Answer:
C. Finished Goods Inventory account is credited.
Explanation:
In a perpetual system of inventory; which can be defined as a method of financial accounting, that involves the updating informations about an inventory on a continuous basis (in real-time) as the sales or purchases are being made by the customers, through the use of enterprise management software applications and a digitized point-of-sale equipment.
Under a perpetual system of inventory, updates of the journal entry for cost of goods sold or received would include debiting accounts receivable and crediting sales immediately as it is being made and Finished Goods Inventory account is also credited. The advantage of the perpetual system of inventory over the periodic system of inventory is that, it ensures the inventory account balance is always accurate provided there are no spoilage, theft etc.
Hence, when completed units are sold, Finished Goods Inventory account is credited.
Answer:
Dr cash $74,100
Dr discount on bonds payable $10,900
Cr Bonds payable $85,000
The interest expense
Dr interest expense $2,964
Cr discount on bonds payable $264
Cr cash $2,700
Explanation:
From the amortization presented in the question,the present value of the bonds,which is proceeds received from bond issues was $74,100,which implies that the bonds were issued at a discount of $10,900 ($85,000-$74,100).
The entries for the bond issue would a debit of $74,100 to cash while a debit of $10,900 is posted to discount on bonds payable.The credit to bonds payable account would the face value of $85,000
Answer:
D) the replacement of the director of finance
Explanation:
The replacement of the director of finance is an internal affair on the company. It is not subject to any government regulations, unlike the other options. In choosing the director of finance, the company directors will select the best candidate for the job according to their judgment. In deciding who will the next director of finance, the directors don't need to consult any other person or regulations.
A) Health and safety laws, interest on loans, and the minimum wages are subject to regulation by government agencies such as OSHA for health and safety and the Federal Reserve for interest rates.
Answer:
A. 2
Explanation:
Marginal product refers to the extra output that results from the deployment of extra input. It is the changes in output occasioned by employment of additional labor, worker, or other inputs.
In this case, the marginal product of the 4th input will be the changes in output due to the usage of the input. To obtain the marginal product of the 4th input, we consider production up to the 4th unit and separate it from the output of the first three inputs. In other words, the production of the 4th input minus the output of the first three.
i.e., 4th output minus the first three
=39-37
=2
Answer:
Morgan Manufacturing, Inc.
The Land should be recorded at $1,1505,597 , calculated as follows:
Down-payment - $340,000
Note payable - $628,597 (the Present value of $740,000 in 2 years at 6% interest)
Title search, etc - $34,000
Demolishing Building - $84,000
Clearing & Grading - $64,000
Explanation:
Land is a fixed asset or capital asset. It is a resource that is expected to generate future earnings.
All costs incidental to the land acquisition must be capitalized. The fair value of the note payable on the land is determined by calculating the present value (PV) at 6% for 2 years, in order to reflect the time value of money despite the fact that interest was not payable.
