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Vikki [24]
3 years ago
10

Gullett Corporation had $30,000 of raw materials on hand on November 1. During the month, the Corporation purchased an additiona

l $79,000 of raw materials. The journal entry to record the purchase of raw materials would include a: Multiple Choice debit to Raw Materials of $109,000 credit to Raw Materials of $79,000 debit to Raw Materials of $79,000 credit to Raw Materials of $109,000
Business
1 answer:
Bogdan [553]3 years ago
7 0

Answer:

The journal entry to record the purchase raw material would include a debit to raw material of $79000 and credit to Raw materials of $109000..

Explanation:

Since the raw material is coming into the company, we have debit raw material and the opening balance is already there in the books of the business. hence raw materials increases.

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The Humongous Food Store (HFS) has a turnover ratio of 12. The turnover ratio is revenue divided by average inventory. This mean
Kazeer [188]

Answer: compare his turnover ratio to other grocery stores' ratios.

Explanation: The manager should "compare his turnover ratio to other grocery stores' ratios" since Humongous Food Store (HFS) is losing money but have a turnover ratio of 12.

A turnover ratio of 12 means that they sold everything in the store once per month. Turnover ratio is the percentage of mural fund or portfolio holdings that have been replaced in a given year or 12 months period.

8 0
3 years ago
Situational crime prevention has many elements but one key element states that items which are disposable and can be easily sold
Usimov [2.4K]
Situational crime prevention includes crime <span>prevention strategies that are aimed at reducing the criminal opportunities. </span>
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5 0
3 years ago
Correll Company, which operates a mail-order clothing business, is physically located in State L. This year, the firm shipped $1
Wewaii [24]

Answer:

Correll Company

a. Yes State R residents who purchased Firm L (out-of-state) merchandise owe use tax on their purchases.

b. State R would collect $1,080,000 additional revenue ($18 million * 6%) if Correll was required to collect the use tax at the point of sale and then remit the tax collected to State R.

Explanation:

a) Data and Calculations:

Cost of merchandise to customers in State R = $18 million

State R's sales and use tax on the purchase and consumption of retail goods within the state = 6%

Amount that Correll could collect for State R = $1,080,000 ($18 million * 6%)

b) Note that Correll (Firm L) collecting the State R use tax does not affect State R residents' legal liability to pay the use tax.  Unfortunately, not many people actually remit their self-assessed use tax.

6 0
3 years ago
What is the name of the document that companies use to report quarterly financial results?.
Fynjy0 [20]

Answer:

 Form 10-Q

Explanation:

5 0
2 years ago
), AP At the end of its first year, the trial balance of Wolowitz Company shows Equipment $30,000 and zero balances in Accumulat
Sliva [168]

Based on the depreciation balances and the equipment, the adjustments to the T-accounts and the Balance sheet will be:

Date               Account title                                                Debit         Credit

December 31  Depreciation expense                           $3,750

                      Accumulated depreciation on                                    $3,750

                      equipment

                                                    T account

                                    Depreciation expense Equipment

                                                                    December 31                  $3,750

                                                 T account

                                   Accumulated Depreciation on Equipment

                                                                    December 31                  $3,750

                                             Balance sheet presentation

Assets

Property, Plant, and Equipment:

Equipment                                                            $30,000

Less: Accumulated depreciation                   <u>        ($3,750)         </u>

      Equipment (Net book value)                                                  <u>  $26,250</u>

<h3>What are the entries?</h3>

Depreciation of $3,750 will be debited to the depreciation expense account. The accumulated depreciation account will be credited by the same amount.

In the balance sheet, the equipment value will be reduced by the depreciation amount to $26,250.

Find out more on depreciation at brainly.com/question/1287985.

3 0
2 years ago
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