Answer:
Please see below
Explanation:
The adjusting entries include
Revenue A/c. Dr. $400
To Deferred revenue A/c. Cr $400
($1,000 - $600)
* When a company makes a journal entry to record revenue that it had previously collected in advance, which was recorded as sales revenue, then the adjusting entry to record portion of the earned revenue received in advance would include a debit to revenue a/c
Answer:
A.(1,500) = NA + (1,500) (1,500) - NA = (1,500) 48,500 OA
Explanation:
Cash discount=$50,000*3%=1,500
Cash from Customer=$50,000-$1,500=$48,500
Collection from customer will be reflected in current assets as whole part of total assets.
Therefore because of cash discount net assets will be reduced by $1,500 as it will no longer be received. Where as Cash of$48,500 will increase net assets.
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Answer: $3 per unit per year
Explanation:
Using the EOQ model we will have to divide the Total Carrying Cost ( Annual Inventory Carrying Cost ) by the Average inventory to find the inventory carrying cost per unit per year.
First then, let us calculate the Total Annual Inventory Carrying Cost with the following formula,
Annual Inventory Carrying Cost = total annual setup or ordering cost .
Now the figure provided needs to be divided in 2 before it has both the carrying and ordering cost.
So Annual inventory carrying cost = total annual inventory /2
= 600/2
= 300
Now to calculate the Average Inventory which is,
Average Inventory = EOQ/2
= 200/2
= 100
The Inventory Carrying Cost per unit will therefore be,
= 300 / 100
= $ 3
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Answer:
The given statement is <u>False.</u>
A balance sheet is often described as a "snapshot of a company's financial condition.