josuemartinez1030
05.08.2020 •
Business
intext:"A company has net sales of $1,200,000 and average accounts receivable of $400,000. What is its accounts receivable turnover for the period"
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Ответ:
i think it would be 4x
Explanation:
im dumb
Ответ:
Dr Retained earnings $14,000
Cr Inventory $14,000
Explanation:
There is a need to make adjustment to the inventory . Therefore,
Adjusted inventory
= New method of $171,000 - Old method of $185,000
= $14,000 decrease
It is to be noted that a lower inventory will have high costs associated with goods sold hence reduces profit/net income for the previous year by $14,000.
Also, the net income reports to retained earnings account hence decreases retained earnings.
Having made the above adjustment, we can assume that the average cost method was used for 2020 books.