Kate Company Uses a Perpetual Inventory System and Purchased Inventory $\quad$

question 63

Short Answer

Kate Company uses a perpetual inventory system and purchased inventory from Phoebe Company. The shipping costs were $500 and the terms of the shipment were FOB shipping point. Kate would have the following entry regarding the shipping charges:
A) There is no entry on Kate's books for this transaction.
b. Freight Expense $\quad$$\quad$ 500
$\quad$ Cash $\quad$$\quad$ 500
c. Freight-Out $\quad$$\quad$ 500
$\quad$ Cash $\quad$$\quad$ 500
d. Inventory $\quad$$\quad$ 500
$\quad$ Cash $\quad$$\quad$ 500

• A) There is no entry on Kate's books for this transaction.
• b. Freight Expense\(\quad\)\(\quad\)500
• \(\quad\)Cash\(\quad\)\(\quad\)500
• c. Freight-Out\(\quad\)\(\quad\)500
• \(\quad\)Cash\(\quad\)\(\quad\)500
• d. Inventory\(\quad\)\(\quad\)500
• \(\quad\)Cash\(\quad\)\(\quad\)500

Calculate and interpret risk and prevalence rates in various populations.

Understand the calculation of incidence rates in epidemiological studies.

Identify the role of active surveillance in responding to disease outbreaks.

Differentiate between the numerator and denominator in calculations of incidence rates.

---

Definitions:

Emergency

A sudden, unexpected situation requiring immediate action to prevent or mitigate harm.

Love v. Hardee's

A legal case referencing a specific dispute, often cited in discussions of legal responsibility and negligence in the context of corporate obligations to customers.

Invitee

A person who is invited to enter or remain on property for a commercial benefit to the property owner, such as a customer in a store.

Dangerous Condition

A situation or aspect of a property that poses a risk of injury to those on the premises.