Business, 21.09.2019 00:10, AaronEarlMerringer
Aclosing process under the periodic inventory system, a. sales revenue is closed with a credit via the income summary account b. the beginning merchandise inventory, purchases, and freight in are closed with a debit via the income summary account c. purchase returns and allowances and purchase discounts accounts are closed with a credit via the income summary account d. the ending merchandise inventory balance must be recorded as a debit via the income summary account
Answers: 1
Business, 21.06.2019 21:50, sihamabdalla591
Franklin painting company is considering whether to purchase a new spray paint machine that costs $4,800. the machine is expected to save labor, increasing net income by $720 per year. the effective life of the machine is 15 years according to the manufacturer’s estimate. required determine the unadjusted rate of return based on the average cost of the investment.
Answers: 2
Business, 21.06.2019 23:30, rbriezz
The uno company was formed on january 2, year 1, to sell a single product. over a 2-year period, uno’s acquisition costs have increased steadily. physical quantities held in inventory were equal to 3 months’ sales at december 31, year 1, and zero at december 31, year 2. assuming the periodic inventory system, the inventory cost method which reports the highest amount for each of the following is inventory december 31, year 1/ cost of sales year 2 a: lifo fifo b: lifo lifo c: fifo fifo d: fifo lifo
Answers: 3
Aclosing process under the periodic inventory system, a. sales revenue is closed with a credit via...
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