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.
Answer:
Given that,
Value of bonds issued = $100,000
Maturity period = 10 years
Bonds were issued at face value.
Interest rate = 8%
Interest is paid once per year on December 31.
Since, the bonds are issued at the face value, so there would be no premium or discount on the issue of bonds.
The cash is received by the company for issuing bonds and it is debited. We know that bonds are a part of liabilities, so they are credited
Therefore, the journal entry is as follows:
Cash A/c Dr. $100,000
To bonds payable $100,000
(To record the issuance of bonds)
An executory agreement exists between Festival Music LLC and Expo Center Inc. They consent to cancel it and sign a new agreement at the same time. The new contract will probably be invalid if the earlier one was subject to a preceding responsibility.
The promise may be prevented from contesting the legality of the contract if the promisee can prove that they properly relied on the promise. Under the law of fraud, agreements that are made in writing and include the signatures of all parties are regarded as valid.
The majority of nations have laws that forbid minors under the age of 18 from signing legally binding contracts. A minor who enters into a contractual contract has the legal right to choose whether or not to abide by its conditions. There are, however, a disproportionately large number of severe cases.
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Answer: y = 3.14
Explanation:
Given the line x = -5
x = -5 represents a vertical line
A line perpendicular to the vertical line x=-5 will be an horizontal line.
Given the points (1, 3.14)
x = 1, y = 3.14
According to the slope intercept equation;
y = mx + c
Where, c = intercept, m = slope
Horizontal lines have a slope of 0,
Therefore,
y = 0(1) + 3.14
y = 3.14
Therefore, equation of the line which is perpendicular to x = -5 and passes through the point (1, 3.14) is y = 3.14
