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disa [49]
3 years ago
5

A retail company sells products such as agricultural produce and consumer products. The company procures materials from farmers

and local producers. This process of obtaining the inputs needed for a business is called ________.
Business
1 answer:
mojhsa [17]3 years ago
5 0

Answer:

Inbound logistics

Explanation:

Inbound logistics is the process of obtaining raw materials, and other goods and services, to the firm, while outbound logistics is the process of delivering the final goods and services from the firm to the customers.

In this case, the retail company is engaging in inbound logistics because it is procuring the raw materials from local farmers. Once these materials reach the firm, it can transform them into the agricultural produce and consumer produce that it sells.

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In 2013, Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made th
jeyben [28]

Answer:

1. Dec 31

Dr Research and Development Expense $3,180,000

Cr 2013 Patent $3,180,000

2. Dec 31

Dr Equipment $60,000

Cr 2013 Patent $60,000

3. Dec 31

Dr Research and Development Expense $10,000

Cr 2013 Accumulated Depreciation - Equipment $10,000

Explanation:

1. Preparation of the Journal entry to Record the correcting entry to expense

Dec 31

Dr Research and Development Expense $3,180,000

Cr 2013 Patent $3,180,000

(Being To record research and development expense )

Calculation for the Total amount of theresearch and development expense

Basic research to develop the technology $2,000,000

Engineering design work $680,000

Development of a prototype device $300,000

Testing and modification of the prototype $200,000

TOTAL research and development expense $3,180,000

2. Preparation of the journal entry to Record the correcting entry to capitalize the cost of equipment

Dec 31

Dr Equipment $60,000

Cr 2013 Patent $60,000

(Being To correct cost of equipment capitalized to patent)

3. Preparation of the Journal entry to Record the correcting entry to record depreciation on equipment

Dec 31

Dr Research and Development Expense $10,000

Cr 2013 Accumulated Depreciation - Equipment $10,000

(Being To record research and development expens

4 0
3 years ago
What is the principle of the law of supply?
seropon [69]

B. The higher the price, the larger the quantity produced.

6 0
3 years ago
Read 2 more answers
Which expense contributes to a business’s semi-variable cost?
motikmotik

for Plato the correct answer is D. overtime (wages) paid to workers :)

6 0
3 years ago
Pitney Co. purchased an office building, land, and furniture for $639,300 cash. The appraised value of the assets was as follows
serg [7]

Solution :

a).<u> Amount to be recorded on the books for each of the assets.</u>

                          Working                                                  Allocated cost($)

Land        (639,300 / 716,016 )x 136,043                                 121467

Building   (639,300 / 716,016 )x 179,004                                 159825

Furniture   (639,300 / 716,016 )x 400,969                              358008

Total                                                                                          639,300

b). <u>Statement model</u>

Assets : Cash + Land + Building + Furniture

            639,300 + 121,467 +  159825 + 358008

Cash flow = 639,300

c). <u>Journal entry</u>

General journal                        Debit($)           Credit($)

Land                                        121,467

Building                                   159,825

Furniture                                  358,008

Cash                                                             639,300  

5 0
3 years ago
At December 31, 2020, Pharoah Company has outstanding three long-term debt issues. The first is a $2,370,000 note payable which
Snezhnost [94]

Answer:

The first is a $2,370,000 note payable which matures June 30, 2023.

The second is a $5,580,000 bond issue which matures September 30, 2024.

annual sinking fund payments of $2,570,000 in each of the years 2022 through 2026.

Year       Amount of long term debt       Working      

2021                   $0

2022              $2,570,000

2023              $4,940,000                       = $2,570,000 + $2,370,000

2024              $8,150,000                        = $,2,570,000 + $5,580,000

2025              $2,570,000

2026              $2,570,000

Long term debt is debt that must be paid in a period of time longer than one year. Debts that are due in less than one year are classified as current debts or liabilities. That is why there is no long term debt for 2021 (current year).

7 0
3 years ago
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