A Company Has $72,500 in Inventory at the Beginning of the Accounting

question 36

Multiple Choice

A company has $72,500 in inventory at the beginning of the accounting period and $65,500 at the end of the accounting period.Sales revenue is $986,400,cost of goods sold is $572,700,and net income is $124,200 for the accounting period.On average,the number of days to sell inventory is approximately:

• A) 203.
• B) 44.
• C) 61.
• D) 26.

Calculate the adjusted balances for accounts affected by the entries.

Understand the concept of book value and its calculation.

Recognize the accounting treatment of unearned revenues and its adjustment.

Apply knowledge of adjusting entries to specific scenarios involving prepaid rent, supplies expense, and depreciation.

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Definitions:

Brain Organizes

The process by which the brain structures and arranges information and sensory inputs to make sense of the world.

Sensory Nerves

Nerves that transmit sensory information from the body's periphery towards the central nervous system, allowing for the perception of stimuli.

Sense Receptors

Specialized cells or organs in the body that respond to external stimuli, such as light, sound, or touch, and transmit signals to the brain.

Hormones

Chemical messengers produced by the endocrine glands that travel through the bloodstream to tissues or organs, affecting many different bodily processes.