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Amanda [17]
3 years ago
5

At the end of the year, inventory has a cost of $200,000 and a net realizable value of $195,000 due to normal business circumsta

nces. Prepare the year-end adjusting entry, if any, for inventory using the lower of cost or net realizable value approach. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
pishuonlain [190]3 years ago
4 0

Answer:

The answer is given below;

Explanation:

The adjusting entry will be;

Income Statement             Dr.$5,000

Inventory                             Cr.$5,000

As the NRV is less than cost,therefore difference amount will be charged to profit and loss account.

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NEED HELP ASAP, WILL GIVE BRAINLIEST
Sholpan [36]
What new laws to the New York factory investigating commissions request check all that apply

1. no factory workers under age 10
3. a minimum wage for all workers
4. increased sanitation standards
3 0
2 years ago
The ________ created a multimember executive, whereas the ________ created a one-person executive
4vir4ik [10]
<span>The looser interpretation of the law created a multimember executive whereas the strict interpretation created a one-person executive. This filling in of the blanks creates an appropriate and meaningful sentence. Laws may be open to various interpretations. If "person" was thought to be a singular physical person, that would give rise to a strict interpretation for the purposes of the law and a "one-person executive". Operational definitions are important, and "person" could be interpreted as an "entity" or a "collective" in which case the looser interpretation of a law would be at play to create the "multi-member executive".</span>
5 0
2 years ago
Spalkyn, a footwear company, allows its customers to shop online on its website or mobile app or at its physical stores. At the
Svetach [21]

Answer:

Ownership utility

Explanation:

Based on the information provided within the question it can be said that in this scenario Spalkyn most likely provides Ownership utility. This term refers to when a company allows for the orderly transfer of their goods or services to the buyer. Which is what Spalkyn does by giving their customers various different options when purchasing their goods, so that they can choose whichever option is easiest for them.

6 0
3 years ago
Whitewater Rapids provides canoes to tourists eager to ride Whitewater river's rapids. Management has determined that there is o
alina1380 [7]

Answer:

Expected loss without insurance = $850

Explanation:

Given:

Probability to got injured or killed = 1 / 1000

Law suit average cost = $850,000

Deductible insurance = $100,000

Expected loss without insurance = ?

Computation of Expected loss without insurance:

Expected loss without insurance = Lawsuit average cost × Probability to get injured or killed

Expected loss without insurance = $850,000 × (1 / 1000)

Expected loss without insurance = $850

8 0
3 years ago
Suppose a basket of goods and services has been selected to calculate the CPI and 2012 has been selected as the base year. In 20
Evgesh-ka [11]

Answer: 2016 CPI is 110

Explanation:

Given the following :

Base year = 2012

Cost of basket in 2012 = $50

Cost of basket in 2014 = $52

Coat of basket in 2016 = $55

The Consumer Price Index (CPI) is calculated using the formula :

CPI = (weighted cost item in current period / weighted cost of item in base period) × 100

Base period / year = 2012

Current period = 2016

Therefore, 2016 CPI equals;

($55 / $50) × 100

= 110

8 0
3 years ago
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