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maks197457 [2]
2 years ago
7

Cougar Corporation bought inventory on account on August 23rd. Cougar paid its supplier for the inventory on August 28th. Cougar

sold the inventory on account on September 2nd and received payment from its customer on September 12th. On what date did Cougar record the inventory as an expense?A. August 28^{th}
B. September 2^{nd}
C. August 23^{rd}
D. September 12^{th}
Business
1 answer:
Aloiza [94]2 years ago
4 0

Answer:

"B"

Explanation:

Expenses are recognized under the accrual accounting principle.

Before expenses can be recognized under accrual method , it must be matched to a particular revenue.This means that expenses are recognized in the period that the expense was able to generate a revenue. In other words , it in recorded in the period in which it was sold and not the period it was bought.

This is done to improve the quality , accuracy  of financial statement to give a true representation of an organization.

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Brendan and sean combined their love of baseball with a business venture. they purchased a small cart and began selling memorabi
EastWind [94]

Answer:

The correct answer is C

Explanation:

Environmental Circumstance is the term which is defined as the any circumstances which is forming the grounds of any alleged violation or liability under the Law or Permit of Environmental.

Under this situation, both of them started a business, which performed well in its 1st year, but in the second year the business does not perform well due to the horrible record of team and poor economic conditions. Therefore, this condition will be explained as the environmental circumstances are tough to control as well as are dynamic in nature.

8 0
3 years ago
Apex Fitness Club uses straight-line depreciation for a machine costing $23,860, with an estimated four-year life and a $2,400 s
maria [59]

Answer:

1. Book value at end of year 2 = $13,130

2. Depreciation from year 3 for last 3 years = $3,710 each year, that is $11,130 for three years.

Explanation:

As for the provided details, we have:

Cost of machinery = $23,860

Expected life = 4 years

Salvage value = $2,400

Straight line depreciation = \frac{23,860 - 2,400}{4} = 5,365

Under straight line method depreciation remains constant for life of asset.

Book value at end of year 2 = $23,860 - ($5,365 \times 2) = $13,130

Thereafter in the beginning of year 3 the estimate is made to realize that the total remaining life expected is 3 years, with salvage value $2,000

Thus, depreciation from year 3 = \frac{13,130 - 2,000}{3} = 3,710

Therefore, depreciation from year 3 to year 5 = $3,710 each year.

Total depreciation of last 3 years = $3,710 \times 3 = $11,130

3 0
2 years ago
Assume that a firm spends $500 on two inputs, labor and capital. If the wage rate is $20 per hour and the cost of capital is $25
Zolol [24]

Answer:

D. -4/5

Explanation:

Given that

Wage rate = $20 per hour

Cost of capital = $25 per hour

Recall that,

Slope of isocost = -(w/r)

Where,

W = wage rate

r = rental cost of capital.

Thus,

Slope of isocost curve

= -(20/25)

= -0.8 or -4/5

Note that, the negative of the ratio is the price of the two inputs. Also isocost is a line showing the various combinations of inputs which cost the same amount.

6 0
2 years ago
Read 2 more answers
As a sales clerk for a national chain that sells outdoor gear, Joanna is at the lowest level in the organizational hierarchy. Ne
Allisa [31]

Answer: Decentralized structure

         

Explanation: In simple words, it refers to the organisational structure in which most of the decisions regarding the operations are made by the managers working on mid and lower level. The top managers in such a structure takes only those decisions which are of highest priority to the organisation.

In the given case, Joanna is the lower level managers but still contributes frequently in decision making.

Hence we can conclude that her organisation has decentralized structure.

4 0
3 years ago
Lindy Corporation has 1,000,000 authorized shares of $20 par value common stock. As of June 30, 2014, there were 600,000 shares
sertanlavr [38]

Explanation:

The journal entries are as follows

a. Retained earnings A/c Dr $300,000  (600,000 shares × $0.50)

             To Dividend payable A/c $300,000

(Being the dividend is declared)

b. No journal entry is required

c. Dividend payable A/c $300,000

              To Cash A/c $300,000

(Being the dividend is paid for cash is recorded)

3 0
2 years ago
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