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Karolina [17]
2 years ago
9

When we are doing the double entry for the closing inventory, why do we credit the inventory? I understand why we debit the clos

ing inventory but not why we credit it.
Business
1 answer:
anastassius [24]2 years ago
3 0

Answer:

Debiting in this case means to add to the inventory. Therefore, crediting means that inventory was used up when closing inventory.

Explanation:

A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. ... A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.

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Hong kong clothiers reported revenue of $5,000,000 for its year ended december 31, 2016. accounts receivable at december 31, 201
Eddi Din [679]

Answer:

C) $4,965,000.

Explanation:

cash collected form customers = accounts receivable beginning balance + total revenue - accounts receivable beginning balance = $320,000 + $5,000,000 - $355,000 = $4,965,000

The direct method only uses actual cash outflows and inflows to calculate the cash flow from operating activities.

3 0
3 years ago
In the ocean, the greatest amount of heat from incoming solar radiation would transfer to ___
Lina20 [59]

In the ocean, the greatest amount of heat from incoming solar radiation would transfer to the top 10 cm of the surface.

Solar radiation often referred to as solar resources or simply sunlight, is the general term for electromagnetic radiation emitted by the sun. Solar radiation can be captured using a variety of technologies and converted into useful forms of energy such as heat and electricity.

The portion of the spectrum reaching the Earth from the Sun is between 100 nm and 1 mm. This band is divided into three regions: ultraviolet, visible, and infrared.

Radiation can alter the cardiovascular system, damage the heart, harden and constrict arteries, and remove some of the cells lining the blood vessels, causing cardiovascular disease. Radiation exposure can interfere with neurogenesis, the process of forming new cells in the brain.

Learn more about solar radiation here: brainly.com/question/3005929

#SPJ4

3 0
1 year ago
Mike gundy is a college football coach making a base salary of $2,400,000 a year ($200,000 per month). employers are required to
asambeis [7]
<span>Mike will earn $2,400,000 for the year. Social security withholds 6.2% which equals $148,800, though Social security has a maximum base amount of $118,500. So the total amount withheld for Social Security will be $118,500. Medicare withholds 1.45% which equals $34,800. So the total amount withheld for Medicare will be $34,800. The total withheld from both Social Security and Medicare would be $153,300.</span>
5 0
3 years ago
Price elasticity for a good depends on the share of a consumer's budget spent on a good. Other things being equal, which of the
kvasek [131]

Answer:

Monthly Cell Phone Bill

Explanation:

Other things being equal, the higher the price of a good relative to a consumer's income, the greater the price elasticity of demand. Hence, the price elasticity of demand for low-priced items, such as thumbtacks and fish food, tends to be lower than the price elasticity of demand for relatively expensive items, such as monthly cell phone bill, that represent a more significant fraction of a consumer's annual income.

Be sure to consider not just the price, however, but also the overall portion of a consumer's annual income spent on an item. For example, one latte costs only $3.00, but for daily coffee drinkers the annual expense could be around $1,000. The elasticity of demand for lattes is therefore likely to be higher than that for other low-priced items (such as thumbtacks) that may need to be purchased only a few times annually.

4 0
3 years ago
Fund P has one-third of its funds invested in each of the three stocks. The risk-free rate is 4.5%, and the market is in equilib
seraphim [82]

The market risk premium of Fund P will be 5.5%.

<h3>How to calculate the market risk premium?</h3>

It should be noted that as per CAPM, the return in stock will be:

= Risk free rate + Beta × Market risk premium

8.90% = 4.5% + 0.8 × Market risk premium.

Market risk premium = 5.5%

In conclusion, the market risk premium of Fund P will be 5.5%.

Learn more about market risk premium on:

brainly.com/question/17135853

3 0
2 years ago
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