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Lorico [155]
3 years ago
15

Under a perpetual inventory system, a.a physical count is required to determine cost of merchandise on hand b.the purchases retu

rns and allowances account is credited when goods are returned to vendors c.increases in inventory resulting from purchases are debited to Purchases d.accounting records continuously disclose the amount of inventory
Business
1 answer:
agasfer [191]3 years ago
4 0

Answer:

d.accounting records continuously disclose the amount of inventory

Explanation:

Under the perpetual inventory system, an entity continually updates its inventory records to account for additions to and subtractions from inventory for such activities as:

Received inventory items

Goods sold from stock

Items moved from one location to another

Items picked from inventory for use in the production process

Items scrapped

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Free rider problems are everywhere. For example, some restaurants let each food server keep his or her own tips. Other restauran
Gennadij [26K]

Answer:

Check the explanation

Explanation:

a. Gains from being nice = $60

reason: outcome for being nice = $100; outcome for being mean = $40 So the gains from being nice = 100 - 40 = 60

b. Average mean server earnings = $40 (given)

Average nice server earnings = $ 100 (given)

  Change in tips per server if all of the servers switch from being mean to being nice = $60 (100 - 40)

c. Individual payoff of my becoming nice = $6

reason: Total number of servers = 10

Change to the tip pool with my change in behavior from mean to nice = $60

My share in this change = 60/ 10 =6

d.  1-I am more likely to be nice when I keep my own tips.

reason: I can keep $100 if I am nice. But in a tip pool, some of the others may be mean. This will bring the pool amount lower, thereby my share may be less than $100. So I prefer to keep my own tips.

4 0
3 years ago
For which of the following reasons are capital budgeting decisions important to a business organization? Check all that apply. C
Blizzard [7]

Answer:

Options a and b are correct.

Explanation:

Capital investments are relatively inexpensive.

Capital investments have multiyear life spans, so mistakes linger for a long time.

7 0
3 years ago
Read 2 more answers
During the year ended December 31, 2018, Kelly’s Camera Shop had sales revenue of $180,000, of which $90,000 was on credit. At t
storchak [24]

Answer:

(a) On December 10, a customer balance of $1,400 from a prior year was determined to be uncollectible

Dr Sales Returns and Allowances $ 1,400  

Cr Accounts Receivable   $ 1,400

(b) On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year.

Dr Bad Debt Expense $ 752  

Cr Allowance for Uncollectible Accounts  $ 752

Explanation:

Initial Balance  

Dr Accounts Receivable   $ 12,000

Cr Allowance for Uncollectible Accounts  $ 500

Kelly’s Camera Shop had sales revenue, of which $60,000 was on credit  

Dr Accounts Receivable  $ 60,000  

Cr Sales  $ 60,000

Collections of accounts receivable during 2018 amounted to $58,000.  

Dr Cash $ 58,000  

Cr Accounts Receivable   $ 58,000

(a) On December 10, a customer balance of $1,400 from a prior year was

determined to be uncollectible, so it was written off.  

Dr Allowance for Uncollectible Accounts $ 1,400  

Cr Accounts Receivable   $ 1,400

(b) On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year.  

Dr Bad Debt Expense $ 752  

Cr Allowance for Uncollectible Accounts  $ 752

6 0
3 years ago
A company purchased land for $90,000 cash. real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an ol
Fed [463]

Based in the historical cost principle, the total cost of the land would be the summation of all cost, either direct or indirect.

Therefore it would be:

Cost of Land = $90,000 cash + $5,000 commission + $7,000 demolishing

Cost of Land = $102,000

 

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3 0
3 years ago
Pick an Agile Manifesto principle that you think is likely to have the biggest impact on the success or failure of a typical pro
satela [25.4K]

The correct answer to this open question is the following.

The Agile Manifesto principle that I am going to pick in the principle of "Embracing Change."

I think this is likely to have the biggest impact on the success or failure of a typical project in my organization because change is the constant in modern-day business. Probably, since the inception of the modern-day industry.

In order to be successful and maintain that success over the years -no matter the conditions- a company has to be ready not only to adapt to change but to change ahead of necessity. And this is one of the most difficult things to do in business because people love to be in a comfort zone for years. People in corporate America likes to know they are safe in their traditional places doing traditional things. For them, change is tough.

That is why I think "Embrace change" would be the principle that would help me the most.

3 0
2 years ago
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