1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
elena-s [515]
3 years ago
5

Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February

2 for $40,000. In addition to the cost of inventory, the company also pays $600 for freight charges associated with the purchase on the same day. Record the purchase of inventory on February 2, including the freight charges. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
OverLord2011 [107]3 years ago
6 0

Answer:

Debit Inventory $40,600

Credit Cash account $40,600

Being entries to recognize the cost of inventory

Explanation:

The initial recognition of inventory is to be done including all the cost incurred in bring inventory to the place of use or storage. These includes freight and the cost of the item. When inventory is purchased on account, entries required are Debit Inventory, credit account payable. Where cash is paid, the debit is same but the credit entry is posted to the cash account.

Hence total cost incurred (which is the cost of inventory)

= $40,000 + $600

= $40,600

You might be interested in
Joe's company is looking to make a number of improvements. The firm would like to maximize potential volume and reserved instanc
scoray [572]

The service or tool that could be used for gaining the benefits should be AWS  Orgs.

The information related to AWS Orgs is as follows:

  • AWS Organization should be an account management service.
  • In this, there are multiple AWS accounts that should be consolidated for developing and managing.
  • As an organization administrator, the accounts should be developed and the existing accounts should be invited for joining the organization.

Therefore we can conclude that the service or tool that could be used for gaining the benefits should be AWS  Orgs.

Learn more about discounts here: brainly.com/question/3541148

3 0
3 years ago
AB Builders, Inc., has 22-year bonds outstanding with a par value of $2,000 and a quoted price of 106.657. The bonds pay interes
Aloiza [94]

Answer:

7.32%

Explanation:

<em>The price of a bond is the present of its interest payment and the present value of redemption value (RV</em>

Present value of the Redemption Value (RV) =

FV× (1+r/2)^(-2×n)

FV- 2000, r- yield rate, r/2= 6.74%/2 = 3.37%, n-22

=2000× (1.0337)^(-2×22)

= 465.233

Present Value of the coupon payment =Price of bond - PV of RV

                          = (106.657% × 2000) - 465.233

                         =    $1667.90

PV of coupon payment= A × (1-(1+r)^(-2×n)

A- semiannual coupon payment, r -yield

   1667.90 = A × (1-(1.0337)^(-2*22))/0.0337

    1,667.90   = A × 22.7710

A = 1,667.90/22.7710

A= 73.246

Annual coupon payment = 2× 73.246=  146.493

Annual coupon rate = coupon payment/ face value

                                = (146.493/2,000 )× 100

                                = 7.32%

6 0
3 years ago
Read 2 more answers
Butte sold a machine to a machine dealer for $50,000. Butte bought the machine for $55,000 several year ago and has a claimed $1
pishuonlain [190]

Answer:

c. $7,500 ordinary gain  

Explanation:

Depreciated value of Machine = $55,000 - $12,500  

                                                   = $ 42,500

Sale price of Machine = $ 50,000

Gain on sale of Asset = $ 50,000 - $ 42,500

                                    = $ 7,500

Therefore, The amount and character of Butte's gain or loss is $7,500 ordinary gain.  

6 0
3 years ago
Roger remembers from a business class he took years ago in college that there are several business forms to choose from. Each fo
earnstyle [38]

Answer:

This question is incomplete, the options are missing. The options are the following:

a) Partnership

b) C Corporation

c) S Corporation

d) Limited Liability Company

e) Limited Liability Partnership

And the correct answer is the option D: Limited Liability Company.

Explanation:

To begin with, the name of <em>"Limited Liability Company" </em>refers to a type of form of business, in the field of business law, that is helpful to adapt and use for some owners regarding the particular characteristics that this form gives to them. So once said that, this type of business form has the characteristics of both a corporation and a partnership so that means that it is quite flexible and can adapt depending on the situation that the owner is having. Moreover, one of the most important aspects of this type of form is the fact that the owner has a limited liability to what happens in the company so that means that his private assets are secure under this form.

6 0
3 years ago
Words like denigrate, the undersigned, and expropriate are examples of high-level diction and should be used liberally in busine
rusak2 [61]

Answer:

False.

Explanation:

Communication through business messages should convey the information in the simplest words so that the other party can easily understand what is being said. It also needs to be brief and to the point.

Using high level diction liberally in business communication leads to unclear messaging. The reader may not know the meaning of the words so the aim of communication will be defeated.

Also high level diction can have different meanings in different circumstances.

High level diction should be used sparingly, and simple diction is preferred.

7 0
2 years ago
Read 2 more answers
Other questions:
  • Use the following data to answer QuestionAccounts payable $30,000Accounts receivable 65,000Accrued liabilities 7,000Cash 20,000I
    7·1 answer
  • The chapter says that for consumers as a​ group, Quiznos sandwiches are normal goods and Subway sandwiches are inferior goods. B
    7·1 answer
  • Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and
    12·1 answer
  • An example of ________ is that a person may reject an investment when it is posed in terms of risk surrounding potential gains,
    15·1 answer
  • It is of utmost importance that the recruitment, screening, orientation, training, evaluation, and retention of crisis workers d
    15·1 answer
  • After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Si
    7·1 answer
  • Which one of the following is something to look for in identifying a company's culture? A. the atmosphere, spirit and character
    13·1 answer
  • Fluno Corporation has 1 million shares outstanding at the end of fiscal 2005. Its stock is trading at $15 per share. It issued $
    9·1 answer
  • On January 1, 2021, Red Flash Photography had the following balances: Cash, $20,000; Supplies, $8,800; Land, $68,000; Deferred R
    7·1 answer
  • How can you describe the business in no more than 2 sentences?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!