks to identify the common traits that make customers have similar buying patterns.
The manager in the clothing brand has identified traits he can use to classify the target customers into four groups. He has applied customer classification. If he subdivides each group by specific attributes such as age, gender, or other similarities, he would be doing customer segmentation
Answer:
Sheffield Company
Inventory Turnover Ratio = Cost of goods sold/Average Inventory
= $1,145,400/$138,000
= 8.3 times
Explanation:
a) Data and Calculations:
Beginning inventory = $145,000
Ending inventory = $131,000
Average inventory = (Beginning inventory + Ending inventory)/2
= ($145,000 + 131,000)/2
= $138,000
Sales revenue = $1,972,800
Cost of goods sold = $1,145,400
Net income = $248,400
b) The inventory turnover ratio for Sheffield Company is an efficiency ratio that shows how inventory is managed and the number of times Sheffield sells or consumes the inventory during an accounting period. This is why Sheffield Company takes the average of the inventories in order to smoothen seasonal fluctuations in the inventory level during the year. When this ratio divides the number of days in the accounting period, Sheffield will get the days it takes for inventory to be purchased or produced, and then sold or consumed.
Detailed information about the financial statement elements is maintained in records commonly called "Accounts'
An account in accounting is a general ledger entry that is used to categorize and record transactions. For example, businesses will have a Cash account where they may record each transaction that raises or reduces the amount of cash they have on hand.
Three different accounts exist.
- Real account: It links assets and obligations; it excludes accounts for specific individuals. They continue every year.
- Personal accounts link the accounts of people,
- Businesses, and organizations. All accounts for income, spending, losses and profits are related by a nominal account.
To learn more about financial statements
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The entry for this transaction would be this:
Land 1,827,000
Ordinary shares 1,827,000
#
<span>The market value of the shares on </span>this transaction<span> does not affect the recording of this transaction. If the share has no par value, the stated value should be used. Stated value is a value assigned by the company to its stock for the purpose of accounting and it does not have any relation with the market value of the shares. Since stated value is not given in this problem, we should record the entire amount of the land exchanged in this transaction to the "Ordinary shares" account.</span>
Answer:
Kindly see attached organized table for clarity.
Item cash Net income
a Purchase of Supplies of cash -$133 -
b Adjusting entry for use of supplies - -$31
c Made sales on account - $1,297
d Received cash from customer on acct $865 -
e Purchased equipment for cash -$2,528 -
f Depreciation of building to be recorded - -$610
