Answer to Question #243690 in Accounting for samantha

Question

4. If the normal operating cycle is 8 months to August 30, 2023, and the 12 months after the reporting period will jump to the date of December 31, 2023, when is the threshold of

proving that the asset or liability is current? (Pick between August 30, 2023, and

December 31, 2023, only Explain your position.

5. Which of the following is the correct formula in finding COGS or COS?

a.The COS for manufacturing entities is zero because of its value in deflation.

b.The COS for merchandising entities is goods available for sale minus the ending

amount of inventories.

c.The COS for service entities is service available for sale plus the beginning service inventories.

d.The COS for service entities is equal to the adjusted market selling price.

6. Explain why the three items you have not chosen above are incorrect.

Answer 1

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