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3 years ago

Beginning merchandise inventory would be found on the worksheet in the

Business

2 answers:

mars1129 [50]3 years ago

7 0

Answer: Debit column. Assets will always have a debit balance

Explanation:

inventory is an asset. assets increase on the debit side and decrease on the credit side. the opening (beginning) inventory balance represents an asset owned by the business, therefore inventory balance will be on the debit side/column

mrs_skeptik [129]3 years ago

6 0

A. income statement debit column

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A company's chart of accounts is: a detailed list of the accounts that make up the five financial statement elements. the set of

polet [3.4K]

Answer:

A detailed list of the accounts that make up the five financial statement elements.

Explanation:

The company's chart of accounts is the listing of all the accounts that the company has included as part of the five financial statement elements during a specific period of time.

The five financial statement elements are: assets, liabilities, equity (part of the balance sheet), expenses and revenues (part of the income statement).

Examples of accounts that can be part of a firm's chart of accounts are: land (asset), cash (asset), notes payable (liabilities), outstanding stock (equity), operating expenses (expenses), and sales revenue (revenues).

The chart of accounts can differ greatly from company to company simply because companies engage in vastly different economic activities.

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3 years ago

Goshford Company produces a single product and has capacity to produce 105,000 units per month. Costs to produce its current sal

Salsk061 [2.6K]

Answer:

Net income= $4,836,200

Explanation:

Giving the following information:

Offer:

21,000 units for $77.4

An increase in variable cost= $7.6 per unit

Direct materials $ 12.50 $ 1,050,000

Direct labor 15.00 1,260,000

Variable manufacturing overhead 14.00 1,176,000

Fixed manufacturing overhead 17.50 1,470,000

Variable selling and administrative expenses 14.00 1,176,000

Fixed selling and administrative expenses 13.00 1,092,000

Totals $ 86.00 $ 7,224,000

First, we need to calculate the effect on the income of accepting the offer:

Effect on income= 21,000*77.4 - 21,000*(12.5 + 15 + 14 + 14 + 7.6)

Effect on income= 1,625,400 - 1,325,100

Effect on income= 300,300

Net income= 84,000*140 + 300,300 - 7,224,000

Net income= $4,836,200

6 0

2 years ago

Sarah Parks is in the very early stages of putting together a business startup, and is thinking about writing a business plan to

Reptile [31]

Answer:

C. Summary business plan

Explanation:

A "business plan" is very important in order for a person to assess the success of his business. Among the choices above, the best answer is the "Summary business plan." This allows the entrepreneur to summarize the important points needed and to provide solid case of his business idea. This should also be clear and concise because it is going to be read by people who will be investing in the business. Examples of these groups are the banks and investors.

For startup business, it is important to include the following in the summary business plan: business opportunity, target market, business model, marketing and sales strategy, financial analysis, competition, implementation plan, owners/staff, etc.

So, this explains the answer.

4 0

3 years ago

Read 2 more answers

Home Remodelers, Inc., and Imogen enter into a contract for a sale of cabinets and countertops. Home Remodelers, a merchant who

zysi [14]

Answer:

Explanation:

Based on the information provided by the Uniform Commercial Code (UCC) can be said that this means that fit for the ordinary purpose for which such goods are used. Meaning that the good that is being sold must meet the expectations that the ordinary buyer is expecting to receive from the product based on it's description and advertisements.

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3 years ago

How does the role of the department of labor (DOL) in the economy differ from that of the securities and exchange commission(SEC

Delicious77 [7]

Answer:

B) The DOL protects workers while the SEC oversees the stock market.

Explanation:

The department of labor primary responsibilities is catering to the welfare of retirees, job seekers, and workers. The DOL promotes the well-being of employees by advocating for better working conditions and protecting their health care and retirement benefits. Department of Labor seeks to have employees profit from their time in employment. It administers several laws that concern workers, such as the occupation, health and safety, and the minimum wages.

The Securities and Exchange Commission (SEC) is a federal agency body that regulates the securities industry. The SEC proposes the rules in the securities exchange and options markets. The body promotes and demands integrity and fair practices from all players in the securities exchange industry.

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3 years ago