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3 years ago

In a periodic inventory system, the cost of purchases is debited to: Inventory. Purchases. Cost of goods sold. Accounts payable.

Business

1 answer:

Advocard [28]3 years ago

5 0

Answer:

Inventory

Explanation:

A periodic inventory system is an efficient method to record the sale and purchase of inventory. It is a method which instantly using accounting software to record an entry. In the periodic inventory system, the cost of purchases is debited to an inventory account. The reason is that the purchase of goods increases the inventory, which is why the cost of purchases is debited to an inventory account.

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Crane Company distributes to consumers coupons which may be presented (on or before a stated expiration date) to grocers for dis

777dan777 [17]

Answer:

Liability of un-redeemed coupons Pending on December 31, 2018 is $60,000

Explanation:

Coupon already expired issued on Jan 01, 2018

Coupon issued on 07/01/2018 $830,000

Estimated redeemable coupon value - 50% $415,000

($830,000 * 50%)

Less : Disbursed $355,000

Liability pending on Dec. 31, 2018 $60,000

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3 years ago

Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was $1,700. When re

aleksandrvk [35]

Answer:

$2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Cost of Goods Sold Dr./Inventory Cr. column.

Explanation:

If we assume that Maxie's Game World uses a perpetual inventory system, the appropriate journal entries should be:

Date XXX, merchandise sold on credit to client YYY, terms 1/10, n/30

Dr Accounts receivable 2,600

Cr Sales revenue 2,600

Dr Cost of goods sold 1,700

Cr Merchandise inventory 1,700

7 0

3 years ago

Product A is normally sold for $9.60 per unit. A special price of $7.20 is offered for the export market. The variable productio

Sophie [7]

Answer:

A. Differential Analysis dated March 16

Reject Accept

Sales revenue per unit $0 $7.20

Variable production cost 0 5.00

Additional export tariff 0 1.08

Total variable costs 0 $6.08

Net income $0 $1.12

B. The special order should be accepted.

2) Product B:

Revenue of $39,500

Variable cost of goods sold of $25,500

Variable selling expenses of $16,500

Fixed costs of $15,000

Operational loss $17,500

Differential Analysis of May 9

Reject Accept

Sales revenue $0 $39,500

Variable costs:

Product $0 25,500

Selling $0 16,500

Fixed costs $15,000 15,000

Total costs $15,000 $57,000

Net loss $15,000 $17,500

B) Product B should be discontinued.

Explanation:

a) Data and Calculations:

Normal selling price per unit of Product A = $9.60

Special order price for the export market = $7.20

Variable production cost = $5.00 per unit

Additional export tariff = $1.08 ($7.20 * 15%)

Total variable production and export costs = $6.08

7 0

3 years ago

There are several economic explanations for why trade is so commonplace. Match each of the examples listed below with the econom

levacccp [35]

Answer:

Explanation:

A. Swiss watch manufacturers producing high quality time pieces.

1. Comparative Advantage

B. U.S. auto makers offering a great variety of makes and models of cars.

2. Specialization or Economies of Scale

C. The ability of developing nations to export textiles to wealthier countries.

US auto makers manufacture on large scale so they have economies of scale . Moreover they are technically superior because of specialisation .

1. Comparative Advantage

wealthier nation too can export textile but that will be costlier so developing nation has comparative advantage of cheap labour.

D. Doctors becoming experts in one type of medicine rather than becoming proficient in many areas.

2. Specialization or Economies of Scale

E. Your economics professor paying a gardener to do work that he/she could do on their own.

1. Comparative Advantage

Professor can earn more by using his time as a professor so he has comparative advantage .

5 0

3 years ago

All 50 states have licensing laws that regulate persons and companies that engage in the brokerage business. Interpreting and en

BartSMP [9]

Answer:

B. Texas real estate commission

Explanation:

The Texas real estate commission is a government agency based in Texas. They are responsible for overseeing the licensing of real estate brokers and agents. They are responsible for governing the practices of real estate in Texas. They regulate organizations and individuals that in brokerage businesses. They interprete and enforce the licensing laws of real estate in Texas. They safeguard consumers/costumers in matters of real estate transactions.

3 0

3 years ago

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