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Kisachek [45]
3 years ago
10

ABC purchases inventory for $2,000 and incurs shipping costs of $100 for the goods to be delivered. To record this transaction,

the company debits Inventory for $2,000, debits Selling Expenses for $100, and credits Cash for $2,100. Which of the following statements is correct?
A) Revenues are understated.
B) All accounts are accurately stated.
C) Net income is overstated.
D) Assets are understated.
Specific Identification is used by:
A) Starbucks
B) Manufacturers
C) Grocery Stores
D) Car dealers
Business
1 answer:
Rus_ich [418]3 years ago
6 0

Answer: 1. D) Assets are understated

2. D) Car dealers

Explanation:

1. The shipping costs to bring Inventory into a business are known as Carriage Inwards. This amount is to be debited with the Inventory as it is considered to be part of the cost of acquiring the inventory. By not putting this cost with the inventory, ABC is undervaluing the inventory account which is an Asset account. The Assets are therefore understated.

2. The Specific Identification Method of inventory valuation is based on each individual unit purchased or sold. It does not group items and tracks each item from the moment it is purchased to the moment it is sold so the cost of the specific inventory is known. This method is used more often by businesses that deal with easily identifiable items such as Jewellers and Car dealers because each car is big enough to be tracked individually.

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Alberto determined one of the metrics he would use to gauge the level of exposure his marketing message had with his target mark
Nat2105 [25]

Alberto determined one of the metrics he would use to gauge the level of exposure his marketing message had with his target market was the number of times the target was exposed to his message throughout the six weeks of the campaign, representing its "frequency" is represented by this.

<h3>What is the market frequency?</h3>
  • The likelihood that a particular consumer will see an advertisement during a marketing campaign is known as frequency.
  • A person is more likely to engage with the advertisement in a meaningful way and to interact with your business on a number of different levels if they are exposed to it more frequently.
<h3>What is Marketing?</h3>
  • Marketing describes the actions a business does to encourage the purchase or sale of a good or service.
  • Advertising, selling, and delivering goods to customers or other firms are all included in marketing.
  • Affiliates perform some marketing on behalf of a business.

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8 0
1 year ago
community hospital in a rual community operates the ambulance service. the hospital purchases a new ambulance for $150,000. they
lisov135 [29]

Answer:

$150,000×20,000=3.000.000.000

Explanation:

3.000.000.000÷10=300.000.000 years

5 0
3 years ago
If all firms expect greater demand for their products or services, they will hire _____ resources like labor and capital and the
nexus9112 [7]

Answer: more, growth

Explanation:

If all firms expect greater demand for their products or services, they will hire more resources like labor and capital and the economy will experience growth.

For an economy to grow, human capital, labor force, and technology can not be exempted. The quality of the materials used also plays a vital role as well. Once all these are in place, then the economy while start experiencing turn around.

6 0
3 years ago
Adjustment for Prepaid Expense The supplies account had a beginning balance of $3,690 and was debited for $1,700 for supplies pu
zysi [14]

Answer:

Dr supplies expense   $4,100

Cr supplies                                       $4,100

Explanation:

Supplies used in the year needs to be ascertained before any adjusting entry can be posted.

Supplies used=beginning supplies+purchases-ending supplies

beginning supplies is $3,690

purchases of supplies was $1,700

ending balance of supplies was $1,290

supplies used=$3,690+$1,700-$1,290=$ 4,100.00  

The used portion of supplies would be debited to supplies expense while supplies inventory is credited with the same amount.

4 0
3 years ago
select 3 goals or objectives that a leadership plan might include to achieve a solid business strategy.
Nezavi [6.7K]

In order to achieve solid business strategy in the leadership plan, the three goals the leadership plan includes are attracting new customers, increasing revenue, and decreasing cost price.

The three main goals in order to achieve solid business strategy in the leadership plan are targeting and attracting new customers, decreasing the cost price of goods or services being offered, and increasing the revenue.

The detail of these goals is given below:

  1. Attracting new customers is considered an important leadership goal as it increases market share and promotes competition with other brands. New customers are important in terms of sales. It is needed for a business to grow.
  2. Increasing revenue It is considered an important leadership goal because the basic purpose of every business is to earn profit. More growth means more profit. If an organization will be able to increase its revenue it will be able to maximize its profit.
  3. Decreasing cost price It is considered an important leadership objective because if the sale remains same then the company will earn more profit. The cost is linked directly with profitability. More profit means more growth of the company.

Therefore attracting new customers, increasing sales of product and services offered and decreasing cost are considered three goals that a leadership plan must include to achieve business strategy.

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3 0
1 year ago
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