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Lubov Fominskaja [6]
3 years ago
15

The balance of the Cost of Goods Sold account at the end of the year represents:(A) The cost of inventory not sold in the curren

t year.(B) The total sales revenue to customers.(C) The cost of inventory sold in the current year.(D) Total purchases of inventory for the year.
Business
1 answer:
kap26 [50]3 years ago
6 0

Answer:

The balance of the Cost of Goods Sold account at the end of the year represents the cost of inventory sold in the current year.

Explanation:

The Cost of Goods Sold account is debited at each sale for the cost of the product sold, so at the end of the year you will have the cost of all products sold during the year.  This cost includes the cost of the direct materials and the direct labor costs used to produce them.

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A large account previously written off in a prior year was unexpectedly collected in the current year. as a result, the current
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In the given case the accounts were previously written off by debiting the Allowance for doubtful debts accounts now in order to revive these accounts receivable, we should Debit the Accounts Receivable and credit the Allowance for doubtful debts accounts. Hence the account to be credited is Allowance for doubtful debts accounts.

Hence the answer shall be Allowance for doubtful debts accounts


6 0
4 years ago
Fairview Community College is a multi-district college with four campuses. Each campus has one president, two vice presidents, f
EastWind [94]

Answer:

The correct answer is b. chain of command

Explanation:

A chain of command is a system of sending information characteristic of organizations with strong, vertical and authoritarian hierarchical structures, such as political-party and military organizations, where orders, rewards and penalties flow from the tip of the pyramid organizational to the base, and where it is expected that only the required information, entrusted activities and tasks flow to the top of it.

7 0
3 years ago
New England Co. had net cash provided by operating activities of $351,000; net cash used by investing activities of $420,000; an
Zinaida [17]

Answer:

New England's cash balance at the end of the year is $208,000

Explanation:

The computation of the ending cash balance is shown below:

Ending cash balance = Net cash provided by operating activities + net cash used by investing activities + cash provided by financing activities + beginning cash balance

= $351,000 - $420,000 + $250,000 + $27,000

= $208,000

We assume the investing activity have made a purchase of fixed assets that's why we deduct it plus it show that the amount is used and the sale amount of land is already included in the investing activity so we do not consider it

7 0
3 years ago
Incidents and diseases, although normally considered confidential, that must be reported to federal, state, or local agencies co
denis23 [38]

Incidents and diseases, although normally considered confidential, that must be reported to federal, state, or local agencies come under the heading of Mandatory disclosure.

Mandatory disclosure requires each party in the dissolution of a marriage to disclose records that paint an accurate portrait of each party’s finances. This requirement ensures the judge divides assets between the two parties fairly and equitably. If one party requests support from the other, the judge will also need a clear picture of the parties’ finances so he or she may calculate a fair award.

If one party requests support from the other, the judge will also need a clear picture of the parties’ finances so he or she may calculate a fair award. At WiseLieberman, PLLC, our Boca Raton divorce lawyers ask clients to provide us with the required financial documents so are able to better help them throughout the property division proceedings. Armed with the appropriate information, our lawyers have better insight into a couple’s financial situation and take the necessary steps toward a favorable outcome.

Learn more about Mandatory disclosure here

brainly.com/question/26697671

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4 0
2 years ago
Baden Company has gathered the following information. Units in beginning work in process 0 Units started into production 37,700
Flura [38]

Answer:

The materials equivalent units is 37,700

Conversion costs equivalent units is 32,480

Explanation:

The equivalent units of production for materials can be computed thus:

Description                   quantity           % of completion    Equivalent units

Completed units            29000              100                          29000

(37700-8700)

Ending inventory            8700                100                      <u>    8700</u>

total equivalent units for materials                                      37700

The equivalent units of production for conversion costs can be computed thus:

Description                   quantity           % of completion    Equivalent units

Completed units            29000              100                          29000

(37700-8700)

Ending inventory            8700                40                      <u>    3480 </u>

total equivalent units for conversion costs                       32480

I applied 100% percentage of completion to ending inventory when determining materials equivalent units and 40% percentage completion when determining equivalent units for conversion cots  as it given in the question

6 0
3 years ago
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