Corbit Corp, sold merchandise for $10,000 cash. The cost of merchandise sold was $7,500. The journal entries for this transaction under the perpetual inventory system would be
Oa. Cash 10,000
Sales 10,000
Cost of Merchandise Sold 10,000
Merchandise Inventory 10,000
Ob. Cash 7,590
Merchandise Inventory 7,590
Cost of Merchandise Sold 7,590
sales 7,590
Oc. cash 7,590
sales 7,590
Cost of Merchandise Sold 7,590
Merchandise Inventory 7,590
Od. Cast 10,000
sales 10,000
Merchandise Inventory 7,590
anscribed in 7,590

Answers

Answer 1

The correct journal entries for this transaction under the perpetual inventory system would be:
Oa. Cash 10,000
Sales 10,000
Cost of Goods Sold 7,500
Merchandise Inventory 7,500
This entry reflects the sale of merchandise for $10,000 in cash, with a cost of goods sold of $7,500, resulting in a gross profit of $2,500.

The corresponding decrease in merchandise inventory is also recorded.

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Related Questions

create a system of at least three linear equations in at least three variables that has infinite solutions or no solution

Answers

The system of equations is consistent and has infinitely-many solutions when all three equations are equivalent.

An example of a system of three linear equations in three variables that has infinitely-many solution is :

⇒ x + y + z = 6               ...equation(1);   2x + 2y + 2z = 12       ...equation(2)

⇒ 3x + 3y + 3z = 18       ...equation(3)

These equations are all equivalent when simplified, meaning they represent the same-line in three-dimensional space. So, this system has infinitely many solutions, as any values of x, y, and z that satisfy one equation will also satisfy the other two equations.

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Which career field is likely to experience increased job openings and security over the
next few years? (10 points)
O Retail
O Nursing
O Government
O Manufacturing

Answers

Answer: government

Explanation:

Government is the career field is likely to experience increased job openings and security over the next few years. Hence, option C is correct.

What is Government is the career?

Public Sector Employment is "a particular government responsibility or action. A "government job" is widely defined for recruitment purposes as any position in any department or entity that works for the government. Consequently, a position carrying out government business is a government employment ".

Among the job options in the U.S. government are political jobs working for the executive, judicial, and legislative branches of the federal government.

Government employees are employed by the military, the post office, federal law enforcement organizations, and other governmental agencies and departments.

Thus, option C is correct.

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You click on a job and see that you have a “Connection” at that company. Brainstorm 1-2 steps you might want to take with this connection if you are interested in applying. Explain your reasoning.

Answers

Answer:

make a resume and get an application to apply

Explanation:

If any person are the applying, the job as the scene to the connection of the company as the add-on the reference as the on the resume.  

What is job?

The term "job" refers to employment with a certain company. A job is also known as the amount of money that a corporation pays its employees. The employment has provided the opportunity to pursue a career. A job provides financial assistance as well as experience. There are four types of people: producers, builders, thinkers, and improvers.

A person is the need of the job. To search the job are the seen the connection of the company are with the help of the resume to take to apply as the lastly add-on the reference. The reference was the important in the resume to apply for the job are the easily to grab the opportunities.

As a result, a person is to apply for the job.  

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9 48. The stages of human development are: 1.Clear and distinct 2.Varied from person to person 3.Easily navigated 4.Only physical traits​

Answers

Answer:

2. VARIED FROM PERSON TO PERSON

Explanation:

who in t.f would let biden win

Answers

Answer:

people who are stupid lol

Explanation:

Answer:

Cheaters!?!?

Explanation:

The election mightve been rigged cuz of thousands of ballots and such being dumped at 1 am with all of them voting for Biden ¯\_(ツ)_/¯

What does the Federal Reserve help regulate?
A. The economy
Ο Ο Ο
B. Food
C. Clothing
O D. Music

Answers

the answer is a
hope this helped
The Federal reserve helps regulate the economy

John F. Kennedy belleved that a leader should be

A. in the military

B. elected

C.a lifelong student ​

Answers

Answer:

c

Explanation:

Which of the following is not the process of financial management? A Evaluating financial status B Setting goals C Record monthly expenses D Creating financial plan​

Answers

Answer:

C) Record monthly expenses

Explanation:

QUESTION 3 / 10 What is the first step you should take when you want to open a savings account? A. Review the different savings account options that your bank offers. B. Make your initial deposit. C. Go to the bank and fill out an application. D. Present your photo ID to the bank representative.​

Answers

Answer:

A. Review the different savings account options that your bank offers.

write any four method any two challenges of federal system?​

Answers

\(\huge\bold\red{Answer:-}\)

✭The purpose of this collection is to discuss what we may learn from thinking about the EU in federal terms.

✭Our point of departure is that this represents a two-fold challenge.

✭It is on the one hand a matter of establishing ‘how federal’ the EU is (the EU’s federal challenge).

✭On the other, the EU has federal features but is not a state; thus raises the question of whether federal theory and practice may have to be adapted to take proper account of the EU (the EU’s challenge to federalism).

✭The contributions to this collection supplement and extend existing scholarship through focusing on two important lines of inquiry.

✮The first focuses on the relationship between federalism and democracy, with particular emphasis on how federal systems respond to and deal with citizens’ interests and concerns, within and outside the political system.

✮ Particular emphasis is placed on representation, in the process of federalization, and as a feature of established systems.

✮The second line of inquiry places the emphasis on the relationship among the governments of federal systems.

✭The focus is on intergovernmental relations, and the particular merits that emanate from studying these from a federal perspective.

HOPE IT HELPS❤

Answer:

Constitutional provisions are used by political parties to hide the real issues of corruption, fraud etc.Central government and State Governments’ indifference and apathy towards constitutional scheme of federal structure.Tussles between the agencies of central government and those of state governments stress the cohesive functioning of centre and states.

drew’s monthly net income is $4,000. what is the maximum he should use on debt payments?

Answers

Drew’s monthly net income is $4,000 , in which $800  is the maximum he should use on debt payments obtained by 80% of $4000 .  

To calculate your debt-to-income ratio, divide all of your monthly debt payments by your gross monthly income (DTI). One way lenders determine your ability to make the regular payments required to repay the money you want to borrow is based on this number. Several lenders and loan types will have different DTI limitations.

Financial experts generally recommend that individuals should not spend more than 30% of their monthly net income on debt payments.

Therefore, in Drew's case, his maximum monthly debt payment should be:

30% x $4,000 = $1,200

So Drew should not use more than $1,200 of his monthly net income for debt payments.

Looking at a company's debt ratio reveals how much risk it has taken on. Since low risk is linked to a more independent business that relies less on borrowed money and, as a result, has a stronger financial foundation, it is desired.

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an increase in the personal tax rate is likely to increase the debt ratio of the average corporation

Answers

An increase in the personal tax rate is not directly expected to impact the debt ratio of the average corporation.

The debt ratio of a corporation is a financial metric that measures the proportion of a company's debt in relation to its total assets. It is primarily influenced by factors such as the company's borrowing decisions, capital structure, profitability, and investment activities.

While personal tax rates can indirectly affect the financial health of corporations and the overall economy, their impact on the debt ratio is not straightforward. Higher personal tax rates can potentially influence consumer behavior and disposable income, which in turn can impact consumer spending and demand for goods and services.

This can indirectly affect corporate profits and, consequently, the ability of corporations to service their debts.

However, the relationship between personal tax rates and corporate debt ratios is complex and depends on various factors, including the specific tax policies, the overall economic conditions, and the behavior of individual corporations. It is important to note that corporate taxes and personal taxes are separate entities, and changes in personal tax rates do not directly alter the debt obligations or borrowing decisions of corporations.

To fully understand the potential impact of personal tax rate changes on the debt ratio of corporations, a comprehensive analysis of the specific tax policies, economic context, and corporate financial decisions would be necessary.

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If consumers believe they need a product and are willing to pay for it regardless of the price, that means the products demand is

Answers

Answer:

high

Explanation:

if somthing is more wanted ot in higher demand then a company will most likely charge more fot the products

For a perfectly competitive market to function properly, which of the following must buyers and sellers have access to?

Sufficient technology

Uncompetitive products

Economies of scale

Adequate information

Answers

Answer:

Adequate information

Explanation:

Both the buyers and sellers must have access to adequate information. Information are both vital for both the buyers and sellers. For the buyer, it influences their decision making and buying choice. For the seller, it helps them to know the trending buyer need. Hence, for a perfectly competitive market to function well, the buyer and seller must have access to adequate information.

Explain two ways in which mohammad could increase added value

Answers

The 2 ways in which where Mohammed could increase the added value of his company includes:

He could introduce new products and could modernize appearance and equipment in his coffee shop.He could start making cakes and pastries for special occasions like birthdays and weddings.

What is an Added value?

It refers to the profit that stays in the company as a difference between the total amount earned from sales and the total amount spent for production.

If such company's expenses for each product or service are higher then its price, then it is not going to have any added value. For instance, when  company sells postcards for 5 dollars. In the same time, costs for making one postcard are 3 dollar. Added value = = 5 dollar - 3 dollar = 2 dollar.

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When a team agrees on the level of performance expected by each member, they have a _____.


shared standard

collaborative effort

unified commitment

team structure
THE ANSWER IS SHARED STANDARD

Answers

Answer:

shared standard

Explanation:

Teamwork refers to the collective approach towards the completion of a common goal. Methods and sources are agreed upon by each member of the team and the focus is relied on the achievement of the goal. Each individual works together and extend their efforts collectively. Shard standard refers to the level of acceptance on a particular point that each team member  agrees on. Merging at a certain point is very essential part of teamwork. Disagreement among the team members may cause the team work fall behind.

Equipment was acquired at the beginning of the year at a cost of $76,320. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,500. a. What was the depreciation expense for the first year? 11,470 b. Assuming the equipment was sold at the end of the second year for $57,700, determine the gain or loss on sale of the equipment. 4,320 Gain c. Journalize the entry to record the sale. If an amount box does not require an entry, leave it blank. Equipment Gain on Sale of Equipment

Answers

a)  The depreciation expense for the first year is $11,470, which is calculated using the straight-line method.

The depreciation expense for the first year can be calculated using the straight-line method. The formula for straight-line depreciation is:

Depreciation Expense = (Cost - Residual Value) / Useful Life

Given:

Cost = $76,320

Residual Value = $7,500

Useful Life = 6 years

Depreciation Expense = ($76,320 - $7,500) / 6 = $68,820 / 6 = $11,470

b) the gain or loss on the sale of the equipment is $4,320.

To determine the gain or loss on the sale of the equipment, we need to compare the selling price with the equipment's book value at the time of sale.

Book Value = Cost - Accumulated Depreciation

Given:

Cost = $76,320

Depreciation Expense per year = $11,470

Depreciation Expense for 2 years = $11,470 * 2 = $22,940

Accumulated Depreciation = $22,940

Book Value = $76,320 - $22,940 = $53,380

Gain or Loss on Sale = Selling Price - Book Value

Given Selling Price = $57,700

Gain or Loss on Sale = $57,700 - $53,380 = $4,320

c) Journal entry to record the sale:

Debit:

Cash or Accounts Receivable: $57,700

Accumulated Depreciation: $22,940

Loss on Sale of Equipment (if there is a loss): $4,320 (debit)

Equipment: $76,320 (credit)

Credit:

Gain on Sale of Equipment (if there is a gain): $4,320 (credit)

The specific accounts to be debited or credited may vary depending on the company's chart of accounts, but the entry should reflect the increase in cash or accounts receivable, the reduction of accumulated depreciation, and the removal of the equipment from the books.

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What system did merchants in early centuries use to make commercial transactions easier

Answers

In the early centuries, merchants made use of the Mercantilism system for commercial transactions.

What is Mercantilism?

In simple terms, it is an economic theory and practice known as "mercantilism," which was prevalent in Europe from the 16th to the 18th century.

Mercantilism advocated governmental regulation of a country's economy with the goal of enhancing state power at the expense of competing for national powers.

According to the theory, a strong nation should have a sizable population because a sizable population would offer a supply of labor, a market, and soldiers.

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Click this link to view o*net’s tasks section for construction managers. note that common tasks are listed toward the top, and less common tasks are listed toward the bottom. according to o*net, what are common tasks performed by construction managers? check all that apply. installing equipment, machines, wiring, or programs repairing machines or systems conferring with supervisors, owners, contractors, or design professionals preparing contracts and negotiating revisions, changes, and additions to contracts scheduling a project performing routine maintenance on equipment

Answers

The typical duties carried out by construction managers Check all that apply 3 4 5

What regular responsibilities do construction managers have?

Activities at Work in Detail

In charge of the construction process.

Create operational plans, strategies, or guidelines.

Create budgets, reports, or financial papers.

Share company information with stakeholders, including customers.

Disseminate the policies and practices of the company.

Control workers.

What routine responsibilities fall to reporters and correspondents?

To generate news ideas, receive assignments or analyze leads or tips. To give thorough and reliable information, research the background of a story. Set up interviews with others who may have knowledge to provide regarding a story.

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please solve all the questions, if you solve one and
leave the other, kindly I will downvote and solve it in like 20mins
and I will rate you answer highly
1. The African Gold Company has $1,000 par value bonds outstanding at 7 per- cent interest. The bonds will mature in 15 years. Compute the current price of the bonds if the present yield to maturity i

Answers

To compute the current price of the bonds, we can use the formula:

P = C/D

where:

P = price of the bond

C = coupon rate (7% = 0.07)

D = maturity value (1,000 = 1,000)

Plugging in the values, we get:

P = 0.07/1,000

P = 0.007

Therefore, the current price of the bonds is 1,000/0.007=1,000/0.007=14,285.71.

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Need help ASAP! Tyyyyyy

Need help ASAP! Tyyyyyy

Answers

This is a question on Entrepreneurship. The two sectors where Mama Meals plays are:

Logistics and ;Foods/Refreshment Sectors.

What are the two reasons why Naisiadet might be described as an entrepreneur?

The first is she knows how to identify Opportunities; The second is, she knows how to convert opportunities in to money making operations. See The first sentence of the first paragraph; and the first sentence of the third paragraph.

Explain Two benefits to Naisiadet of Researching the market for the proposed business

The first benefits is that it helped her to discover the size of her market - 5% of the people in Nairobi.The second is that they were middle income earners.
Was it a mistake for her not to have had a business plan?

Yes. Business plans are essential for laying out the long-term goals of a business.

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a savings account earns 7.2 (apr),compounded monthly so it earns 0.6 each month. cooper has 1500 in the accounts now if he deposits an additional 500 at the beginning of the month, how much total intrest will copper receive at the end of the month

Answers

The total interest that Copper will receive at the end of the month is 12

What is monthly compounding?

Monthly compounding means that the interest is computed every month rather than at the end of each year, in essence, the rate of interest applicable to a one-month deposit is 0.6% rather than 7.2% which is an annual interest rate

The amount deposited becomes 2000, the additional of the beginning balance and additional deposit of 500

Since 0.6% is earned on deposits, the total interest that Copper will receive at the end of the month is total deposits multiplied by monthly interest rate of 0.6%

total interest=2,000*0.6%

total interest=12.00

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A company currently makes a component used in production. The per unit costs incurred to make the component include: Direct materials: $5; Direct labor: $2; Overhead: $4; Total cost: $11. Twenty-five percent of the overhead costs are considered incremental. The company can purchase the component from another source for $10. The company should do which of the following?
A. The company should make the components because incremental costs are $2 less than the purchase price.
B. The company should buy the components to save $2 per unit.
C. The company should buy the components to save $1 per unit.
D. The company can be indifferent because incremental costs are $10 and the purchase price is $10.

Answers

https://www.chegg.com/homework-help/questions-and-answers/company-currently-makes-component-used-production-per-unit-costs-incurred-make-component-i-q49683846

earley corporation issued perpetual preferred stock with a 12% annual dividend. the stock currently yields 8%, and its par value is $100. round your answers to the nearest cent. what is the stock's value?

Answers

The value of the perpetual preferred stock is $150. The value of the perpetual preferred stock can be calculated using the dividend discount model (DDM) formula.

The value of the perpetual preferred stock can be calculated using the dividend discount model (DDM) formula, which is V = D / R, where V is the stock's value, D is the annual dividend, and R is the required rate of return or yield.

In this case, the annual dividend is 12% of the par value, which is $100. Therefore, the annual dividend (D) is $100 * 0.12 = $12.

The stock currently yields 8%, so the required rate of return or yield (R) is 0.08.

Now, we can calculate the stock's value (V) using the DDM formula:

V = D / R

V = $12 / 0.08

V = $150

Therefore, the value of the perpetual preferred stock is $150.

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John borrowed $6,000,000 for a period of 15 years.is interest rate is 8%. How much interest will John pay in all?

Answers

Based on the information given the amount of interest that John pay in all is his $7,200,000.

Interest:

Using this formula

Interest=Amount borrowed×Number of years×Interest rate

Where:

Amount borrowed=$6,000,000

Number of years=15 years

Interest rate=8%

Let plug in the formula

Interest=$6,000,000×15×8%

Interest=$7,200,000

Inconclusion the amount of interest that John pay in all is his $7,200,000.

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World's Largest Armies Rank Country Active 1 China 2,333,0002 United States 1,492,2003 India 1,325,0004 North Korea 1,190,0005 Russia 845,0006 Pakistan 643,8007 South Korea 630,0008 Iran 523,0009 Turkey 510,600 10 Vietnam 482,000 a. If the average North Korean farmer produces 1,800 pounds of food per year, what is the opportunity cost, in pounds of food, of North Korea's army? b. If a person needs at least 500 pounds of food per year to survive, how many people could have been fed with the forgone food output?

Answers

Answer:

a. 2,142 million pounds of food

b. 4,284,000 people

Explanation:

Opportunity costs are the additional costs or benefits lost resulting from choosing one activity or investment over another alternative.

In this case, a person from North Korea could be working as a farmer instead of being a soldier. Opportunity cost per soldier = 1,800 pounds of food per year. Total opportunity cost of North Korea's army = 1,800 pounds x 1,190,000 soldiers = 2,142 million pounds of food

this is equivalent to feeding 2,142,000,000 / 500 = 4,284,000 people

Which of the following statements is TRUE?

A. Your portfolio should have a higher allocation toward bonds
and cash equivalents right before you retire.

B. You should try to maximize your investment earnings right
before you retire.

C. Both A and B

D. Neither A nor B

Answers

a) Your portfolio should have a higher allocation toward bonds and cash equivalents right before you retire

what are factors affect demand for labour​

Answers

The factors that effect demand for labour are:

The quantity of a produt that labor produces

A change in the production process that uses more or less labor

A change in goverment policy that effects the quantity of labor

1. what is the relevant cost per unit to make the product internally? 2. what is the estimated increase or decrease in short-term operating profit of producing the product internally versus purchasing the product from a supplier?

Answers

1. The relevant cost to make the product internally is $66.

2. The estimated increase or decrease in short-term operating profit of producing the product internally versus purchasing the product from a supplier is $12,000

To determine the relevant cost of producing the product internally, we need to consider the direct materials, direct labor, variable overhead, and allocated fixed overhead costs. The total relevant cost per unit can be calculated as follows:

Direct Materials + Direct Labor + Variable Overhead + Allocated Fixed Overhead = Relevant Cost per Unit

$28 + $18 + $16 + $4 = $66

Therefore, the relevant cost to make the product internally is $66 per unit.

Now, to determine the estimated increase or decrease in short-term operating profit, we need to compare the relevant cost to produce the product internally ($66 per unit) with the cost to purchase the product from the subcontractor ($120,000 for 2,000 units).

If Terry Inc. decides to purchase the product from the subcontractor, the cost would be $120,000, and the company would not incur any manufacturing costs. This means that the short-term operating profit would be:

Revenue - Cost of Goods Sold = Short-term Operating Profit

$0 - $120,000 = -$120,000

If Terry Inc. decides to produce the product in-house, the cost would be $66 per unit or $132,000 for 2,000 units. This means that the short-term operating profit would be:

Revenue - Cost of Goods Sold = Short-term Operating Profit

$0 - $132,000 = -$132,000

Therefore, based on the relevant costs, the estimated increase or decrease in short-term operating profit of producing the product internally versus purchasing the product from a supplier would result in a decrease in profit of $12,000 ($132,000 - $120,000).

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Complete Question:

Terry Inc. manufactures machine parts for aircraft engines. CEO Bucky Walters is considering an offer from a subcontractor to provide 2,000 units of product OP89 for $120,000. If Terry does not purchase these parts from the subcontractor, it must continue to produce them in-house with these costs:

Cost per unit                       ($)

Direct Materials                  28

Direct Labor                       18

Variable Overhead             16

Allocated Fixed Overhead   4

Required

1. What is the relevant cost to make the product internally?

2. What is the estimated increase or decrease in short-term operating profit of producing the product internally versus purchasing the product from a supplier?

A token economy is to operant conditioning as ____________ is to classical conditioning.

Answers

A token economy is to operant conditioning as  systematic desensitization is to classical conditioning.


What is token economy?

A token economy can be defined as the process of given a person token when a ever the behave in a right way or in the way we expect them to behave.

This method are often use to encourage behavior that are desirable so to remove unwanted or undesirable behavior.

Therefore A token economy is to operant conditioning as  systematic desensitization is to classical conditioning.

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