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Ad libitum [116K]

2 years ago

10

4. Classify each of the following products into either convenience, shopping, specialty or unsought goods: toothpaste, life insu

rance, Viso TV, Eggo waffles, lettuce, Coach handbag, adidas soccer cleats,l furniture.

1 answer:

Oksi-84 [34.3K]2 years ago

8 0

Answer:

Toothpaste - convenience
Life insurance - unsought
Sharp TV - shopping
Eggo Waffles - shopping
Lettuce - convenience
Coach handbag - specialty
Adidas soccer cleats - shopping
Furniture - shopping

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If a perpetual inventory system is in use _____. a physical inventory count is not required because the Inventory account is upd

marshall27 [118]

Answer: a physical inventory count should be taken at least annually

Explanation: That an inventory is perpetual does not discount the need for taking physical inventory at least once a year. This is important because it helps in the identification of shrinkage or shortages and to also test the accuracy of the perpetual records under use. Now, a perpetual inventory is a kind of inventory that tracks and records continuously, items as they are added to or subtracted from the inventory thus keeping it updated and aids in keeping the track of the cost of goods bought and sold.

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2 years ago

Bingerton Industries uses a perpetual inventory system. The company began the year with inventory of $77,000. Purchases of inven

SVETLANKA909090 [29]

Answer:

Refer explanation

Explanation:

1. Purchase of Inventory ($302000)

This transaction has occurred on account which means that payment was not made immediately but would be made at a future date, thus a creditor to the business.

Debit : Purchases account : $302000

Credit : Accounts Payables account : $302000

2. Sale of inventory ($504000)

The sale of inventory requires two separate transactions. The sale is accounted and along with this, the amount of inventory sold would also have to be accounted as an asset reduction.

A. To reduce inventory:

Debit : Cost of Sales account : $327000

Credit : Inventory account : $327000

B. Record the sale:

Debit : Accounts Receivables account : $504000

Credit : Sales account : $504000

This too is a sale on account which means that a debtor has been incurred who will pay for the sale at a later date.

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3 years ago

Dunn Sporting Goods sells athletic clothing and footwear to retail customers. Dunn's accountant indicates that the firm's operat

Brilliant_brown [7]

Answer:

Dunn Sporting Goods

Identifying Current Assets and Current Liabilities

Current Assets:

1. Prepaid Rent $6,000

3. Inventory $46,230

4. Marketable securities $700

5. Cash $1,050

7. Account receivable $2,850

Current Liabilities:

2. Accounts payable $9,700

6. Interest Payable $4,500

Explanation:

a) Data and Analysis:

1. Prepaid Rent (Current Assets) $6,000 Prepaid Rent (Long-term Assets) $2,500 in the amount of $8,500. Dunn's rent is $500 per month.

2. Account payable $9,700

3. Inventory (Current assets) $46,230.

4. Short-term marketable securities $700 Long-term Investments $1,200

5. Cash (current assets) $1,050.

6. Loan Payable (long-term) $60,000 due in March 2024. Interest Payable (current liabilities) $4,500

7. Account receivable (Current assets) $2,850

8. Store equipment $9,200. Accumulated depreciation $1,250.

b) Current assets are short-term assets expected to be used up within 12 months while current liabilities are short-term assets expected to be settled within 12 months.

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2 years ago

If consumers are willing to pay a higher price than previously for each level of output, we can say that _______ has occurred. A

Nady [450]

Hey there!!

The correct answer is Option A. an Increase in supply

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3 years ago

At many amusement parks, customers who enter the park after 4 p.m. receive a steep discount on the price they pay. This is a typ

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Answer:

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So, high price will be charged to people less care about entry price, in other works their demand for the amusement parks is relatively more inelastic to other people.

Thus, b is the right choice.

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3 years ago