Answer:
False
Explanation:
While preparing the raw material budget for the period we calculate the total purchases to be made in the period concerned to meet the demand of raw material.
Demand in the period concerned = Total raw material required in production in current period + Total balance of inventory to be kept as closing inventory of current period - The opening available balance of inventory.
This is equal to the purchases to be made.
Thus, closing inventory is added and opening is deducted.
Therefore, the statement is question is not correct and is therefore, false.
Answer:
You could have done a transaction that you didn't take into consideration in the check register.
this might be:
1. check
2. debit card withdrawal or POS transaction
3. Bank charges
4. fees for an order of checks
Answer:
A) One important difference between using cigarettes and using dollars as money is that cigarettes have intrinsic value.
B) U.S. dollars are an example of fiat money.
Explanation:
Prisioners had two uses for cigarettes: they could use them as a medium of exchange, thus acted as money, and they could use cigarettes to smoke. Therefore the intrinsic value of cigarettes would be the tobbacco which is used to smoke, as opposed to U.S. dollars where its intrinsic value is just the paper or metal if it were a coin.
U.S. dollars are an example of fiat money because it's a currency that has been established as legal tender by the U.S. Government, but it has no intrinsic value of its own.
Answer:
D. $686
Explanation:
Given that
Credit sale = 750
Return = 50
Terms 2/10
Amount received in full therefore,
= [(750 - 50) - (750 - 50 {2%})]
= 700 - (700 × 0.02)
= 700 - 14
= $686
Answer:
The book value of patents should be reported at: $336,000.
Explanation:
Under U.S GAAP, R&D is not permitted to capitalized, thus R&D expenses incurred in the period is not relevant in calculation the book value of patent. On the other hand, successful ligation costs are allowed to be capitalized.
We have the book value of patents = Book value at opening of 2020 + Cost of successful patent infringement suit at 1st December 2020 - amortization of patents in the period of the year 2020;
where: Amortization of patents in the period = 12 months of book value at opening of 2020 amortization + 1 month of Cost of successful patent infringement suit = 288,000/ ( 8 x 12) x 12 + 85,000/( 1 + 7 x 12) x 1 = 37,000 ( as amortization is distributed equally on remaining useful life ( in months))
=> The book value at the end of 2020 = 288,000 + 85,000 - 37,000 = $336,000
