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geniusboy [140]
2 years ago
12

Melanie graduated from the College of Business at the University of Arizona. What type of higher education Institution did she a

ttend?
OA.
A college
OB.
A university
Ос.
A technical school
OD. A professional school
Business
1 answer:
Rom4ik [11]2 years ago
8 0
She attended a university
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According to the basic double entry principle of accounting, we
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Answer:

D. Any of the above, depending on the transactions​

Explanation:

The double entry principle simply means that any accounting transaction has two records: one credit, and one debit, and it depends on the nature of the transaction, and of the accounts involved which specific value is credited and which one is debited.

For example, if a firm purchases 100$ of office supplies with cash, the credited account is cash, because cash is reduced by $100, while the office supplies account is debited by the same value.

If a firm sells 100$ of office supplies instead, the office supplies inventory is credited for this value, while the same amount of cash is debited for this same amount.

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3 years ago
The Jones family has a disposable income of $90,000 annually. Assume that their marginal propensity to consume is 0.8 (the Jones
oksian1 [2.3K]
The Jones Family has an annual consumer spending of $82,000. This is calculated using this formula: C = A +MD where C is the consumer spending, A is the autonomous consumption spending, M is the marginal propensity to consume, and D is the disposable income. Thus, the calculation is C = $10,000 + (0.8)($90,000). Giving C a value of $82,000.
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3 years ago
A 25-year old client with a low risk tolerance wishes to invest in bonds. The client has invested in equities before, but has no
Gnesinka [82]

Answer: C. AA-rated short-term bonds

Explanation:

It was stated that the client has a low risk tolerance. Therefore, to reduce the credit risk, investment grade bonds are appropriate (BBB or higher). To reduce the interest rate risk, short-term maturities will be preferable to long-term maturities. Both of these factors will result in a safer bond investment.

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3 years ago
Shoe manufacturers are not going to buy much more leather if the price of leather falls, nor will they buy much less leather if
IgorC [24]

Answer:

A) inelastic demand

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Demand is inelastic if a change in price has no effect on quantity demanded.

Changes in price has no effect on quantity of leather demanded. Therefore, the demand for leather is inelastic.

Direct purchasing is buying raw materials used in the production process.

Straight rebuy is purchasing similar goods from the same supplier under similar conditions.

Modified rebuy is purchasing similar goods either from a different supplier or in a different condition.

4 0
3 years ago
Canton Trade Mart has recently had lackluster sales. The rate of inventory turnover has​ dropped, and the merchandise is gatheri
Tomtit [17]

Answer:

Explanation:

Canton Trade Mart has recently had lackluster sales. The rate of inventory turnover has​ dropped, and the merchandise is gathering dust. At the same​ time, competition has forced Canton​'s suppliers to lower the prices that Canton will pay when it replaces its inventory. It is now December​ 31, 2018​, and the net realizable value of Canton​'s ending inventory is $ 50,000 below what the company actually paid for the​ goods, which was $270,000. Before any adjustments at the end of the​ period, the Cost of Goods Sold account has a balance of $760,000.

a. What accounting action that Canton should take in this​ situation is inventory write down - from cost to net realizable Value as is prescribed by financial reporting standards.

b. Give any journal entry required.

JOURNAL ENTRY

Dr. Cost of Goods Sold......(270,000 - 50,000)...$220,000

Cr. Inventory...................................................................................$220,000

Being inventory write down of closing inventory to net realizable value at year end.

c. At what amount should the company report Inventory on the balance​ sheet?

Net Realizable Value of  $50,000

d. At what amount should the company report Cost of Goods Sold on the income​ statement?

Cost of Goods Sold had a previous account balance of $760,000 and will now include the inventory write down of $220,000 making $980,000

e. Discuss the accounting principle or concept that is most relevant to this situation.

International Accounting Standard 2 (IAS 2) stipulates that inventory should be carried at the <u>lower of Cost or Net Realizable Value</u>

<u />

6 0
3 years ago
Read 2 more answers
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