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miskamm [114]
3 years ago
12

Panther Company's bookkeeper debited supplies expense for the cost of goods sold during that month. The bookkeeper discovered th

e error prior to closing the books. The correcting entry would include
Business
1 answer:
MakcuM [25]3 years ago
7 0

Answer:

Cost of Goods Sold                                               Dr.

     To Supplies Expense

Explanation:

The journal entry for cost of goods sold should've been:

Cost of goods sold A/C                           Dr.

       To Purchases A/C

(Being cost of goods sold expense recorded)

The wrong entry passed has been:

Supplies expenses A/C                                           Dr.

      To Purchases A/C

The rectifying (correcting) journal entry should be:

Cost of Goods Sold A/c                                           Dr.

      To Supplies Expenses A/C

(Being rectification entry for cost of goods sold recorded)

Cost of goods sold is an expense and expenses should be debited.

At the same time, purchase being a nominal account, crediting it would reduce the purchases balance.

Supplies expense was wrongly debited so it has been credited to cancel out the effect.

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jek_recluse [69]

Price is important to managers because it has a substantial effect on a company's profitability and sustainability.

<h3>Why is pricing important?</h3>

The importance of pricing is traced to the fact that defines the value or worth of a product and the number of customers that demand the product.

For the consumer of products, price is a key factor that determines purchase decisions.

Thus, price is important to managers because it has a substantial effect on a company's profitability and sustainability.

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<h3>Question Completion:</h3>

Why is price important to managers?

7 0
2 years ago
Answer the question on the basis of the following information for four highway programs of increasing scope. All figures are in
Kipish [7]

Based on the information provided, the program which maximizes total benefit is option B with a total cost of 6 and a total benefit of 10.

<h3 /><h3>What is Cost-Benefit Analysis?</h3>

This refers to the process of comparing the costs and benefits of various programs in order to select the one with the most value and or benefit based on the total cost to the individual, business, or country.

Subtracting the cost from the benefits, in the data above, the program which yields the highest is B. Hence B is the correct answer.

Please see the link below for more about Cost-Benefit Analysis:

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7 0
2 years ago
What is the relationship between financial system and economy
pentagon [3]

Answer:

Financial markets help to efficiently direct the flow of savings and investment in the economy in ways that facilitate the accumulation of capital and the production of goods and services.

3 0
2 years ago
Read 2 more answers
Shambo Corporation has provided the following contribution format income statement. Assume that the following information is wit
morpeh [17]

Answer:

26.66 or 27%

Explanation:

The computation of the margin of safety percentage is shown below:

Margin of Safety

= 100 - Break Even %

= 100 - 73.33

= 26.66 or 27%

Working Note

Sales (3,000 units) $60,000

Less: Variable expenses -$42,000

Contribution margin -$18,000

CM Ratio (A) 30.00%

Fixed expenses (B) 13,200

Break Even Point C = B ÷ A 44,000

Break Even % of Total Sale 73.33%

5 0
3 years ago
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aivan3 [116]

Answer:

Bank B for the car loan and Bank A for the savings account

Explanation:

The reason why this would be your answer is because when you are opening a savings account, you want to make sure that the interest is high. However, when you get a new car, you want to make sure that the interest is low. Bank B provides a low interest rate, while Bank A provides a high interest rate.

Why are the two the opposite? Here's the answer:

Why you should get a high interest rate for a savings account:

You should get a high interest rate for the savings account because the interest you have for the savings account is the money that the bank will give you, so it's pretty much free money that the bank is giving you for having your money saved in their bank. If you want to get more money from the bank because of your savings account, then you should find one with a high interest rate

6 0
3 years ago
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