Foote Company was granted a purchase discount of $200 on merchandise the company had purchased a few days ago. Foote uses the perpetual inventory system. Which of the following reflects the effects of this event on the financial statements? Asset = Liab. + Stk. Equity Rev. - Exp. = Net Inc. Stmt of Cash Flows A. NA (200) 200 200 NA NA 200 OA B. NA (200) 200 200 NA 200 NA C. (200) (200) NA NA NA NA (200) OA D. (200) (200) NA NA NA NA NA
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Foote Company was granted a purchase discount of $200 on merchandise the company had purchased a few days ago. Foote uses the perpetual ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Suppose that a surfboard designer owns a building and is renting part of the building's space to a doctor. Further suppose that because the surfboard designer is the owner, he has the right to make noise during the day while he sands the boards.
Answers (1)
What is your stratic plan to solve personnal shortages at the Ambulatory Surgary Center
Answers (1)
Conversion costs are a. direct materials and factory overhead b. direct materials and indirect labor c. direct materials and direct labor d. factory overhead and direct labor
Answers (1)
Why could credit reports you receive from the three credit reporting agencies during the month look from each other If a company only reports to agency, then only that agency will reflect that information on your report for the month Each agency
Answers (1)
How does the Small Business Administration (SBA) categorize some types of insurance needs?
Answers (2)
New Questions in Business
Which of the following is NOT considered to be one of the three primary functions that all organizations perform? A. finance/accounting B. research and development C. production/operations D. marketing
Answers (1)
If someone pays medical expenses directly to the provider, such as a doctor or hospital, what percentage of the gift is exempt from gift tax?
Answers (1)
All else equal, active retention is a good option for firms: a. That have highly liquid assets b. That do not have a lot of debt c. Whose losses are predictable d. all of the above e. none of the above
Answers (1)
Sheffield Company purchases $50,300 of raw materials on account, and it incurs $63,900 of factory labor costs.
Answers (1)
Macrosoft Company reports net income of $65,000. The accounting records reveal depreciation expense of $80,000 as well as increases in prepaid rent, accounts payable, and income tax payable of $60,000, $12,000, and $18,000, respectively.
No Answers