Homework Answers
cash and credit items
Either the inventory is purchased on a cash or credit basis depending upon the policy and the working capital.
Inventory is classified as cash or credit purchase under the current asset head of the balance sheet.
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Incorrect Question 5 0/1 pts The main categories of purchased goods are Perishable and non perishable...
Incorrect Question 5 0/1 pts A company purchased $1,800 of merchandise on July 5 with terms...
Incorrect Question 5 0/1 pts A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, The correct journal entry to record the purchase on July 5 is: Debit Merchandise Inventory $1,600; credit Cash $1,600. Debit Merchandise Inventory $1,800; credit Accounts Payable $1.800. Debit Merchandise...
Incorrect Question 5 0/0.4 pts Managerial Accounting will have an Emphasis on which one of the...
Incorrect Question 5 0/0.4 pts Managerial Accounting will have an Emphasis on which one of the Following? Segments or Sub-units of an Organization External Users of Financial Information External Reporting using GAAP Rules and Regulations • Internal Users of Financial Information 0/0.4 pts Incorrect Question 11 Which One of the following is considered an In-Direct Product Cost? Depreciation of Machinery in the Production Facility Commission Paid To Sales Employees Utility Costs in the Administration Building Hourly Wages paid to Production...
Answers 3.5 and 4 were also incorrect for number 1. Incorrect Question 1 0/1 pts The...
Answers 3.5 and 4 were also incorrect for number 1.
Incorrect Question 1 0/1 pts The graph below represents the Production Possibility Frontier (PPF) for an economy that produces two goods: bicycles and lawnmowers. Bicycles 0 1 2 3 4 5 6 7 Lawnmowers What is the opportunity cost of producing another lawnmower in terms of bicycles if the economy is currently producing efficiently at two and a half bicycles? (The new point would be on the X-axis at the...
Main Menu ladies clothing BankMobile: Card S...! Main Menu $37,700 $34,500 4 pts Question 5 Merchandise...
Main Menu ladies clothing BankMobile: Card S...! Main Menu $37,700 $34,500 4 pts Question 5 Merchandise subject to terms 1/10,n/30, FOB shipping point, is sold on account to a customer for $25,000. The seller paid freight costs of $2,000 and issued a credit memo for $10,000 prior to payment. What is the amount of the cash discount allowable? $250 $170 $130 $150 Question 6 4 pts Using a perpetual inventory system, the entry to record the purchase of $30,000 of...
Incorrect Question 1 0/0.5 pts In computing Net cash provided by operating activities using the indirect...
Incorrect Question 1 0/0.5 pts In computing Net cash provided by operating activities using the indirect method, each of the following is added to net income EXCEPT: a decrease in inventory. depreciation expense. o an increase in accrued expenses payable. a gain on sale of equipment.
QUESTION 1 Not complete Marked out of 32.00 Flag question Schedule of Cost of Goods Manufactured...
QUESTION 1 Not complete Marked out of 32.00 Flag question Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bourne Manufacturing Company: Administrative salaries (non-factory) Administrative rent (non-factory) Advertising and promotion expense Depreciation-administrative Depreciation-factory Depreciation-selling Direct labor Factory rent Factory supplies used Finished goods inventory (January 1) Finished goods inventory (December 31) Indirect material used Indirect labor Materials inventory (January 1) Materials inventory (December 31) Net delivered cost of materials purchased $35,000 17,500...
need explenation! QUESTION 1 Cost of goods purchased, cost of goods sold, and income statement. The...
need explenation!
QUESTION 1 Cost of goods purchased, cost of goods sold, and income statement. The following data are for Carolina Retail Outlet Stores. The account balances are for 2015. • Marketing and advertising costs, $22000, • Merchandise inventory, January, 1, 2015, $29500, • Shipping of merchandise to customers, $1230, • Building depreciation, $1540, • Purchases, $135300, • General administrative costs, $14000, • Merchandise inventory, December 31, 2015, $24000, • Merchandise freight in, $4620, • Purchase returns and allowances, $4510,...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
Schedule of Cost of Goods Manufactured and sold At December 31,2016, the end of its fiscal...
Schedule of Cost of Goods Manufactured and sold At December 31,2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016 Materials inventory, January 1 $81,250 Materials inventory, December 31 48,750 Work in process inventory, January 1 97,500 Work in process inventory, December 31 133,250 Finished goods inventory, January 1 165,750 Finished goods inventory, December 31 117,000 Net delivered cost of materials purchased 406,250 Direct labor 481,000 Indirect material 39,000 Indirect labor 120,250 Factory supplies...
CLUCK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 1 Partially correct Mark 0.20 out of 2.00 Flag...
CLUCK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 1 Partially correct Mark 0.20 out of 2.00 Flag question Schedule of Cost of Goods Manufactured and Sold At December 31, 2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016: $25,000 15,000 30,000 Work in process inventory, December 3141,000 51,000 Finished goods inventory, December 31 36,000 Net delivered cost of materials purchased 125,000 148,000 12,000 37,000 10,000 65,000 21,000 62,000 Materials inventory. lanuary 1 Materials inventory,...
Incorrect Question 5 0/1 pts A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, The correct journal entry to record the purchase on July 5 is: Debit Merchandise Inventory $1,600; credit Cash $1,600. Debit Merchandise Inventory $1,800; credit Accounts Payable $1.800. Debit Merchandise...
Incorrect Question 5 0/0.4 pts Managerial Accounting will have an Emphasis on which one of the Following? Segments or Sub-units of an Organization External Users of Financial Information External Reporting using GAAP Rules and Regulations • Internal Users of Financial Information 0/0.4 pts Incorrect Question 11 Which One of the following is considered an In-Direct Product Cost? Depreciation of Machinery in the Production Facility Commission Paid To Sales Employees Utility Costs in the Administration Building Hourly Wages paid to Production...
Answers 3.5 and 4 were also incorrect for number 1.
Incorrect Question 1 0/1 pts The graph below represents the Production Possibility Frontier (PPF) for an economy that produces two goods: bicycles and lawnmowers. Bicycles 0 1 2 3 4 5 6 7 Lawnmowers What is the opportunity cost of producing another lawnmower in terms of bicycles if the economy is currently producing efficiently at two and a half bicycles? (The new point would be on the X-axis at the...
Main Menu ladies clothing BankMobile: Card S...! Main Menu $37,700 $34,500 4 pts Question 5 Merchandise subject to terms 1/10,n/30, FOB shipping point, is sold on account to a customer for $25,000. The seller paid freight costs of $2,000 and issued a credit memo for $10,000 prior to payment. What is the amount of the cash discount allowable? $250 $170 $130 $150 Question 6 4 pts Using a perpetual inventory system, the entry to record the purchase of $30,000 of...
Incorrect Question 1 0/0.5 pts In computing Net cash provided by operating activities using the indirect method, each of the following is added to net income EXCEPT: a decrease in inventory. depreciation expense. o an increase in accrued expenses payable. a gain on sale of equipment.
QUESTION 1 Not complete Marked out of 32.00 Flag question Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bourne Manufacturing Company: Administrative salaries (non-factory) Administrative rent (non-factory) Advertising and promotion expense Depreciation-administrative Depreciation-factory Depreciation-selling Direct labor Factory rent Factory supplies used Finished goods inventory (January 1) Finished goods inventory (December 31) Indirect material used Indirect labor Materials inventory (January 1) Materials inventory (December 31) Net delivered cost of materials purchased $35,000 17,500...
need explenation!
QUESTION 1 Cost of goods purchased, cost of goods sold, and income statement. The following data are for Carolina Retail Outlet Stores. The account balances are for 2015. • Marketing and advertising costs, $22000, • Merchandise inventory, January, 1, 2015, $29500, • Shipping of merchandise to customers, $1230, • Building depreciation, $1540, • Purchases, $135300, • General administrative costs, $14000, • Merchandise inventory, December 31, 2015, $24000, • Merchandise freight in, $4620, • Purchase returns and allowances, $4510,...
Question 9 1 pts Two hundred dollars worth of merchandise purchased on account and paid for at an earlier time is now being returned for credit to be applied towards future purchases from this vendor. The credit terms were 2/10, n/30 and the original total invoice of $200, was paid within the discount period. Which of the following is the correct journal entry for the buyer, our customer, to record the return, assuming a perpetual inventory system is used? Receivable,...
Schedule of Cost of Goods Manufactured and sold At December 31,2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016 Materials inventory, January 1 $81,250 Materials inventory, December 31 48,750 Work in process inventory, January 1 97,500 Work in process inventory, December 31 133,250 Finished goods inventory, January 1 165,750 Finished goods inventory, December 31 117,000 Net delivered cost of materials purchased 406,250 Direct labor 481,000 Indirect material 39,000 Indirect labor 120,250 Factory supplies...
CLUCK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 1 Partially correct Mark 0.20 out of 2.00 Flag question Schedule of Cost of Goods Manufactured and Sold At December 31, 2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016: $25,000 15,000 30,000 Work in process inventory, December 3141,000 51,000 Finished goods inventory, December 31 36,000 Net delivered cost of materials purchased 125,000 148,000 12,000 37,000 10,000 65,000 21,000 62,000 Materials inventory. lanuary 1 Materials inventory,...
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