Problem related to finished-goods inventory

Assignment Help Accounting Basics
Reference no: EM13138123

If a company sells goods that cost $70,000 for $82,000, the firm will:

A. reduce Finished-Goods Inventory by $70,000.

B. reduce Finished-Goods Inventory by $82,000.

C. report sales revenue on the balance sheet of $82,000.

D. reduce Cost of Goods Sold by $70,000.

E. follow more than one of the above procedures.

Reference no: EM13138123

Questions Cloud

Homeland security-domestic terrorism : Briefly describe each of these groups, as well as their current and historic motivations, providing examples of significant incidents in the U.S. involving each.
Amount of dividends common shareholders : The preferred stockholders were paid $20,000 for each of 2010 and 2009 years respectively. What is the amount of dividends common shareholders will receive in 2011?
How many grams of h2so4 would be produced : If 450 g SO2 escaped into the atmosphere and all the escaped SO2 were converted to H2SO4. How many grams of H2SO4 would be produced in the atmosphere?
Contemporary security challenges : Discuss contemporary security challenges for the 21st Century that face the United States and other industrialized nations. List examples of federal regulations and HSPDs that were implemented to deter and prevent attacks against the U.S.
Problem related to finished-goods inventory : If a company sells goods that cost $70,000 for $82,000, the firm will: A. reduce Finished-Goods Inventory by $70,000. B. reduce Finished-Goods Inventory by $82,000.
Define a steel cylinder with an internal radius : A steel cylinder with an internal radius of 50mm is designed to carry a maximum stress of 400 MPs. It is subjected to an internal pressure of 80 MPs.(i) Determine the required wall thickness.
Presence of hezbollah and al qaeda in turkey : Does the presence of Hezbollah and al Qaeda in Turkey pose a significant threat to other European countries?
What do sociologist do as professionals? : what do sociologist do as professionals? what sorts of information and skills can be gained from sociology classes. what sorts of career opportunities can a sociology major provide the student in the job market who is not interested in becoming a car..
Candy and i were going : Candy and I were going through the last year's financial statements (year ended 31 December 2012) and I discovered that the income tax expense account was significantly lower than the income tax the company actually paid to the Australian Taxation Of..

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd