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mina [271]
3 years ago
14

Prepare a tabular summary to record the transactions for the month using a perpetual inventor system.

Business
1 answer:
vfiekz [6]3 years ago
6 0

Answer:

                                   <u>Perpetual Inventor System.</u>

<u>                                                                               DR                                CR</u>

<u>                                                                                 $                                  $   </u>

March 2

(a) Accounts receivable                              $850,000

     Revenue                                                                                      $850,000

     Cost of goods sold                               $500,000

<u>  Inventory                                                                                          $500,000</u>

March 6

(b)  Inventory                                                  $60,000

Cost of goods sold                                                                           $60,000

Revenue                                                         $100,000  

<u>Accounts receivable                                                                       $100,000 </u>

March 12

(c)  Bank/Cash                                                      $850,000                      

<u>    Accounts receivable                                                                     $850,000 </u>

Explanation:

perpetual inventory system is an inventory system where inventory records are updated to reflect additions and subtractions inventory. Records will be made when  inventories are received, goods are sold items returned, etc.

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Define a SMART goal for your own team<br>​
Yanka [14]

Answer:

<h3>To make sure your goals are clear and reachable, one should consider setting SMART goals (Specific, Measurable, Achievable, Relevant, and Timely</h3>
5 0
2 years ago
On January 12, 2021, Jefferson Corporation purchased bonds of Rose Corporation for $52 million at par and classified the securit
sineoko [7]

Answer:

Transaction gain = $16 million

Explanation:

Given:

Purchase amount = $52 million

December 31, 2021, bonds value = $46 million

October 3, 2022, bonds sold = $62 billion

Computation:

Using multi-step approach

Transaction gain = October 3, 2022, bonds sold - December 31, 2021, bonds value

Transaction gain = $62 million - $46 million

Transaction gain = $16 million

5 0
3 years ago
To form a corporation, the organizers must follow the requirements set forth by the corporation code of the state in which the c
Fantom [35]

Answer: Incorporating a corporation

Explanation:

According to the question, the given process is known as incorporating the corporation. As, the incorporation is one of the type of legal process in which the organization are used the various types of corporate entities to form a corporation.

The corporation is the type of legal entity in an organization which results into the separation of investors and the owner.

According to the question, the organizers uses the proper requirement with the help of corporation code to form a proper corporation.

8 0
2 years ago
Why is it so difficult to correctly identify a new product or process as emerging technology?
Finger [1]

Answer:

Technology is defined by how people use scientific knowledge, and not only does scientific knowledge constantly change, but the way we use it is also constantly changing.

Emerging technologies refers to a new technology or technological innovations. The problem is that what can be considered new and how fast will it become obsolete? Our world is changing so fast, that current technology will be obsolete in just a few months, or maybe a year from now.

Because new technologies become old too fast, it is very difficult to identify them before they are no longer an innovation. Only those technologies that become mainstream can be clearly identified as emerging technologies, e.g. the iPhone was considered an emerging technology in 2007 and even though the first iPhone is obsolete now, it became mainstream technology.

5 0
3 years ago
Read 2 more answers
When examining whether a company has underrecorded accounts payable, all of the following ratios are helpful EXCEPT: a. Quick as
Valentin [98]

<u>Answer:</u> Option B

<u>Explanation:</u>

Under recording the liability in the balance sheet such as accounts payable may become a liability fraud case. It is significant that the balance sheet has to be analysed using the acid test ratio which is quick assets/current liabilities. If this ratio has increased suddenly then it is clear that the accounts payable is understated.

Unearned revenue/ accounts payable ratio is used to determine the current liability of the company. This ratio cannot be used to find the under recorded accounts payable.

3 0
3 years ago
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