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zubka84 [21]
3 years ago
14

Western company begins the year with $50,000 of inventory on hand. During 2018, western purchases additional inventory for $100,

000 cash. Sales for the year, all on account, totaled $70,000. A physical count determined the cost of inventory at the end of the year to be $110,000. Assuming western uses a periodic inventory system, the journal entry at the end of the year once the physical count occurs includes which of the following:
Credit purchases $100,000
Debit cost of goods sold $40,000
Debit inventory (ending) $110,000
Credit inventory (beginning) $50,000
Business
1 answer:
slava [35]3 years ago
8 0

Answer:

Debit cost of goods sold $40,000

Explanation:

As with the details of inventory we have:

Opening value of inventory = $50,000

Purchases = $100,000

Thus, total inventory = $150,000

On the closing date we have the balance of inventory in hand = $110,000

Therefore, cost of goods sold = Total inventory - Closing

= $150,000 - $110,000 = $40,000

Cost of goods sold is an expense, and shall be debited.

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Answer: c. may be used to settle an accounts receivable.

Explanation: A promissory note is defined as a financial instrument that contains a written promise by the note issuer or maker to pay the note payee a definite sum of money at a specific future date or on demand and  may be used to settle an accounts receivable (the balance of money due to a firm for goods or services delivered or used but not yet paid for by customers and are listed on the balance sheet as a current asset). They are commonly used in businesses as a form of short term financing as they can be exchanged for cash at a future time when account receivables have been collected.

8 0
2 years ago
"Analyze why the principled negotiation would be the most suitable strategy in international trade negotiation? Take examples to
erica [24]

The reason principled negotiation would be the most suitable strategy in international trade negotiation is because it helps a party to leverage his/her principles of the opponent to win the negotiation.

The principled type of negotiation is recognized as an interest-based class of  negotiation.

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  • However, a principled negotiations is limited because it can fail to settle dispute or conflict even if a parties has the highest intentions and negotiating skills.

In conclusion, the reason principled negotiation would be the most suitable strategy in international trade negotiation is because it helps a party to leverage his/her principles of the opponent to win the negotiation.

Read more about principled negotiation

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6 0
2 years ago
For each cost pool, identify an appropriate cost driver.
nikklg [1K]

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order department

8 0
3 years ago
If management and union officials cannot resolve a grievance, a(n) _________ is asked to listen to the arguments of each side an
worty [1.4K]

Answer: Arbitrator

           

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Arbitration is a mechanism during which a conflict is settled by a neutral arbitrator whose judgment has been decided or declared by the respondents to the conflict will be definitive and binding. Testing and challenges of arbitration judgments are minimal.

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Suppose that the profit maximizing level of output for the monopolist is 100​ units, and atc​ = $45.00; mc​ = $35.00; mr​ = $35.
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I would go with d because wouldn’t you times 35.00$ by 100
6 0
3 years ago
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