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julia-pushkina [17]

3 years ago

6

1. The costs of doing business through the sale of goods and services are called a. Net income b. Expenses c. Revenues d. Divide

nds

1 answer:

11Alexandr11 [23.1K]3 years ago

4 0

Answer:

Dividends .............

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On January 1, 2019, Brooks, Inc., borrows $90,000 from a bank to purchase machinery. Brooks signs a 5 percent installment note r

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Answer:

A Journal entry for Brooks Incorporation on January 1, 2019 which is shown below

Explanation:

Solution

Given that:

JOURNAL ENTRY FOR BROOKS INCORPORATION

Date General Journal Debit Credit

Jan 01 2019 Cash 90000

Notes Payable 90000

Thus

A Journal entry was recorded for Brooks Incorporation.

Here, the cash of $90,000 was recorded at the debit side of the Journal.

While the notes payable of $90,000 was also recorded on the credit side

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A creditor who extends credit to a consumer to purchase a consumer good under a written security agreement obtains a(n) _____ s

devlian [24]

A creditor who extends credit to a consumer to purchase a consumer good under a written security agreement obtains a<u> "purchase money" </u>security interest in the consumer good.

A purchase money security interest (PMSI) is a legitimate claim that enables a lender to repossess property financed with its loan or demand repayment in real money if the borrower defaults. It gives the lender need over other creditors cases.

A PMSI is utilized by some commercial lenders and credit card guarantors just as by retailers who offer financing alternatives.

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a company produces a single product. variable production costs are $14.00 per unit and variable selling and administrative expen

My name is Ann [436]

The value of the ending inventory under variable costing is calculated to be $19,600.

To determine the value of the ending inventory under variable costing we first find out the units in the ending inventory as follows;

Units in ending inventory = Units in beginning inventory + Produced units − Sold units

Units in ending inventory = 0 + 6000 - 4600

Units in ending inventory = 1400

Now the value of the ending inventory under variable costing can be determined by multiplying units in the ending inventory by the variable production cost as follows;

Value of Ending inventory = Unit in ending inventory × Variable production cost

Value of Ending inventory = 1400 × 14

Value of Ending inventory = $19,600

Hence, the value of the ending inventory would be $19,600 under variable costing.

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