What is the purpose of payroll-related accrual and reversal entries on financial statements?
What will be an ideal response?
1. Accrual entries represent payroll amounts earned but not yet paid.
2. Accrual entries are used to improve the accuracy of the net income for a period.
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A customer returned damaged goods for credit. Which of the seller's accounts decreases?
a. Sales Returns b. Purchase Returns c. Accounts Receivable d. Sales Revenue
Assume a partnership made up of Partner A and Partner B. Partner C is going to join the partnership by purchasing a one-quarter interest from Partner A for $10,000 and a one-third interest from Partner B for $8,000 . At the time, Partner A has a capital interest of $40,000 and Partner B has a capital interest of $30,000 . The following journal entry should be made:
a. Partner A, Capital DR$10,000; Partner B, Capital DR$8,000; Partner C, Capital CR$18,000. b. Partner A, Capital DR$10,000; Partner B, Capital DR$10,000; Partner C, Capital CR$18,000; Cash CR$ 2,000. c. Partner A, Capital DR$10,000; Partner B, Capital DR$10,000; Partner C, Capital CR$20,000. d. Partner A, Capital DR$8,000; Partner B, Capital DR$12,000; Partner C, Capital CR$20,000. e. Partner A, Capital DR$3,000; Partner B, Capital DR$15,000; Partner C, Capital CR$18,000.
Which marketing mix element describes what a buyer exchanges with a seller?
A. place B. perception C. price D. product E. promotion
Blackbird, Incorporated reports the following information regarding its production cost:Units produced39,000 unitsDirect labor$13 per unitDirect materials$17 per unitVariable overhead$200 per unitFixed overhead$9,750,000 in totala. Compute production cost per unit under variable costing.b. Compute production cost per unit under absorption costing.
What will be an ideal response?