i X Х Requirements 1. Journalize any required entries. 2. At what amount should the company report merchandise inventory on the balance sheet? 3. At what amount should the company report cost of goods sold on the income statement? 4. Which accounting principle or concept is most relevant to this situation? Print Done Some of K and B Electronics's merchandise is gathering dust. It is now December 31, 2018, and the current replacement cost of the ending merchandise inventory is $22,000 below the business's cost of the goods, which was 595,000. Before any adjustments at the end of the period, the company's Cost of Goods Sold account has a balance $390,000 Read the requirements, Requirement 1. Journalize any required entries. (Record debita first, then credits. Select the explanation on the last line of the journal entry table. For situations that do not require an entry, make sure to select "No Entry Required in the first cell in the "Accounts" column and leave all other cells blank.) The required journal entry would be: Date Accounts and Explanation Debit Credit Dec. 31 Requirement 2. At what amount should the company report merchandise inventory on the balance sheet? K and B should report merchandise inventory on the balance sheet at Requirement 3. At what amount should the company report cost of goods sold on the income statement? K and B should report cost of goods sold on the income statement at Requirement 4. Which accounting principle or concept is most relevant to this situation? is the reason to account for merchandise inventory at V directs accountants to decrease the accounting value of an asset if it appears unrealistically high.

Answers

Answer 1

Answer:

K and B has to report the inventory at the lower replacement cost of $595,000, instead of the higher cost of $617,000.

Replacement cost is the cost of replacing an asset at its current market value. It is often used in accounting and finance to determine the value of an asset and to calculate the cost of replacing it if it is lost or damaged.

Replacement cost is also used to determine the value of assets on a company's balance sheet. The value of an asset may be recorded on the balance sheet at its historical cost or its replacement cost, depending on the accounting method used by the company. In some cases, assets may be written down to their replacement cost if their market value has decreased significantly.

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Using the percentageminusofminussales method, the estimated total uncollectible accounts are $ 6,622. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $ 2,635. The Accounts Receivable balance is $ 44,720. The amount of the adjusting entry for UncollectibleminusAccounts Expense is:

1. A market where tenants negotiate rent and other terms with property owners or their managers is referred to as a: a. Property market. b. User market. c. Housing market. d. Capital market.

Answers

A market where tenants negotiate rent and other terms with property owners or their managers is referred to as a "User market".

Option: B

Explanation:

A market analyst is more generalized than research involving consumers. Market analysts are studying customer behavior, and recognizing their needs. They disclose demographic, fiscal, and statistical data about a particular sector. The data was used by both industry analysts and consumer analysts to make informed decisions.

Here the tenant is bargaining or trying to get compensated the amount of rent to be paid monthly, by discussing the topic with property owner is understood as user market, because according to user need or demand the landlord may get agree to understand the user concern.

To make a ___________________ , position your car to the right side of the right lane. A. left turn

B. left lane change

C. stop for pedestrians

D. right turn

Answers

A. Left turn
To make a left turn, position your car to the right side of the right lane to give it enough space in order to turn left, or the opposed direction. Turning right in this state is hazardous and a dangerous exercise since you can’t see the opposed turning point of the direction you are going to pass and what if there is another car that is passing by that area. It can cause an imminent accident.

Pagent, a company that manufactures watches, introduces a new range of watches with a safety application programmed into it. This application is designed especially for women and helps them alert people in case of danger. In the context of innovation streams, which of the following concepts does this scenario best illustrate?A) A technological discontinuityB) Technological lockout
C) Technological singularity
D) A technological barrier

Answers

Answer:

A. Technological discontinuity

Explanation:

Technological discontinuity is the process whereby new technologies has technical limits and economic relevance that are greater than those of the old technologies. Whenever there's technological discontinuity, it brings a new range of technological development.

Bonds issued by Animite Energy are selling at a rate of 95.230. Which of the following statements is true for a bond of par value $1,000?a.
The market value includes a premium of $5.23.
b.
The market value includes a premium of $10.50.
c.
The market value includes a discount of $47.70.
d.
The market value includes a discount of $95.23.

Answers

Answer:

c.The market value includes a discount of $47.70.

Explanation:

MArket value is the price that you would pay in the market to buy a certain bond that is worth something, so for example if the the bonds are issued at a rate of 95.230 that´s the percentage you need to pay for the bond, so right now for a $1000 bond you would pay $952.30 dollars, that means that the value of $1000 has a $47.70 disscount in the market value.

Answer:

C. The market value includes a discount of $47.70

The process by which an insurer decides whether to issue requested insurance is called: A) Underwriting B) Premium assessment C) Claim adjudication D) Policy endorsement

Answers

Explanation:

The process by which an insurer decides whether to issue requested insurance is called:

A) Underwriting

Because of its quality investments, Carolina Corporation has always generated 30% to 40% of its gross income from passive sources. In the current year, Carolina sold a block of stock in a company it acquired several years ago. As a result of the sale, the corporation realized a substantial long-term capital gain that will increase this year's investment income from 40% to 70% of gross income. Explain to Carolina's president why she should or should not be worried about the personal holding company tax. (Assume that the stock ownership requirement is met.)

Answers

Answer:

It is funny how doing so well in business is not always completely beneficial. First of all, Carolina's president should be worried that her can be considered a personal holding company (PHC). PHC receive at least 60% of its adjusted ordinary gross income (AOGI) from passive sources. The other requirement is that 50% of its stock is owned by five or fewer individuals or companies. Being a PHC means more taxes, that is why Carolina Corporation should try to avoid being considered a PHC.

Carolina can avoid being considered a PHC if its other investment income (income from passive sources) along with this investment income, does not exceed 60% of its AOGI.

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