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Otrada [13]
3 years ago
5

Periodic review systems are best suited for the C category of items under the ABC classification scheme.

Business
1 answer:
sveticcg [70]3 years ago
7 0

Answer:

a. True

Explanation:

ABC classification scheme refers to item analysis that is based upon the principle that there are many less critical items and few critical items by dividing on-hand inventory into three classes which is generally based upon annual dollar volume as follows:

"A items" have very tight control and accurate records

"B items" does not have a tight control and good records

"C items" have minimal records, periodic review, and and characterized by simple controls.

From the above explanation, it is therefore <u>true</u> that periodic review systems are best suited for the C category of items under the ABC classification scheme.

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Bond prices and yields Assume that the Financial Management​ Corporation's ​$1 comma 000​-par-value bond has a 7.800 % ​coupon,
Neporo4naja [7]

Answer:

(a) Dollar price of the​ bond = Par value × Current price percentage

                                             = $1,000 × 106.124%

                                             = $1,061.24

(b) Bond's current yield:

Annual interest paid in dollars = Bond par value × Rate of interest

                                                  = $1,000 × 7.8%

                                                  = $78

Current\ yield = \frac{Interest}{Bond\ value}

Current\ yield = \frac{78}{1,061.24}

                              = 0.0734

                              = 7.34%

(c) Issue price of bond is $1,000 and current maturity price is $1,061.24. Thus, bond price is greater than the par value.

(d) Current yield is the return on bond at current price. Yield to maturity is 6.588 % and current yield is 7.34%. Since the current price is more than the par value, therefore, YTM is lower than the current yield.

3 0
3 years ago
How does a payroll accountant use the information in the General Ledger? (You may select more than one answer. The account balan
son4ous [18]

Answer: General Leger account balances aggregate data to determine payroll costs .

The account balances form the basis for accounting reports.

Explanation: a General ledger is defined as the central accounting record of a company or organization consisting of the accounts that support the value items shown in the major financial statements.

The general ledger provides information of accounting reports which in turn is used to balance aggregate data to determine payroll costs .

4 0
3 years ago
On December 31, 2017, Extreme Fitness has adjusted balances of $980,000 in Accounts Receivable and $91,000 in Allowance for Doub
m_a_m_a [10]

Answer:

Account receivable = $889,000

Explanation:

The company would record as net receivables, the total amount on accounts receivable less total amount on the allowance for uncollectible account.

The above means that the balance would represent the amount of credit that has gone bad hence the value represent balance on net receivable account.

Therefore,

Accounts receivable

= Adjusted balance in accounts receivable - Allowance for doubtful account

= $980,000 - $91,000

= $889,000

3 0
3 years ago
Cost of transporting raw materials in the manufacture of steel is unimportant in considerations of where to locate a steel mill.
V125BC [204]

Answer:

The correct answer is False.

Explanation:

The manufacture of iron and steel involves a series of complex processes, whereby iron ore is extracted to produce steel products, using coke and limestone. The conversion processes follow the following steps:

(a) coal coke production, and by-product recovery,

(b) mineral preparation (eg, synthesize and form pellets),

(c) iron production,

(d) steel production, and

(e) casting, laminating and finishing.

You can perform these steps in a single installation, or in several completely separate locations. In many developing countries, scrap steel is manufactured in an electric arc furnace. Therefore, steps (a) through (c) may not always be applicable to all steelmaking projects. An alternative way to produce steel is that of direct reduction, using natural gas and hydrogen. The product of this process, spongy iron, becomes a steel arc furnace; then the ingots melt, and for this the non-flat products are produced with one or two laminators. They are called "mini factories".

4 0
3 years ago
Powell Company began the Year 2 accounting period with $20,000 cash, $60,400 inventory, $48,600 common stock, and $31,800 retain
jekas [21]

Answer:

Explanation:

1

Dr Accounts Receivable  74600                    

   Cr Sales Revenue   74600                  

Dr Cost of Goods Sold   37900                    

    Cr  Inventory     37900                  

2

Dr Freight Out  310                    

   Cr Cash     310                  

3

Dr Sales Revenue   3880                    

   Cr Accounts Receivable   3880

Dr Inventory    1910                    

 Cr Cost of Goods Sold    1910                  

4

Dr Sales Revenue   1160                    

   Cr Accounts Receivable    1160                  

5

Dr Cash   53300                    

   Cr Accounts Receivable A/c   53300                  

3 0
3 years ago
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