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Alik [6]
3 years ago
14

Dole Company uses the periodic inventory system. At the end of the accounting​ period, ending inventory is​ $10,000 and beginnin

g inventory is​ $5,000. Purchases for the period are​ $99,000. How many journal entries are necessary at the end of the accounting​ period?
Business
1 answer:
Troyanec [42]3 years ago
4 0

Answer:

The one entry is recorded

Explanation:

The journal entry is shown below:

Inventory A/c Dr (Ending inventory) $10,000

Cost of goods sold A/c Dr (Balancing figure) $94,000

      To Inventory A/c Dr (Beginning inventory)        $5,000

      To Purchase account                                          $99,000

In mathematically,

Cost of goods sold = Beginning inventory + purchase - ending inventory

                                = $5,000 + $99,000 - $10,000

                                = $94,000

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2 years ago
The presence of pollution in the dry cleaning industry leads in the long run to dynamic inefficiencies because:
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Answer:

D) firms whose average private cost is less than price will stay in (or enter) the dry cleaning

industry even though their average social cost exceeds price.

Explanation:

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But company's do not consider it in making the decision for business, as it generally do not impact the business in financial matters.

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5 0
3 years ago
Apply the accounting equation to the following problem. Total assets of Charter Company equal $700,000, and its equity is $420,0
natulia [17]

Answer:

The amount of its liabilities is 280000

Explanation:

In a business balance we can see the following accounting equation

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6 0
3 years ago
Depreciation expense is added back to net income when preparing the cash flow from operating activities section because deprecia
luda_lava [24]

Answer:

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Explanation:

4 0
3 years ago
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