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3 years ago

A family is the basic unit of a consumer sector. Question 6 options: True False

Business

2 answers:

katrin [286]3 years ago

7 0

Answer:

FALSE

Explanation:

Got "true" wrong on the test

aleksklad [387]3 years ago

3 0

Answer:

True

Explanation:

A household is composed for the persons that live inside a house, apartment, or room. it is the basic unit of a consumer or private sector

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The situation that requires a departure from the cost basis of accounting to the lower-of- cost-or-net-realizable-value basis in

MArishka [77]

Answer:

B. A decline in the value of the inventory.

Explanation:

Cost basis accounting: It is a method of calculating the value of inventory on actual cost for tax purposes as the purchase price is adjusted for dividends and return of capital distribution. It uses lower of cost either original cost or current market price. The market price should not be less or more than the net realizable value. Net realizable value is defined as the selling price minus cost of completion. Therefore, the cost basis of accounting to the lower-of- cost-or-net-realizable-value basis in valuing inventory is necessitated by a decline in the value of the inventory.

8 0

3 years ago

Cash consists of: a. coin, currency, and postage stamps. b. coins, currency, checks, money orders, money on hand or on deposit i

Airida [17]

Answer:

b. coins, currency, checks, money orders, money on hand or on deposit in a bank or similar depository.

Explanation:

Cash consists of coins, currency, checks, money orders, money on hand or on deposit in a bank or similar depository. Cash is distinct from postage stamps, credit, money orders or checks that are not physically being held by the holder.

Cash can be defined as a legal tender such as money in its physical form which can typically be used to purchase goods and services, as well as pay debt.

7 0

3 years ago

On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi completed

Romashka-Z-Leto [24]

Answer:

Explanation:

(1) Journalizing the Transactions:-

Heritage Designs

General Journal

For the Month of November,20Y9

Date Accounts Debit Credit

Nov. 1 Cash $50,000

Common Stock $50,000

Nov. 1 Rent Expense $4,000

Cash $4,000

Nov. 6 Office Equipment $15,000

Accounts Payable $15,000

Nov. 8 Truck $38,500

Cash $5,000

Notes Payable $33,500

Nov. 10 Supplies $1,750

Cash $1,750

Nov. 12 Cash $11,500

Fees Earned $11,500

Nov. 15 Prepaid Insurance $2,400

Cash $2,400

Nov. 23 Accounts Receivable $22,300

Fees Earned $22,300

Nov. 24 Truck Expense $1,250

Cash $1,250

Nov. 29 Utilities Expense $4,500

Cash $4,500

Nov. 29 Miscellaneous Expense $1,000

Cash $1,000

Nov. 30 Cash $9,000

Accounts Receivable $9,000

Nov. 30 Wages Expense $6,800

Cash $6,800

Nov. 30 Accounts Payable $3,000

Cash $3,000

Nov. 30 Dividends $2,500

Cash $2,500

(2) Posting the each Transaction into General Ledger:-

Cash

Date Items Debit Credit Balance

Nov. 1 Common Stock $50,000 $50,000

Nov. 1 Rent Expense $4,000 $46,000

Nov. 8 Truck $5,000 $41,000

Nov. 10 Supplies $1,750 $39,250

Nov. 12 Fees Earned $11,500 $50,750

Nov. 15 Prepaid Insurance $2,400 $48,350

Nov. 24 Truck Expense $1,250 $47,100

Nov. 29 Utilities Expense $4,500 $42,600

Nov. 29 Miscellaneous Expense $1,000 $41,600

Nov. 30 Accounts Receivable $9,000 $50,600

Nov. 30 Wages Expense $6,800 $43,800

Nov. 30 Accounts Payable $3,000 $40,800

Nov. 30 Dividends $2,500 $38,300

Accounts Receivable

Date Items Debit Credit Balance

Nov. 23 Fees Earned $22,300 $22,300

Nov. 30 Cash $9,000 $13,300

Supplies

Date Items Debit Credit Balance

Nov. 10 Cash $1,750 $1,750

Prepaid Insurance

Date Items Debit Credit Balance

Nov. 15 Cash $2,400 $2,400

Equipment

Date Items Debit Credit Balance

Nov. 6 Accounts Payable $15,000 $15,000

Truck

Date Items Debit Credit Balance

Nov. 8 Cash $5,000 $5,000

Nov. 8 Notes Payable $33,500 $38,500

Notes Payable

Date Items Debit Credit Balance

Nov. 8 Truck $33,500 $33,500

Accounts Payable

Date Items Debit Credit Balance

Nov. 6 Equipment $15,000 $15,000

Nov. 30 Cash $3,000 $12,000

Common Stock

Date Items Debit Credit Balance

Nov. 1 Cash $50,000 $50,000

Dividends

8 0

4 years ago

The following budget information is available for the Arch Company for January Year 2: Sales $ 860,000 Cost of goods sold 540,00

igomit [66]

Answer and Explanation:

The computation of the total budgeted selling and administrative expenses is shown below;

Utilities expense $2,800

Administrative salaries $100,000

Sales commissions 5 % of sales i.e. 5% of $860,000 $43,000

Advertising $20,000

Depreciation on store equipment $50,000

Rent on administration building $60,000

Miscellaneous administrative expenses $10,000

total budgeted selling and administrative expenses $285,800

3 0

3 years ago

The condensed income statement for a Fletcher Inc. for the past year is as follows: Product F G H Total Sales $300,000 $210,000

zysi [14]

Answer:

$30,000 decrease in the net income of Fletcher Inc.

Explanation:

Product G contribution margin = Sales - Variable cost = $210,000 - $180,000 = $30,000.

Since the discontinuance would have no effect on the total fixed costs and expenses or on the sales of Products F and H, that means the fixed cost of $50,000 on product G will continue to be incurred while Product G contribution margin of $30,000 which is currently being contributed to the net income will be lost.

Therefore, the amount of change in net income for the current year that will result from the discontinuance of Product G is a $30,000 decrease in the net income of Fletcher Inc.

8 0

3 years ago