What type of account is Notes Payable?

The database management system (DBMS) provides applications for processing operations such as ________

A) sending and receiving emails B) generating software codes C) inserting or deleting information D) automating business processes

At the end of its first year of business, Payless, Inc had Sales of $800,000 and Cost of goods sold of $500,000 prior to a lower-of-cost-or-market write down

Payless reported its inventory at the lower market value of $90,000 instead of the cost of $100,000. The adjusting entry to record the write down included a decrease to Inventory and Cost of goods sold. Required: Put an X in the appropriate box to show the effect of lower-of-cost-or-market write down: Increase Decrease Remain the same 1. Inventory turnover 2. Gross profit ratio 3. Current ratio What will be an ideal response?