All categories

2 years ago

Inventory items received should be compared against: Multiple Choice Sales receipt Purchase order Sales order Supplies inventory

Business

1 answer:

larisa [96]2 years ago

5 0

Answer:

Purchase order

Explanation:

To verify existence and accuracy of inventory items received, the receiving division must compare the quantities, amounts and descriptions of the items received against the Purchase order.

You might be interested in

Create, Inc., a domestic corporation, owns 100% of Vinyl, Ltd., a foreign corporation and Digital, Inc., a domestic corporation.

Bumek [7]

Answer:

c.Create, Vinyl, Digital, and Record

Explanation:

The answer is

c.Create, Vinyl, Digital, and Record

Since Create Inc. which is a domestic corporation, owns 100% shares in two enterprises. One is Vinyl Ltd. which is a foreign corporation and the other is Digital Inc. which is a domestic corporation. And Create Inc. also happens to own 12% shares in a domestic corporation named Record Inc.

Now since Create Inc. owns shares in all the three corporations, all these corporations's net income will be included in the Create's income statement current-year financial report.

Thus the answer is

c.Create, Vinyl, Digital, and Record

6 0

2 years ago

Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,235,000. Hard

olya-2409 [2.1K]

Answer:

The value recorded for the building = $140,000

Explanation:

From the appraisal of the property, the following information is given:

Value of land = $296,000

Value of building = $880,000

value of equipment = $584,000

Total = 296,000 + 880,000 + 584,000 = $1,760,000

Next, we will calculate the percentage of the total value allocated to the building as follows:

Percentage allocated to building = (value of building ÷ total value) × 100

= (880,000 ÷ 1,760,000) × 100

= 0.5 × 100 = 50%

Next, since we now know that the building takes 50% of the property cost, and since $280,000 was paid, the value recorded for building will be 50% of the $280,000 paid, and this is calculated as follows:

value recorded for building = 50% of 280,000

= 50/100 × 280,000 = 0.5 × 280,000 = $140,000

6 0

2 years ago

If a just-in-time purchasing policy is successful in reducing the total inventory costs of a manufacturing company, which of the

gulaghasi [49]

Answer:

Stock out costs increase

Carrying costs decrease

Explanation:

Just in time (JIT) decreases total inventory and increases the number of deliveries made by the company's vendors.

Since the company is going to hold fewer materials and components, then the risk of an stock out increases, resulting in higher stock out costs.

The total inventory will decrease, therefore, the carrying costs will also decrease.

4 0

2 years ago

Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Custo

weqwewe [10]

Answer:

Credit to Unearned Service Revenue of $24,000

Explanation:

Given that,

Fair values:

Equipment = $90,000

Installation = $60,000

Training = $30,000

Total fair value = $90,000 + $60,000 + $30,000

= $180,000

Total cost of purchasing equipment, installation and training = $144,000

The cost to be allocated proportionately is as follows:

The transaction price allocated to the Equipment:

= Fair value of equipment × (Total cost ÷ Total fair value)

= $90,000 × ($144,000 ÷ $180,000)

= $90,000 × 0.8

= $72,000

The transaction price allocated to the Installation:

= Fair value of installation × (Total cost ÷ Total fair value)

= $60,000 × ($144,000 ÷ $180,000)

= $60,000 × 0.8

= $48,000

The transaction price allocated to the Training:

= Fair value of training × (Total cost ÷ Total fair value)

= $30,000 × ($144,000 ÷ $180,000)

= $30,000 × 0.8

= $24,000

Therefore, the journal entry to record the transaction on March 15, 2021 will include a credit to Unearned Service Revenue of $24,000 (for training).

Note: As the product is purchased and installed on the same day of purchase but the training would be provided in the future. Hence, it is treated as the unearned service revenue.

7 0

2 years ago

Hardwoods, a timber supplying company, contracted with a furniture manufacturer, taylor furniture. hardwoods owned a large plot

charle [14.2K]

A. Instead of a tornado’s striking Hardwoods’ land, the state in which Hardwoods operates passes a law making it illegal for any lumber
companies to cut down trees for the purposes of selling their wood. This environmental measure causes Hardwoods to go out of business.

6 0

2 years ago