Answer:
Inventory Dr.$5,540
Accounts Payable Cr.$5,540
(To record purchase of inventory from crane company credit basis)
No Entry for $3,390 as it is purchase cost of Crane and we are doing accounting entries for Larkspur Company not crane company.
Accounts Payable Dr.$670
Inventory Cr.$670
(To record purchase return)
No Entry is required for scrap value i.e $360 as we are returning the goods to seller not selling the said goods in open market.
Explanation:
Perpetual inventory takes care of bookkeeping more often by recording sales and purchase transaction as and when transaction occurs.
No entry is required for cost of purchase of crane company as we are doing accounting for larkspur company not crane company.Further scrap value is irrelevant when inventory is to be returned to crane company. If we had to sale the same inventory rather then returning the goods to crane then only we had to account for scrap value.
Answer:
b. $400,000
Explanation:
According to the historical cost principle, the land or fixed assets should be reported in the financial statement with the purchase price or historical price.
In the given situation, the land receiving value is $400,000 and its fair market value or FMV is $500,000 and exchange value is $300,000
So, here the land should be recorded at $400,000. Hence, we ignored the fair market value and the exchanged value
it is an organization which works for the benefit of the labour's
Through this program, the U.S. Small Business Administration (SBA) oversees about 11,500 volunteers with international trade experience to provide one-on-one counseling to active and new-to-export businesses-<u>Service Corps of Retired Executives (SCORE)( b. SCORE ELAN )</u>
Explanation:
<u>The Service Corps of Retired Executives (SCORE) is a national non-profit organization that offers counselling services to the existing business owners and aspiring entrepreneurs. </u>
There are 389 SCORE chapters in United States offering counseling services to small businesses houses
<u>SCORE has a network of 10,000 volunteer business experts. SCORE is a nonprofit resource partner of the U.S. Small Business Administration (SBA), and because of this reason its mentoring services are free, irrespective of the number of times you visit a mentor.</u>
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<u>The SBA(Small business administration) helps Americans start, build and grow businesses.. The SBA administers a Congressional grant which provides SCORE with funding. </u>
<u>SCORE volunteers work with the SBA to provide small business mentoring and training services to the entrepreneurs and various business owners</u>
39 days of working capital financing does midas need to obtain from other sources.
Working capital, often referred to as net working capital, is the difference between a company's current assets—such as cash, accounts receivable, stocks of raw materials and finished goods—and its current liabilities—such as accounts payable and the percentage of debt due within a year.
The difference between current assets and current liabilities determines how much quick cash the company has on hand or has to raise.
When there is a positive working capital balance, current assets are greater than current liabilities.
On the other side, a negative working capital balance shows that current obligations are greater than current assets.
To learn more about Working capital here
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