Answer:
option (D) 10.34
Explanation:
The inventory turnover ratio for 2016 will be given as:
= [Cost of goods sold ] ÷ Average inventory
also,
Cost of goods sold in 2016 = $148,669
Average inventory = [ 2015 inventory + 2016 inventory ] ÷ 2
= [ 14,001 + 14,760 ] ÷ 2
= 28761 ÷ 2
= 14,380.5
Therefore,
The inventory turnover ratio for 2016 = $148,669 ÷ 14,380.5
= 10.34
Hence,
The answer is option (D) 10.34
Answer:
(C) Debit Cash, credit Unearned Revenue.
Explanation:
The journal entry is shown below:
Cash A/c Dr $2,000,000
To Unearned revenue A/c $2,000,000
(Being the receipt of cash is recorded)
Since the cash is received so we debited the cash account as it increases the current assets and credited the unearned revenue account as it is a current liability account so the same is to be credited
Answer:
A common rule of thumb for budgeting for charitable donations uses the concept of the 50/30/20 split for your budget. The other portion is for your wants: About 30 percent of your budget goes into this category, which might include vacations, gifts, or date nights.
