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3 years ago

Inventory is an _____ . asset expense none of the above

Business

1 answer:

Natalka [10]3 years ago

8 0

Answer:

Inventory is an Asset.

Explanation:

Inventory is an asset because when a company buys an asset, they are investing in it, because they will sell it and make revenue/profit from it.

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Amy and Todd Irving's monthly expenses for June, July, and August are as follows: June: $3,260, July: $3,537, and August: $3,430

Sunny_sXe [5.5K]

The correct answer is $3409

Explanation:

The average refers to the number or value that represents the "mean" or "middle point" in two or more values. Moreover, the general rule to find this value is to add all the values, in this case, it is necessary to add the expenses of the three months, and then divide the total by 3 (number of values) as there are three months. The process is shown below:

$3260 + $3537 + $3430 = $10227

10227 ÷ 3 = 3409

3 0

3 years ago

On March 1, Warwick’s Co., a women’s clothing store, purchased $72,900 of merchandise from a supplier on account, terms FOB dest

Fofino [41]

Answer and Explanation:

The Journal entries are shown below:-

1. Merchandise inventory Dr, $72,900

To Accounts payable $72,900

(Being purchase is recorded)

Here we debited the Merchandise inventory as assets is increasing and we credited the Accounts payable as liabilities is also increasing.

2. Accounts payable Dr, $8,036 ($8,200 - ($8,200 - 2%)

To Merchandise inventory $8,036

(Being merchandise return is recorded)

Here we debited the accounts payable as liabilities is decreasing and we credited the Merchandise inventory as assets is decreasing.

3. Accounts payable Dr, $64,864 ($72,900 - $8,036)

To Cash $64,864

(Being payment is recorded)

Here we debited the accounts payable as liabilities is decreasing and we credited the cash as assets is decreasing.

4 0

3 years ago

On February 1, 2018, Sanger Corp. lends cash and accepts a $2,000 note receivable that offers 10% interest and is due in six mon

Lubov Fominskaja [6]

Answer:

Journal Entry

Cash = $2100

Interest Revenue = 100

Notes Receivable = $2000

Explanation:

We need to find the interest revenue:

$2000 X 0.10 = $200

The time interval from February to August is 6 months. Therefore we have;

Interest Revenue = $200 X (6 months/12 months) = 100.

Sanger's record on August 1 2018, would be:

Journal Entry

Cash = 2000 + 100 = $2100

Interest Revenue = 100

Notes Receivable = $2000

5 0

3 years ago

Read 2 more answers

Where do you get your information about the world from? Do you think you are getting a complete picture of the world and social

zaharov [31]

Internet more specifically Google. Yes to some extent because what you find on the internet you will not find if you watch the news. The more information you want the more you will need to look at the other resources.

3 0

3 years ago

When the economy is hit with a supply shock, such as oil prices rising from $25 a barrel to $75 a barrel, why is this doubly dis

Pachacha [2.7K]

When the economy is hit with a supply shock, especially if it is something as important as the oil, and its price doubles or triples, than the whole economy will suffer.

The reason for that is that the oil (since we took it as example) is not influencing only the people and the companies that use as fuel, but it affects the prices of pretty much all products. Such an increase in the price will result in much bigger expenditure by the production facilities. The transportation companies will also have much increased expenses. And that will result in a much increased price in most of the products. That will hit the people very hard on their pockets, as they will come in a situation where their wages are the same as they were, but the prices of everything went significantly up in no time.

8 0

3 years ago