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Kryger [21]
2 years ago
9

Which account will a merchandising business close out at the end of the year?

Business
1 answer:
Paha777 [63]2 years ago
8 0

Answer: B. Sales returns and allowances

Explanation:

Accounts receivable is not closed out because people will still be owning at year end. Prepaid Insurance is an unrecognized payment for an expense in another period so it is not closed out either.

Land is a fixed asset so it is not closed and Accumulated depreciation will be left open to keep depreciating assets.

Only account that will be closed is the Sales returns and Allowances account as these are periodic entries and so should be closed out in the period.

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Rhett corporation manufactures and sells dress shirts. each shirt (unit) requires 3 yards of cloth. selected data from rhett's m
marissa [1.9K]

Rhett corporation's  Plan on budgeted purchasing in may is 97,600 yards

Explanation:

Opening inventory of May = Closing inventory of April = 2100 yards

Budgeted production of May = 32,000 units

Closing inventory of May  = 2800 yards

Required inventory for producing 32,000 units

= 32,000 × 3 yards (per unit production of shirt) = 96,000 yards

 Plan on purchasing in may

 = Total yards needed - opening inventory + closing inventory

 = 96,000 - 2100 + 2800 = 97,600 yards

= 96,000 - 2100 + 2800 = 97,600 yards

4 0
3 years ago
when comparing a retail business to a service business, the financial statement that changes the most is the
Leona [35]

Answer:

The income statement.

7 0
3 years ago
According to the long-run Phillips Curve:
Oxana [17]

Answer:

c. fiscal and monetary policies that impact aggregate demand do not impact the natural rate of unemployment.

Explanation:

Short run Philips Curve is downward sloping, due to inverse relationship between unemployment rate & inflation rate. High economic activity implies more inflation rate, less unemployment. Low economic activity implies less inflation rate, more unemployment.

However, the inverse relationship between inflation & unemployment is only in short run & not in long run. In long run, this inflation - unemployment trade off doesn't exist. So, any fiscal or monetary policy affecting aggregate demand & consecutively inflation rate, do not affect the natural rate of unemployment (combination of frictional & structural unemployment rate) in long run.

7 0
3 years ago
Devin wants to purchase DEF stock for a specified price of $40.00 or less, and he understands this request will be executed afte
Lemur [1.5K]

Answer:

He should use a limit order.

Explanation:

Limit order is given to a broker to buy a stock at a specified price or a price that is better that the specified price. Here Debin order will be executed at a price $40 or below when he places a limit order .

Therefore, He should use a limit order.

3 0
3 years ago
The beliefs and values you were raised with are part of your ____________.
Anika [276]
I am guessing culture, because your culture is your tradition and religion which are your beliefs and values.
5 0
3 years ago
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