Answer:
C) the merchandise inventory balance reflects the ending inventory.
Explanation:
When a company uses the periodic inventory system, inventory records are updated only at the end of each accounting period. The periodic inventory system records cost of goods sold (COGS) at the end of the accounting period after the inventory records have been updated.
Answer:
$59, 768.7
Explanation:
The ROS (Return on sales) of a company is a ratio used to evaluate a company's operations to how much profit they make per dollar of sales.
Since the company's goal is to increase sales by $417,963 this year they would need to reduce their logistics cost.
We use the formula
ROS =
Operating profit / (Net sales or expected Net sales)
We therefore substitute the formula:
The Operating profit= ROS X Net sales expected
14.3% x $417, 963 = $59, 768
The answer i your question is B I believe
Answer:
C) credit to Note Payable of $1,000,000
Explanation:
The complete journal records for November 1, 2018 are:
- Dr Cash account 100,000
- Cr Notes Payable account 100,000
The company received $100,000 in cash. Since cash is an asset and it increased when the bonds were issued, it should be debited.
The company has to pay a note worth $100,000. Since notes payable is a liability and it increased when the bonds were issued, it should be credited.
