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
Karolina [17]
3 years ago
6

If the physical count of inventory showed $158,000 of inventory on hand and the inventory records reported $163,000, what would

be the necessary adjusting entry to record inventory shrinkage? a. debit cost of Goods Sold, $163,000; credit Inventory, $158,000 b. debit Inventory, $5,000; credit Cost of Goods Sold, $5,000 c. debit cost of Goods Sold, $5,000; credit Inventory, $5,000 d. debit Inventory, $158,000; credit Cost of Goods Sold, $158,000
Business
1 answer:
victus00 [196]3 years ago
7 0

Answer:

C. Debit Cost of goods Sold $5,000;

Credit Inventory $5,000

Explanation:

Preparation of the necessary adjusting entry to record inventory shrinkage

Since  we assumed  that the physical count of inventory showed $158,000 of inventory on hand and the inventory records reported $163,000 the first step to do is to find the difference  between the two amount which is ($163,000-$58,000) given us a different of $5,000 which will now be recorded as:

Debit Cost of goods Sold $5,000

(163,000-158,000)

Credit Inventory $5,000

You might be interested in
If the physical count of inventory showed $158,000 of inventory on hand and the inventory records reported $163,000, what would
victus00 [196]

Answer:

C. Debit Cost of goods Sold $5,000;

Credit Inventory $5,000

Explanation:

Preparation of the necessary adjusting entry to record inventory shrinkage

Since  we assumed  that the physical count of inventory showed $158,000 of inventory on hand and the inventory records reported $163,000 the first step to do is to find the difference  between the two amount which is ($163,000-$58,000) given us a different of $5,000 which will now be recorded as:

Debit Cost of goods Sold $5,000

(163,000-158,000)

Credit Inventory $5,000

7 0
3 years ago
2. If you run out of legal pads at home and there are several cases of legal pads at work, what
Tresset [83]

We have to ask our coworkers if they think it is okay if we take one.

Option C

<u>Explanation: </u>

In work ethics, workers are not permitted to work stationary for home use because the content is meant to be used for workplace purposes. A legal pad can be removed without permission from school, and stealing should therefore be discouraged. Consult with the store man in charge to permit you to take the office to be used at home.

In fact, materials at work are designed to enable people to do their job. Therefore you don't just steal items, you also every the workplace's capacity. And afterwards the time comes for the individual to work with the supplies that were missing. You rob profitability, thus.

7 0
3 years ago
Read 2 more answers
2. What are the advantages of utilizing a targeted marketing strategy?
aleksklad [387]

Answer:

Explanation:

Target marketing is a way of focusing your advert on specific people, location, age group, interest, in order to have a maximum yield.when utilizing target marketing strategy, there are a lot of advantages that are attached to it as discussed below;

  1. Precise advertisement ; when you have a target market you are aiming at you will not waste your energy in running numerous advertisements to the target area you only advertise what they need. e.g if a certain area in London demands for ladies bags so often and you make both female bags and male bags, your advert will definitely be on the bags that are demanded more often.
  2. It saves cost ; cost of running advert for so many goods and services will be reduced because you already know your target customers you only advertise what they needed with little money and more result.
  3. Loyalty; when you channel your strength in an area of target you become more reliable and trustworthy and you start to gain loyalty from your existing customers and referrals from them.
  4. Increased customer base your customer base will increase because your customer base has friends and family so they introduce you to them and from there your customer base increases.
8 0
2 years ago
Read 2 more answers
What is the purpose of the pre-accident plan?
Natalija [7]
Having an established plan reduces the confusion that sometimes occurs with an accident. ... As part of the pre-accident planning, assign specific roles or duties to key personnel. These employees control specific aspects of the accident response to keep a handle on the situation. In short form, it is t<span>o establish procedures which result in preventing </span>accidents<span>.</span>
7 0
3 years ago
You have been pricing an MP3 player in several stores. Three stores have the identical price of $500. Each store charges 24 perc
Alja [10]

Answer:

Store A = $9

Store B = $8

Store C = $10

Explanation:

Finance charges calculated by average daily balance finance charges basis, adjusted balance method finance charges basis and Previous Balance Method Finance Charge basis is calculated as follows

Store A:

Average Daily Balance Finance Charge basis = ($500 + $400) /2

Average Daily Balance Finance Charge basis = $450

Finance Charges = $450 x (24% / 12)

Finance Charges = $9

Store B:

Adjusted Balance Method Finance Charge basis = $500 - $100

Adjusted Balance Method Finance Charge basis = $400

Finance Charges = $400 x (24% / 12)

Finance Charges = $8

Store C:

Previous Balance Method Finance Charge basis = $500 - $0

Previous Balance Method Finance Charge basis = $800

Finance Charges = $500 x (24% / 12)

Finance Charges = $10

3 0
3 years ago
Other questions:
  • Thach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. Th
    7·1 answer
  • Agnessa let the management of Acme Global know that she will retire next year. Agnessa job requires specialized skills. Rather t
    11·1 answer
  • The federal organization charged with monitoring illegal workplace discrimination is called the: select one:
    7·1 answer
  • On December 31, 2018, Perry Corporation leased equipment to Admiral Company for a five-year period.
    7·1 answer
  • You need a loan of ​$140,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Bri
    8·1 answer
  • Jacqueline, a brilliant new ph.d. in economics, has turned down many job offers because she hopes eventually to teach at one of
    8·1 answer
  • Forces that act as stimulant for change in an organization
    9·1 answer
  • Escareno Corporation has provided its contribution format income statement for June. The company produces and sells a single pro
    8·1 answer
  • Suppose a country is able to produce a maximum of either 300 units of lumber or 100 units of rice. This country is currently all
    11·1 answer
  • Which organization oversees GAAP for governmental organizations?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!