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MrMuchimi
4 years ago
14

A closing process under the periodic inventory​ system, ________. A. Sales Revenue is closed with a credit via the Income Summar

y account B. the beginning Merchandise​ Inventory, Purchases, and Freight In are closed with a debit via the Income Summary account C. Purchase Returns and Allowances and Purchase Discounts accounts are closed with a credit via the Income Summary account D. the ending merchandise inventory balance must be recorded as a debit via the Income Summary account
Business
1 answer:
MAXImum [283]4 years ago
6 0

Answer:

The correct answer is D. the ending merchandise inventory balance must be recorded as a debit via the Income Summary account.

Explanation:

In the periodic inventory, purchases of merchandise or raw material are not accounted for in the asset (Inventories), but are accounted for in the purchases account. At the end of the period, with the value accumulated there, the inventory set is made to determine the cost of sale.

  • Returns of purchased merchandise are also posted to the purchasing account.
  • Sales are accounted for in the respective income ditch, as is the return on sales.

When the inventory set is made, the physical count is made and the final inventory is determined, this final inventory is accounted for in the asset account (Inventories).

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Arthur Rabe is suing Xavier Sanchez for breaching a contract in which Sanchez promised to sell Rabe a Van Gogh painting for $150
OLEGan [10]

Answer:

Remedies

a. The suing party is called the plaintiff. The party being sued is the defendant. Therefore, since Arthur Rabe wants to sue Xavier Sanchez. Rabe is the Plainttiff and Sanchez is the Defendant.

b. If Rabe wants Sanchez to perform the agreement as promised, Rabe would seek remedy of Specific performance of Contract from the Court. Failure to do so will attract charges.

c. If Rabe wants the contract to be cancelled, then Rabe would ask the court for a rescission which is the cancellation of a contractual obligation.

d. The term remedies refers to a legal means to enforce a right or redress a wrong. Remedies of law include land, items of value or money. Remedies in equity includes specific performance, injunction and rescission. Thus, both remedies in part b and c are remedies in equity.

e. The party appealing a case is called the appellant or petitioner while the appellee is the party against whom the appeal is taken. So Sanchez would be the appellant and Rabe would be the respondent.

7 0
3 years ago
As part of her retirement planning, Mrs. Campbell purchases an annuity that pays compounded quarterly. If the quarterly payment
melisa1 [442]

Answer: $88289.8

Explanation:

Here's the complete question:

As part of her retirement planning, Mrs. Campbell purchases an annuity that pays 9.5% compounded quarterly. If the quarterly payment is $3,500, how much will Mrs. Campbell have saved in 5 years?

The future value of an annuity will be calculated using the formula:

= A((1+r)^n)-1)/r

Where,

A = the annuity payment = 3500

r = the interest rate = 9.5% compounded quarterly = 9.5% / 4 = 0.095 / 4 = 0.2375

n = the number of time periods = 4 × 5 = 20

We then substitute the values and we will get:

= A((1+r)^n)-1)/r

= 3000 × (1.02375^20-1) / 0.02375

= $88289.8

7 0
3 years ago
Explain why it is important for
Kazeer [188]

Explanation:

Cause they are expert in that kind of task will make thing look faster and easy to deal with while having any problems that arise on the long run of the business, experts will have a ways of making solutions to that cause they have deal with series of serious issues relating to that

5 0
3 years ago
In the infamous Coke-New Coke taste test, 54 percent of consumers, using a blind taste test, preferred the New Coke formula to t
Marta_Voda [28]

Answer:

quantitative marketing research method

Explanation:

Quantitative marketing research method -

It is a marketing research method , where some survey , polls are conducted in order to get true information about the goods and services , is referred to as quantitative marketing research method .

The method helps to get information about the product in a very fair manner by the consumers , so as to consider the likes and dislikes of the consumers .

The method like blind tests and surveys are used to perform this method .

Hence , from the given scenario of the question ,

The correct answer is quantitative marketing research method .

8 0
3 years ago
A profit-maximizing firm in a competitive market that is producing on a production curve where the marginal product of labor is
Dafna1 [17]

Answer: A. a downward-sloping labor demand curve.

Explanation:

The labor demand curve is plotted with the quantity of labor demanded vs the real wages paid to labor. In a firm that is producing in a market with a diminishing marginal product of labor, the demand curve will be downward sloping to reflect that the more labor that a company has, the less it pays them.

This is because the extra labor is bringing in less additional revenue and so will need to be paid accordingly to reflect that as more labor is hired, the output decreases.  

8 0
4 years ago
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