Cobbe Sales sold 400 units of product to a customer on account. The selling price was $28 per unit, and the cost, according to the company's inventory records, was $14 per unit. Provide the journal entry to record the cost of goods sold
(Assume a perpetual inventory system.)
What will be an ideal response
Cost of Goods Sold 5,600
Merchandise Inventory 5,600
Note:
Cost of Goods Sold = 400 units x $14 per unit = $5,600
Business
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Indicate whether the statement is true or false
Business
JKL Insurance Company reported the following information on its accounting statements last year:
Premiums Written $90,000,000 Loss Adjustment Expenses $5,000,000 Underwriting Expenses $30,000,000 Premiums Earned $100,000,000 Incurred Losses $70,000,000 What was JKL's loss ratio last year? A) 70.0 percent B) 75.0 percent C) 83.3 percent D) 90.0 percent
Business