The formula for forecasting inventory is ____________ /365 X
Fill in the blank(s) with correct word
Cost of goods sold, Inventory turnover days
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Intangibility and homogeneity are characteristics that differentiate services from manufactured products
Indicate whether the statement is true or false
Harrod Company paid $6500 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The balance in the prepaid insurance account before adjustment at the end of the year is $6500, and no adjustments had been made previously. The adjusting entry required on December 31 is:
A. Debit Prepaid Insurance, $3250; credit Insurance Expense, $3250. B. Debit Insurance Expense, $3250; credit Prepaid Insurance, $3250. C. Debit Insurance Expense, $1625; credit Prepaid Insurance, $1625. D. Debit Prepaid Insurance, $1625; credit Insurance Expense, $1625. E. Debit Cash, $6500; Credit Prepaid Insurance, $6500.
________ is a skillful writing technique that involves balanced writing. Sentences use similar structures for similar ideas so that their parts are easy to read and understand
Fill in the blank(s) with correct word
Oregon Co. began operations on January 1, Year 1, by issuing $10,000 in common stock to the stockholders. On March 1, Year 1, Oregon received $36,000 cash in advance from a client for services and promised to perform those services for a one-year period beginning April 1, Year 1. During Year 1, services in the amount of $32,000 were provided to customers on account, and 80% of this amount was collected by year-end. During Year 1, operating expenses incurred on account were $24,000, and 60% of this amount was paid by year-end. During the year, Oregon paid $1,200 to purchase supplies. By year-end, $1,080 of the supplies had been used. Dividends to stockholders were $2,000 during the year. During Year 1, Oregon paid salaries of $28,000, and on December 31, Year 1, the company accrued
salaries of $2,800. Oregon recorded all appropriate adjusting entries at year end.Required:1) What would Oregon report for service revenue for Year 1?2) What would Oregon report for salaries expense for Year 1?3) What would Oregon report for supplies expense for Year 1?4) What would the amount be for net cash flows from operating activities for Year 1?5) What is the net income for Year 1?6) What would the balance in the retained earnings account be at December 31, Year 1? What will be an ideal response?