This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The posting reference, amount, and description are the three items of information about each ... (Read 99 times)

nummyann

  • Hero Member
  • *****
  • Posts: 576
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

dyrone

  • Sr. Member
  • ****
  • Posts: 322
Reply #1 on: Jul 5, 2018
Answer to Question 1

False

Answer to Question 2

Answer: B


nummyann

  • Hero Member
  • *****
  • Posts: 576
Reply #2 on: Jul 5, 2018
Correct answers!


dyrone

  • Sr. Member
  • ****
  • Posts: 322
Reply #3 on: Jul 5, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

Messenger RNA (mRNA) carries genetic information from the nucleus to the cytoplasm for protein synth Messenger RNA (mRNA) carries genetic information from the nucleus to the cytoplasm for protein synth
Reference Groups Reference Groups
The reference electrodes are shared by the Nernst cell and the pump cell. The reference electrodes are shared by the Nernst cell and the pump cell.
The WISER entry for hydrogen cyanide (bottom). Useful information includes detailed health ... The WISER entry for hydrogen cyanide (bottom). Useful information includes detailed health ...
The science-based DRIs serve as the basis for information The science-based DRIs serve as the basis for information
Dietary Reference Intakes Dietary Reference Intakes
Video: Body plan of euglena Animation

For a complete list of videos, visit our video library