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3 years ago

Permanent accounts would not include: a. Accumulated depreciation b. Cost of goods sold. c. Current liabilities d. Inventory

Business

1 answer:

SCORPION-xisa [38]3 years ago

8 0

Answer:

The correct answer is letter "B": Cost of goods sold.

Explanation:

Permanent accounts are those that do not close at the end of a period because their values are measured cumulatively. They include asset, liability, and capital accounts. Permanent accounts are reported in the Balance Sheet. They are the opposite of temporary accounts which are closed period by period.

Asset accounts such as accumulated depreciation and inventories or Liability accounts like current liabilities are considered permanent accounts. Cost of goods sold is considered a temporary account.

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In a barter system, a baker is MOST LIKELY to A) earn money from creating bread. B) buy wheat from a farmer. C) sell bread to a

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Barter means exchange since there was no currency back then so the answer would be D.

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2 years ago

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You receive a call from "Credit Services." The person on the line compliments you on your great credit history and also informs

Murrr4er [49]

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3 years ago

A company purchased a delivery van for $23,000 with a salvage value of $3,000 on September 1, Year 1. It has an estimated useful

kaheart [24]

Answer:

It will recognize 1,333.33 Depreciaton expense

for December 31th, year 1

Explanation:

The straight-line Method is simply and easy to understand, It distribute the depreciation equally between years. So that implies that the formula should be:

$\frac{Adquisition \: Value- \: Salvage \: Value}{useful \: life}= Depreciation \: coplete \: year$

(23,000 - 3,000) / 5 = 20,000 / 5 = 4,000

Now we have to calculate the proportion

4,000 x 4/12 time in company's possesion = 1,333.33 depreciation

September + October + Novemember + December = 4 months

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2 years ago

Identify the incorrect statement about trade barriers. They may limit a firm's ability to serve a country from locations outside

son4ous [18]

Answer:

They may put a firm at a competitive advantage to indigenous competitors

Explanation:

Trade barriers is when the government put up barriers to import. The goal of this is to increase local production of goods and services.

Trade barriers can be in the form of quotas or import taxes

Trade barriers makes the import of goods more expensive and this discourages imports

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2 years ago

Following is a partial process cost summary for Mitchell Manufacturing's Canning Department. Equivalent Units of Production Dire

tensa zangetsu [6.8K]

Answer:

5. $232,000.

Explanation:

The computation of the total conversion costs transferred out of the Canning Department equals to

= Number of units completed and transferred out × Cost per equivalent unit

= 80,000 units × $2.90

= $232,000

In order to find out the total conversion cost, we simply multiplied the number of units completed and transferred out with the cost per equivalent unit

3 0

2 years ago