Answer:
No, price need not be in the contract for the sale of goods under the Uniform Commercial Code, so long as the quantity is specified.
Answer:
- Credit to Accounts Receivable
- Debit to Cash
Explanation:
Accounts Receivable is an asset account that represents the cash owed to the company by customers who bought goods or services on credit.
When the credit is paid, the accounts receivable account will reduce and so will be credited because assets are credited when they reduce.
Cash on the other hand will be debited to show that it has increased as assets are debited when they increase.
Answer:
a) will report lower earnings during rising prices of inputs and pay lower taxes
The reason for this is that when input prices are rising, the inventory bought last is the most expensive and the inventory bought first is the least expensive. So when using LIFO during rising prices of inputs the company will report a higher cost of goods sold as the inputs bought later cost more. This will lower their earnings and taxes.
Explanation:
Answer:
The correct answer is C
Explanation:
Specialty retailer is the kind of retailer whose focus is on a particular categories of the product like office supplies or women's clothing.
So, in this case, David decided to host a party of Pampered Chef and he could purchase the items of the Pampered Chef at a discount and even the free items as he is hosting a party. So, Pampered Chef will be classified as the specialty retailer.
Answer:
$1,100
Explanation:
Computation for the Work-in-Process transferred to the finished goods warehouse on April 30
Work-In-Process Inventory, April 1 300
Direct materials used in production 225
Direct labor costs incurred 400
Manufacturing overhead costs 350
Less Work-In-Process Inventory, April 30 ($175)
Work-in-Process transferred to the finished goods warehouse $1,100
Therefore the Work-in-Process transferred to the finished goods warehouse on April 30 will be $1,100
