Answer:
Product category units cost NRV year-end inventory
Tools:
-
Hammers 120 <u>$5.50</u> $6.00 $660
- Saws 250 $10.50 <u>$9.50</u> $2,375
- Screwdrivers 350 <u>$2.50</u> $3.10 $875
Paint products:
-
1-gallon cans 550 $6.50 <u>$5.50</u> $3,025
- Paint brushes 120 <u>$4.50</u> $5.00 $540
1) carrying value of year-end inventory:
Tools:
-
Hammers $660
- Saws $2,375
- Screwdrivers $875
- sub-total $3,910
Paint products:
-
1-gallon cans $3,025
- Paint brushes $540
- sub-total $3,565
Total $7,475
2) adjustment to tools:
Dr Cost of goods sold 250
Cr Inventory: tools 250
adjustment to paint products:
Dr Cost of goods sold 550
Cr Inventory: paint products 550
or total adjustment to inventory account:
Dr Cost of goods sold 800
Cr Inventory 800
A project plan describes the business need (the problem the project will solve) and the justification, requirements, and current boundaries for the project. The correct option of this question is c i.e. project plan.
A project plan is formal documentation that defines the stages of the project and its execution. This includes the business need, the resources required and their justification and optimized application and the extents of the project. Project planning is done by the project managers and project planning softwares is used for this purpose. It is the who, how, what, why, where and when of a project.
<u>The other options are incorrect because:</u>
- Project scope is a part of a project plan and it determines what the extents, limits and boundaries of the project are.
- Project management is the use of specific tools and expertise to ensure the successful completion of a project.
- Project manager is the individual who plans, organizes and executes projects.
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Answer:
Good records allow you to identify all of your assets, expenses, income, and liabilities. This lets you see the strengths and weaknesses of your business, which will enable you to make better financial decisions. Accurate accounts give real-time data for better reporting and forecasting.
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Answer:
The journal entry for the issuance of the bond is shown below:
Explanation:
The entry will be recorded on January 1
Cash A/c..............................................Dr $83,497
Discount on bonds payable A/c......Dr $6,503
Bonds Payable A/c............................Cr $90,000
On issuing the bond, cash is increasing, any increase in cash is debited. Therefore, the cash account is debited. The discount on bonds payable is debited. And the bonds payable account is credited.
Working Note:
Discount on bonds payable = Bonds payable - Cash
= $90,000 - $83,497
= $6,503
Where’s the other answer choices?
