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Q. What do you mean by Inventory turnover?
Inventory turnover -- a ratio which indicates amount of inventory a company uses tosupport a given level of sales. Formula is: Inventory Turnover = Cost of Sales ¸ AverageInventory. Numerous businesses have numerous general turnover levels. Ratio is significantin comparison with the ratio for previous periods or ratio for similar businesses.
Q. Explain cash basis of accounting? Professionals such as lawyers and physicians and some relatively small businesses may account for their revenues and expenses on a cash bas
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
Kim presently owns a business that processes and distributes fresh vegetable to local supermarkets. She is looking to expand her business by acquiring the Lackawaxen Emu Oil Compan
Define the term- FICA TAX This is a matching tax paid equally by employee and employer. Two parts-OASDI and HIP. Current rate for OASDI is 6.2% on the first $102,000 earned
Perpetual and Periodic inventory a) Describe the difference between the perpetual inventory method
The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
Q. Explain about Prepaid insurance? The two accounts recitations to insurance are Prepaid Insurance (an asset) and Insurance Expense (an expense). Subsequent to posting this en
The total assets of Capp Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.'s owner's equity?
Is the interest on a note receivables recorded if paid prior to the due date? A. Debit to interest expense B. debit to interest payable C. Credit to interest receivable D. Credit
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals
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