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Author Question: The posting reference, amount, and description are the three items of information about each ... (Read 37 times)

nummyann

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on: Jul 5, 2018
The posting reference, amount, and description are the three items of information about each transaction that should be entered in the ledger accounts.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

What is the amount of purchases budgeted for January?
 
  Wallace Company provides the following data for next year:
 
   Month Budgeted Sales
   January 120,000
   February 108,000
   March 132,000
   April 144,000
 
  The gross profit rate is 35 of sales. Inventory at the end of December is 21,600 and target ending inventory levels are 20 of next month's sales, stated at cost.
 
  A) 63,960
  B) 70,440
  C) 78,000
  D) 92,040


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dyrone

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Reply #1 on: Jul 5, 2018
Answer to Question 1

False

Answer to Question 2

Answer: B


nummyann

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Reply #2 on: Jul 5, 2018
Correct answers!


dyrone

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Reply #3 on: Jul 5, 2018
Great! Please up vote :D


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