subject
Business, 13.03.2020 17:30 beelcypher

A company sold inventory for $1,200 that was purchased for $700. The company records which of the following when it sells the inventory using a perpetual inventory system? Multiple Choice No entry is required for cost of goods sold and inventory. Debit Cost of Goods Sold $700; credit Inventory $700. Debit Cost of Goods Sold $1,200; credit Inventory $1,200. Debit Inventory $700; credit Cost of Goods Sold $700

ansver
Answers: 3

Another question on Business

question
Business, 21.06.2019 21:30
Gino's restaurant is a popular restaurant in boston, massachusetts. the owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based costing study. the intern, in consultation with the owner, identified the following major activities: activity cost pool activity measure serving a party of diners number of parties served serving a diner number of diners served serving drinks number of drinks ordered some costs, such as the cost of cleaning the linens that cover the restaurant's tables, vary with the number of parties served. other costs, such as washing plates and glasses, depends on the number of diners served or the number of drinks served. data concerning these activities are shown below. serving a party serving a dinner serving drinks total total cost $47,600 $153,000 $59,800 $260,400 total activity 7,000 parties 30,000 diners 46,000 drinks prior to the activity-based costing study, the owner knew very little about the costs of the restaurant. she knew that the total cost for the month was $260,400 and that 30,000 diners had been served. therefore, the average cost per diner was $8.68.required: 1. compute the activity rates for each of the three activities 2. according to the activity-based costing system, what is the total cost of serving each of the following parties of diners? a. a party of four diners who ordered three drinks in total b. a party of two diners who do not order any drinks c. a lone diner who orders two drinks 3. convert the total costs you computed in part (1) above to costs per diner. in other words, what is the average cost per diner for serving each of the following parties: a. a party of four diners who order three drinks in total b. a party of two diner who do not order any drinks c. a lone diner who orders two drinks 4. why do the costs per diner for the three different parties differ from each other and from the overall average coast of $9.80 per diner?
Answers: 1
question
Business, 22.06.2019 00:00
Which of the following is a disadvantage to choosing a sole proprietorship business structure? question 9 options: the owner has personal responsibility for the company's liabilities. the owner has to share the profits with partners. the owner is still liable for personal debts. the owner has to report to shareholders.
Answers: 1
question
Business, 22.06.2019 03:30
Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks
Answers: 2
question
Business, 22.06.2019 10:50
Jen left a job paying $75,000 per year to start her own florist shop in a building she owns. the market value of the building is $120,000. she pays $35,000 per year for flowers and other supplies, and has a bank account that pays 5 percent interest. what is the economic cost of jen's business?
Answers: 3
You know the right answer?
A company sold inventory for $1,200 that was purchased for $700. The company records which of the fo...
Questions
question
Mathematics, 16.09.2020 05:01
question
Spanish, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Physics, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Social Studies, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
English, 16.09.2020 05:01
question
Geography, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
question
Mathematics, 16.09.2020 05:01
Questions on the website: 13722367