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serious [3.7K]
3 years ago
7

Ashton Company uses the perpetual method. The company's inventory account had a $6,600 balance as of December 31, Year 1. A phys

ical count of inventory shows only $5,900 of merchandise in stock at December 31, Year 1. How does the related adjusting entry affect the financial statements?
Business
1 answer:
Lunna [17]3 years ago
7 0

Answer:

Decrease Profit and Inventory Asset value as well.

Explanation:

This will Decrease the closing inventory value which will increase the cost of goods, decrease the profit and ultimately decrease the retained earning value in the balance sheet. It also decrease the Inventory value in the current assets section of balance sheet, which will ultimately decrease the total asset value.

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Dr. Jones’ office has purchased the above equipment. It is now Year #2 and there is a $7,000 annual maintenance fee that needs t
Paul [167]

The Loss recorded in the year 2 for the table is -$35,841.39.

<h3>What is the profit or loss on the table? </h3>

<u>Year 2 </u>

Monthly Cost in year  $1564.29

Maintenance               $0  

Salary                          $39600

Fixed cost                   $0

Variable cost              <u>$356.40</u>

Total cost                   <u>$41520.69</u>

Reimbursements = $5679.30

Profit or Loss = Reimbursements - Total cost

Profit or Loss = $5679.30 - $41520.69

Loss =  -$35,841.39.

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3 0
2 years ago
In the United States, bank deposits up to a certain amount are insured by the FDIC.
kkurt [141]

Answer:

true :)

Explanation:

5 0
3 years ago
Read 2 more answers
Maurio inc., a publishing house, wants to invest in digital publishing. however, the company does not possess enough capital to
icang [17]

Answer:

A) Factoring

Explanation:

Factoring: This is a short term financial option which refers to financial transactions between a business firm and a financial institution. It is the selling of debt by a business firm at a discounted price to a financial institution.

Maurio inc. is involved in factoring by selling its accounts of credits to restube which is i financing firm at a discount in order to have enough capital to invest in digital publishing.

Factoring is the relationship between the financial institution and the business firm in which the fimancial institution purchases the business firms credit and pay about 80% to 90% immediately and pay the balance at a later date.

There are different types of factoring;

1) Domestic and export factoring

2) Recourse and non-recourse factoring

3) Advance and maturity factoring

4) Disclosed and undisclosed factoring

5 0
3 years ago
Read 2 more answers
Regarding isobars, it is true that:
Furkat [3]
The answer to your question is both a. their spacing indicates the strength of the pressure gradient. and c. <span>they depict areas having the same barometer reading.

Hope this helps!
</span>
6 0
4 years ago
According to Hume, how can you prove that the future will resemble the past?
Lerok [7]
Answer
We cannot know that the future will resemble the past by means of demonstrative reasoning,since there is no contradiction in suggesting that the future will not resemble the past.
:) Hope this helps
3 0
3 years ago
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