1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
Which two tasks does a public affairs officer do?
spayn [35]

Answer:

planning publicity strategies and campaigns. writing and producing presentations and press releases. dealing with enquiries from the public, the press, and related organisations. organising and attending promotional events such as press conferences, open days, exhibitions, tours and visit.

8 0
3 years ago
Is debt finance the same as debt capital?
sveticcg [70]

Answer:

no they are not the same hope this helps

7 0
3 years ago
You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are m
alina1380 [7]

Answer:

Explanation:

The comparison of psychological benefits to actual tangible costs depends on the individual in question. If the individual is constantly stressed to the point which the stress is affecting his/her health, work performance, mood, behavior around family, etc. then the tangible costs of going on vacation may be worth it. This is because a vacation would provide a moment of relaxation which would relieve all of that individual's stress and in doing so improve the individual's work performance, health, and overall quality of life. Therefore, the comparison between physical benefits to costs is always going to be a personal opinion.

5 0
3 years ago
Vivian worked as a manager at her company. She was asked to order a few cars that would be used by company employees. Which best
Arada [10]

To ensure that her company is being socially responsible, Vivian should ensure that the cars are environmentally friendly. Being socially responsible means you do what is best for planet, people, and profits. In this case, taking care of the planet means choosing the car that is the most environmentally friendly.

3 0
3 years ago
Which Command Staff member approves the Incident Action Plan and all requests pertaining to the ordering and releasing of incide
____ [38]

Answer: Incident commander

Explanation: Incident commander is that individual on whose authority, the whole team responding to an incident will act. Incident commander is responsible for setting priorities and objectives while acting on an incident.

These types of designations are usually given to the heads of relief teams acting on some disaster or natural calamity.

Hence from the above we can conclude that the right option is D.

4 0
3 years ago
Other questions:
  • What is the name for a segment of a consumer market that has specialized product needs?
    12·1 answer
  • Suppose over the last year that the price of recycled aluminum increased from $800 a ton to $900 a ton. over the same time a mea
    14·1 answer
  • What is the answer to 2/3x8
    10·1 answer
  • Terry Industries produces two electronic decoders, P and Q. Decoder P is more sophisticated and requires more programming and te
    5·1 answer
  • Barker Company paid cash to purchase two identical inventory items. The first purchase cost $18.00 cash and the second cost $20.
    7·1 answer
  • What is the yield to maturity of a bond that as a face value of $1,000, is currently selling for $980, has a 5% coupon (paid sem
    13·1 answer
  • The risk free rate of return is 2.5% and the market risk premium is 8%. Rogue Transport has a beta of 2.2 and a standard deviati
    6·1 answer
  • Anyone wants my number for 84 points
    12·1 answer
  • You are given the following information with respect to a bond: par value: 1000 term to maturity: 3 years annual coupon rate 6%
    5·1 answer
  • According to mesmer-magnus and viswesvaran, organizational employees have three options to address an unsatisfactory situation f
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!