This topic contains a solution. Click here to go to the answer

Author Question: What is the major difference between a periodic and perpetual inventory system? a. Under the ... (Read 139 times)

future617RT

  • Hero Member
  • *****
  • Posts: 543
What is the major difference between a periodic and perpetual inventory system?
 a. Under the periodic inventory system, the purchase of inventory will be debited to the Purchases account.
  b. Under the periodic inventory system, no journal entry is recorded at the time of the sale of inventory for the cost of the inventory.
  c. Under the periodic inventory system, all adjustments such as purchases returns and allowances and discounts are reconciled at the end of the month.
  d. All of the answers are correct.

Question 2

Beta Company reported the following information in its year ended December 31, 2012 financials:
 
  Net income  15,000
  Sales revenue 75,000
  Retained earnings - beginning balance 16,000
  Dividends 4,000
 
  1. What were the company's total expenses?
  2. How much of the company's profits have been kept by the company as of 1/1/12?
  3. What is the balance of retained earnings at December 31, 2012?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

zacnyjessica

  • Sr. Member
  • ****
  • Posts: 345
Answer to Question 1

d

Answer to Question 2

1. 60,000 = 75,000 - 15,000
2. 16,000
3. 27,000 = 16,000 + 15,000 - 4,000




future617RT

  • Member
  • Posts: 543
Reply 2 on: Jul 5, 2018
Excellent


lindahyatt42

  • Member
  • Posts: 322
Reply 3 on: Yesterday
:D TYSM

 

Did you know?

A seasonal flu vaccine is the best way to reduce the chances you will get seasonal influenza and spread it to others.

Did you know?

Vaccines prevent between 2.5 and 4 million deaths every year.

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

For a complete list of videos, visit our video library