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 100 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?

Amoebae are the simplest type of protozoans, and are characterized by a feeding and dividing trophozoite stage that moves by temporary extensions called pseudopodia or false feet.

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?

The Romans did not use numerals to indicate fractions but instead used words to indicate parts of a whole.

Did you know?

Vampire bats have a natural anticoagulant in their saliva that permits continuous bleeding after they painlessly open a wound with their incisors. This capillary blood does not cause any significant blood loss to their victims.

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Examining the survivorship curve of a Dall mountain sheep population reveals information on the caus Examining the survivorship curve of a Dall mountain sheep population reveals information on the caus
A Schematic Description of the Experiment by Maviel et al. (2004) A Schematic Description of the Experiment by Maviel et al. (2004)
Information Processing Model The components of the model operate simultaneously. Information Processing Model The components of the model operate simultaneously.
How Orbital Eccentricity Changes the Amount of Solar Radiation Earth Receives How Orbital Eccentricity Changes the Amount of Solar Radiation Earth Receives
Biological Information Flow Biological Information Flow
BIOLOGY GENE DESCRIPTION FOR ASSIGNEMNT BIOLOGY GENE DESCRIPTION FOR ASSIGNEMNT
Video: Structure of Amino Acid, Peptide Bonds & Polypeptides

For a complete list of videos, visit our video library