1. Using a perpetual inventory system, the entry to record the sale for Walmart includes a debit to the <u>Cash account</u><u> </u>and a credit to the <u>Sales Revenue account</u> for $250.
2. The entry to record the cost of the sale under the perpetual inventory system includes a debit to the <u>cost of goods sold</u> and a credit to <u>Inventory</u> for $100.
<h3>What is the perpetual inventory system?</h3>
The perpetual inventory system can be differentiated from the periodic inventory system by the fact that perpetual inventory continuously updates the inventory value without relying on the physical inventory count.
Under this system, the cost of goods sold is <u>debited</u> and the inventory account is <u>credited</u>.
Learn more about the perpetual inventory system at brainly.com/question/25014592
Answer:
$21000
Explanation:
To determine Gray’s tax basis for a 50% interest in the Fabco Partnership, The interest is increased by the partner’s distributive share of all partnership items of income and decreased by the partner’s distributive share of all loss and deduction items.
Gray’s beginning basis = $5,000
Gray’s 50% distributive share of ordinary income = 50% × $20000 = $10000
Gray’s 50% tax-exempt income= 50% × $8000 = $4,000 and
portfolio income = 50% × $4000 = $2,000
Therefore, the ending basis of Gray’s Fabco partnership interest = $5000 + $10000 + $4000 + $2000 = $21000
Answer:
7.69%
Explanation:
The official unemployment rate includes people who do not have a job but are able to take a job and are currently seeking one.
People with part time jobs are considered employed.
Littleville has 1,000 residents, 600 are employed = 400 do not work but how many are considered unemployed:
400 - 240 (under age 16) - 10 (institutionalized) - 100 (are not looking for work, including students and homemakers) = 50 unemployed
Littleville's unemployment rate = number of unemployed / total labor force = 50 / (600 + 50) = 50 / 650 = 7.69%
