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zepelin [54]
3 years ago
15

At year-end, the perpetual inventory records of Whispering Winds Corp. showed merchandise inventory of $112,410. The company det

ermined, however, that its actual inventory on hand was $110,490. Record the necessary adjusting entry.
Business
1 answer:
Fittoniya [83]3 years ago
8 0

Answer:

Explanation:

Given that

Merchandised inventory = $112,410

Actual inventory = $110,490

So, the amount of the inventory would be adjusted is

= $112,410 - $110,490

= $1,920

So, the adjusted journal entry is

Cost of Goods Sold A/c Dr $1,920

        To Merchandise inventory A/c $1,920

(Being the inventory amount is adjusted)

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Economies that arise from performing a value creation activity in the optimal place for that activity are referred to as: produc
Genrish500 [490]

Answer: location economies

Explanation:

location economies are economies which are birthed through performing a value creation activity in an optimal location for that activity wherever in the world it may be. It is used by firms to determine the competition in an environment when locating to do business

4 0
3 years ago
An increase in the minimum wage​ ______. A. decreases employment and increases unemployment if it is set above the equilibrium w
fenix001 [56]

Answer:

The correct answer to fill the blank space will be option "C"

Explanation:

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7 0
3 years ago
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Bramble Corp. factors $7200000 of its accounts receivables with recourse for a finance charge of 5%. The finance company retains
saul85 [17]

Answer:

See below

Explanation:

Given the above information, first we'll compute net proceeds

Cash received $7,200,000 × 86%

$6,192,000

Add:

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$648,000

Less;

Recourse obligation

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Net proceeds

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5 0
3 years ago
Grand River Corporation reported taxable income of $600,000 in year 1 and paid federal income taxes of $155,000. Not included in
Paul [167]

Answer:

$444,000

Explanation:

current earnings and profits = (taxable income - income taxes) - meals expense + tax exempt income = ($600,000 - $155,000) - $3,000 + $2,000 = $444,000

Disallowed expenses are expenses made by an individual or company that the IRS doesn't allow to be deducted, e.g. meals. Tax exempt income is income that is not taxed by the IRS, e.g. DRD includes at least 70% of dividends received.

Deferred gains or unearned revenues are considered a liability and are not included in the income statement.

7 0
3 years ago
A________is a form of organisation in which the owner maintains complete control over the business and is personally liable for
Ainat [17]

Answer:

Sole Proprietorship

Explanation:

Sole proprietorships own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts.

6 0
2 years ago
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