All categories

3 years ago

Any credit balance in a vendor subsidiary account is an unpaid balance owed. true or false.

1 answer:

7 0

The answer is true, Accounts payable is a single general ledger account that summarizes the total amount owed to all vendors. Accounts payable are amounts which are owed by you to your suppliers for the purchase of trade goods or services, they are sometimes referred to as trade payables or trade creditors. Under normal circumstances, they are normally unsecured, and non-interest bearing.

You might be interested in

On May 3, 2020, Culver Company consigned 60 freezers, costing $470 each, to Remmers Company. The cost of shipping the freezers a

Mnenie [13.5K]

Answer:

a) Valuation of Ending Inventory

The total cost of consignment = $28980

Cost of Freezers= 60 freezers *$470= $28200

Shipment Costs $ 780

Per unit Cost of Consignment= $28980 / 60= $ 483

The inventory value of the units unsold in the hands of the consignee

= (60 units - 30 units )* 483= $ 14490

b) Profit for the Consignor

Sales 30 units at $800 $24000

CGS 30 units at 483 14490

Gross Profit 9510

Less

Advertising $200

Total installation costs $350

Commision 6% of 24000= $ 1440 1990

Net Profit $7520

c) Remittance was made of $7520

4 0

3 years ago

Both perfectly competitive and monopolistically competitive firms charge a price equal to marginal cost.

natita [175]

Both perfectly competitive and monopolistically competitive firms charge a price equal to marginal cost True

What is a perfect competitive firm?

A perfectly competitive firm is a price taker, which means that it must accept the equilibrium price at which it sells goods. If a perfectly competitive firm attempts to charge even a tiny amount more than the market price, it will be unable to make any sales.

What is the advantage of perfect competition?

Markets experiencing perfect competition have very low barriers to entry. The advantage is for both customers and the total industry. There will be new entrants in the market which brings healthy competition to the industry. Also, consumers will not be a risk when a few companies get together and increase their prices.

What is monopolistic competition:

Monopolistic competition exists when many companies offer competing products or services that are similar, but not perfect, substitutes. The barriers to entry in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect its competitors.

What is monopolistic competition characteristics?

Monopolistically competitive markets have the following characteristics: There are many producers and many consumers in the market, and no business has total control over the market price. Consumers perceive that there are non-price differences among the competitors' products.

Learn more perfectly competition and monopolistic competetion:

brainly.com/question/20379276

#SPJ4

6 0

1 year ago

Suppose your grandma sends you $100 for your birthday and you deposit that $100 in your checking account. the reserve ratio is 1

NemiM [27]

Based upon this deposit, the bank's excess reserves have increased by 90, and if the bank lends these excess reserves, the money supply could eventually grow by as much as an additional 900.

7 0

3 years ago

14. Which is most likely to happen when the price for a good or service is

sukhopar [10]

When the price for a good or service is high then supply increases.

Price is the sum that the producer receives for each unit of an item or service that is sold. A rise in price nearly always results in a rise in the amount of that good or service supplied, whereas a fall in price results in a fall in the amount supplied.

The widespread consensus is that demand slopes downward because customers buy less when prices are greater. The price at which supply and demand are equal is represented by the intersection of the two curves as the market-clearing price.

When a good's price is higher than equilibrium, this indicates that there is more supply of the good than demand for it. The product is available in excess on the market.

To learn more about customers refer to:

brainly.com/question/13472502

#SPJ9

3 0

1 year ago

At year-end, companies that utilize accrual-based accounting systems complete the measurement process through:.

adell [148]

Companies using the accrual concept of accounting to complete the measurement process at the year end through the recording of adjusting entries.

<h3>What is an accrual concept?</h3>

An accrual concept is one of the method which records the incomes at the time when it is earned or charges when it is incurred.

Adjusting entries are the entries recorded in the accounting books to close all the accounts at the year end. It helps in determining the correct amount of charges and revenues at the time of finalizing the accounting statements.

Therefore, the adjusting entries are used by the company to complete the measurement process while applying the accrual concept.

Learn more about the accrual concept in the related link:

brainly.com/question/17256489

#SPJ1

7 0

2 years ago