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Lina20 [59]
4 years ago
12

Jayson products uses a perpetual inventory system. at year-end, the inventory account had a balance of $280,000, but a complete

year-end physical inventory indicated goods on hand costing only $273,000. jayson should:
Business
1 answer:
ioda4 years ago
5 0
<span>Jayson should : (1) Reduce the balance in its Inventory controlling account and inventory subsidiary ledger by $7,000. (2) Record a $7000 current liability. (3) Reduce the balance in its inventory controlling account and inventory subsidiary ledger by $7000 (4) Reduce the balance in the inventory controlling account and record a current liability both in the amount of $7000.</span>
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When does the cost of inventory become an​ expense? A. When cash is collected from the customer B. When inventory is purchased f
borishaifa [10]

Answer:

C. When inventory is delivered to a customer

Explanation:

As we know that the inventory is good that the company sold to the customers. Through these goods, the company can able to generate huge profits and gain a competitive advantage in the market

But when we talk about the inventory cost that converted into an expense is when we delivered the product to the customer. It would be represented in the company books as an expense. Until sold, it cannot be converted

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4 years ago
A downside of primary research is that it is _____. expensive and time consuming cheap but labor intensive time consuming but sp
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A downside of primary research is that it is expensive and time consuming. Primary research allows people to find more inde pthinformation on a research topic or subject however, it is very expensive. Primary research is research that is new and very specific in the field they are researching. Primary research can be interviews, focus groups, surverys or other search ways to collect data.

6 0
4 years ago
A country reported nominal GDP of $115 billion in 2010 and $125 billion in 2009. It also reported a GDP deflator of 85 in 2010 a
ICE Princess25 [194]

Answer:

<h2>In this case,the correct answer is option b. or real output rose and price level fell.</h2>

Explanation:

GDP Deflator in Macroeconomics,shows the inflation or deflation rate in a country within the specific time period.Hence,it measures the changes in the average price level of goods and services in any country or economy over a particular period of time.It is mathematically calculated by dividing the nominal GDP of the country or economy by its real GDP.Now,a decrease in the nominal GDP relative to the real GDP or GDP deflator implies an deflationary impact or an increase in the average price level of goods and services in the economy and vise versa.Note that in this case both the nominal GDP and GDP deflator decreased from 2009 to 2010 which advocates that the price level in the economy fell(deflation) and the real output or GDP rose or increased due to deflationary impacts as reflected by the decline in GDP deflator.

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3 years ago
The proliferation of bittorrent and other file sharing media have threatened the copyright system. based on an understanding of
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If the monetary incentives to make music go away, fewer people will be interested in pursuing musing.  

6 0
3 years ago
During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following tr
DanielleElmas [232]

Answer:

Trial Income Statement:

Service revenue         $17,000

Rent expense            ($3,500)

Insurance expense      ($350)

<u>Wages expense       ($10,500)</u>

Net income                $2,650

*We need to adjust other expenses like supplies or utilities. I assumed the salaries paid were for a 10 days period since no one pays salaries in advance.

Trial Balance Sheet

Assets:

Cash $62,200

Supplies $1,000

Prepaid insurance $3,850

<u>Equipment $10,000           </u>

Total Assets $77,050

Liabilities and Equity:

Accounts payable $8,000

Wages payable $7,000

Common Stock $60,000

<u>Retained earnings $2,050               </u>

Total Liabilities and Equity $77,050

Explanation:

July 1

Dr Cash 60,000

    Cr Common stock 60,000 (6,000 stocks $10 par value)

July 3

<u>Rent expense 3,500</u>

    Cr Cash 3,500

July 5

Dr Prepaid insurance 4,200

    Cr Cash 4,200

Adjusting entry July 31

Dr Insurance expense 350

    Cr Prepaid insurance 350

July 7

Dr Supplies 1,000

    Cr Accounts payable 1,000

July 10

Dr Wages expense 3,500

    Cr Cash 3,500

Adjusting entry July 31

Dr Wages expense 7,000 ($3,500 x 2 10 day periods)

    Cr Wages payable 7,000

July 14

Dr Equipment 10,000

    Cr Cash 2,500

    Cr Accounts payable 7,500

July 15

Dr Cash 8,000

    Cr Service revenue 8,000

July 19

Dr Accounts payable 500

    Cr Cash 500

July 31

Dr Cash 9,000

    Cr Service revenue 9,000

Dr Retained earnings 600

    Cr Dividends payable 600

Dr Dividends payable 600

    Cr Cash 600

6 0
3 years ago
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