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lapo4ka [179]
3 years ago
6

Mackalya is an office secretary at the "All American Office Products Company." This Company sells office supplies and office equ

ipment. The secretary fills the copy machine with paper. Did the secretary use inventory as described in Chapter 4? If Mackalya did not use inventory, what did she use? What is inventory? Suppose Mackalya was out of paper in the office; so she went out into the sales area of the facility and took 8 boxes of paper from the sales area and brought them back to use in the office. What journal entry should be made. When a Company sells inventory, the dollars leave the inventory account and go to what account? Make sure to answer all parts of this question.
Business
1 answer:
Bogdan [553]3 years ago
6 0

Answer:

1. Yes; Journal entry

2. Debit- Printing & Stationery Expense $160 (value for 8 boxes)

Credit- Cost of goods sold or Trading account A/c $160

3. Leaves to the cost of goods sold account

Explanation to:

1. Mackalaya used inventory. Remember, inventory is a term used to refer to all the merchandise (goods or products) a company has at the moment in stock.

2. The Journal entry to be made would be

Debit- Printing & Stationery Expense $160 and Credit this value to Cost of goods sold or Trading account A/c section of the Journal entry.

3. Remember, the cost of goods sold cares for all inventory sales, therefore it would be credited with value of the inventory item sold by the company.

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When Anhueser Busch InBev sells Budweiser beer made in St. Louis, MO, to Germany, the sales of its product would be classified a
kvasek [131]

Answer:

Export.

Explanation:

When a company sells its assets to a buyer in another country it is considered an export as the company is no longer considered an asset of the country of origin.

So when Anhueser Busch InBev sold Budweiser beer made in St. Louis, MO, to Germany, it carried out a United States export to Germany.

6 0
3 years ago
What do we call the board members who are part of a company's senior management team appointed by shareholders to provide the bo
wlad13 [49]

Answer: Option C

   

Explanation: In simple words, inside directors refers to the individuals who holds significant position or stake in the company along with the position in the broad of directors committee.

These individuals are appointed by the shareholders and are obligated to represent truther point of view and act in their best interest. They are of high power in the company as they have significant potion in the management as well along wight the privileges of the board of director.

Hence the correct option is C.    

 

7 0
3 years ago
Production Budget Pasadena Candle Inc. projected sales of 64,000 candles for January. The estimated January 1 inventory is 2,600
icang [17]

Answer:

Production budget:

Projected sales= 64,000

Ending inventory= 7,000

Beginning inventory= (2,600)

Total= 68,400 units

Explanation:

Giving the following information:

Pasadena Candle Inc. projected sales of 64,000 candles for January. The estimated January 1 inventory is 2,600 units, and the desired January 31 inventory is 7,000 units.

Production budget= projected sales + ending inventory - beginning inventory

Production budget:

Projected sales= 64,000

Ending inventory= 7,000

Beginning inventory= (2,600)

Total= 68,400 units

3 0
3 years ago
Which factors may influence a company's choice of inventory cost flow assumption?
Oxana [17]

inventory cost flow assumption influence by tax implications of choice ,financial statement effect, actual physical flow of inventory.

<h3>What Is Cost Flow?</h3>

The way or channel that costs move through a company is referred to as the flow of costs. The flow of costs typically pertains to manufacturing businesses where accountants are required to quantify expenses associated with raw materials, work in progress, finished goods inventory, and cost of goods sold.

Four commonly acknowledged methods—specific cost, average cost, first-in, first-out (FIFO), and last-in, first-out—are available for allocating expenses to ending inventory and cost of goods sold (LIFO).

To know more about Cost Flow visit:

brainly.com/question/13621345

#SPJ4

7 0
1 year ago
Joe quits his computer programming​ job, where he was earning a salary of ​$65,000 per​ year, to start his own computer software
Verizon [17]

Answer:

The accounting cost and the economic cost associated with​ Joe's computer software business is $75,00 and the $165,000 respectively.

Explanation:

The computation of the accounting cost and the economic cost is shown below:

Accounting cost =  Other Expenses + Salary paid to himself

                           = $35000 + $40,000

                           = $75,000

Economic cost = Accounting cost + Salary expense + Rent expenses

                        = $75,000 + $65,000 + $25,000

                        = $165,000

8 0
3 years ago
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