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dimulka [17.4K]
3 years ago
7

Inventory should be reported as follows except a.according to the chosen cost flow assumption. b.at lower of cost or market. c.a

s a long-term asset on the balance sheet. d.as a current asset on the balance sheet.
Business
1 answer:
Gnom [1K]3 years ago
5 0

Answer:

c.as a long-term asset on the balance sheet.

Explanation:

The inventory has come under the current asset as it is converted into cash within one year. Like other current assets i.e account receivable, prepaid insurance, etc contains high liquidity and they get converted into cash in less than one year

It also recorded at cost or market value whichever is lower plus it also chosen as cost flow consumption but it is not reported as a long term asset as it is classified as a current asset, not the long term asset

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If in the short run, firms in monopolistic competition _________, new firms will enter the market.
alukav5142 [94]

If in the short run, firms in monopolistic competition make an economic profit, new firms will enter the market.

A firm is a for-profit business organization—such as a company, limited liability company (LLC), or partnership—that provides skilled services. Most companies have only 1 location.

Companies during a monopolistic competition build economic profits within the short run, however within the long-standing time, they create zero economic profit. The latter is additionally a result of the liberty of entry and exit within the trade. Restaurants, hair salons, home items, and clothing are examples of industries with monopolistic competition.

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2 years ago
What is the normal balance for the allowance for doubtful accounts (debit or credit), and why?
abruzzese [7]

The allowance for doubtful accounts has a normal credit account.

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7 0
3 years ago
According to federal law, an insurance company under the provisions of the Investment Company Act of 1940 must allow a variable
torisob [31]

Answer: 24 months

Explanation:

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7 0
3 years ago
If a taxpayer does not have enough taxes withdrawn from her paychecks throughout the year to equal the total tax she is required
polet [3.4K]

Answer:

$209

Explanation:

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6 0
4 years ago
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Volgvan

Answer:

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4 years ago
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