Given the following information for the Raquel Company: Date Cost Market December 31, 2016 $500 $500 December 31, 2017 700 650 December 31, 2018 800 730 ? If the allowance method of recording lower of cost or market is in use, which December 31, 2018, journal entry is correct?
A) Loss Due to Market Valuation 20Allowance to Reduce Inventory to Market 20
B) Inventory 730Income Summary 730
C) Loss Due to Market Valuation 70Allowance to Reduce Inventory to Market 70
D) Allowance to Reduce Inventory to Market 800Income Summary 800
A
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Which of the following assumes that financial statements of a business can be prepared for specific periods?
A) matching principle B) revenue recognition principle C) time period concept D) adjusting entry principle
Use this earned schedule table to determine the earned schedule for this project at the end of Month 6
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 PV ($) $125 $275 $500 $875 $1,485 $2,325 $2,670 EV ($) $50 $120 $255 $420 $715 $865 $0 A) 2.93 B) 2.74 C) 2.38 D) 2.26
Hospital indemnity insurance
A) pays a fixed dollar amount for each day you remain in the hospital. B) provides the provider of the service a direct payment up to a set daily maximum. C) guarantees you certain specified services regardless of the daily cost. D) guarantees you all hospital services regardless of cost.
Firm X has an accounts payable period of 38 and a costs of goods sold of $7,500. Calculate the Average payables
A) 780.44 B) 197.37 C) 835.64 D) 217.26 E) 694.61