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Deffense [45]
3 years ago
9

Creating a budget is about your wishes and hopes for what you want your income to be.

Business
1 answer:
PIT_PIT [208]3 years ago
7 0

Answer:

False.

Explanation:

Creating a budget is not about your wishes and hopes for what you want your income to be, but must be done by having a realistic perception of the income and expenses that each person has from month to month. In this way, you can project responsibly, avoiding incurring debts or other negative consequences.

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Assume that three identical units of merchandise were purchased during October, as follows: Units Cost October 5 Purchase 1 $5 1
den301095 [7]

Answer:

Cost of merchandise sold = $ 28

Gross profit = $ 13

The ending inventory under the LIFO method = $ 18

Explanation:

Given:

October 5,

Purchased units =  1

Unit cost = $5

on October  12,

Purchased units = 1

Unit cost = $ 13

On October 28,

Purchased unit = 1

Unit cost = $ 15

Total cost of the 3 units purchased = $33

Now, the unit sold on October 31 will be the unit purchased in the end i.e on October 28

thus,

Cost of merchandise sold = $ 28

Gross profit = Selling price of the unit - Unit price of purchase

or

Gross profit = $ 28 - $ 15 = $ 13

now, the ending inventory under the LIFO method = $ 5 + $ 13 = $ 18

4 0
3 years ago
Read 2 more answers
What legal action can be taken against a bully in the workplace?
guapka [62]
The employer can be sued
5 0
3 years ago
Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system.
marta [7]

Answer:

Evans Company

General Journal

Part a.

Debit : Cash $645

Debit : Cost of goods sold $375

Credit : Sales Revenue $645

Credit : Merchandise $375

Part b.

Debit : Cash $432

Debit : Cost of goods sold $195

Credit : Sales Revenue $432

Credit : Merchandise $195

Part c.

Debit : Accounts Receivable $670

Debit : Cost of goods sold $438

Credit : Sales Revenue $670

Credit : Merchandise $438

Part d.

Debit : Credit Card fees $85

Credit : Cash $85

Explanation:

The Perpetual inventory system calculates the cost of sale and inventory balance on each and every sale made hence the journals above.

4 0
3 years ago
Messaging systems range from semi-public systems such as standard text messaging on mobile phones, to private systems that are c
Taya2010 [7]

Answer:

True.

Explanation:

Messaging systems range from semi-public systems such as standard text messaging on mobile phones, to private systems that are closed to anyone outside of invited members.

A messaging system can be defined as an electronic device which enables users to send text messages to one or more users depending on the configuration and it ranges from semi-public systems to private systems.

In a semi-public messaging system, messages can be sent between users with little or no restriction to who can send or receive these messages. An example is sending short standard text on mobile phones.

On the other hand, a private messaging system is a type of system that denies access to individuals outside of the group, only invited members are able to send and receive messages.

7 0
3 years ago
Dunphy Company issued $20,000 of 8.5%, 10-year bonds at par value on January 1. Interest is paid semiannually each June 30 and D
Rashid [163]

Answer:

(a)

January 1  Cash                      20000 Dr

                      Bonds Payable      20000 Cr

(b)

June 30    Interest expense    850 Dr

                          Cash                       850 Dr

Explanation:

a.

The bonds are issued at par value thus full cash equal to the par value of these bonds will be received on the issuance date.

b.

The ineterst is paid at 8.5% annually. The annual interest oayment equals 20000 * 0.085 = 1700

As this is paid semiannually in equal installments, the semi annual payment for interest on June 30 will be 1700 / 2 = $850

4 0
3 years ago
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