Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

**Please explain answer** 49) Cosgrove Art & Antiques sells unique art and antiques exclusively at antique shows. Cosgrove purchases inventory from individuals and other dealers

**Please explain answer**image text in transcribed

49) Cosgrove Art & Antiques sells unique art and antiques exclusively at antique shows. Cosgrove purchases inventory from individuals and other dealers at garage sales, flea markets, antique malls, and estate sales. Each time Cosgrove makes a purchase, she records the person's name, address, date, specific items purchased and price paid, and total amount spent. Later at home, Cosgrove cleans, researches and prices the inventory items. She assigns an inventory number to each item and records the "asking" price. Cosgrove buys price tags and display supplies from a company that sells at flea market and antique shows. All inventory and supplies purchases are paid immediately with cash, or with checks from a bank account in the business' name, to which sales are also deposited. Several times a year Cosgrove rents a booth at an antique show. A deposit is always required, with the balance due at the start of the show. Cosgrove records the deposit and final payment, along with the show organizer's name and address, in the same worksheet on which purchases of inventory and supplies are recorded. A well-planned and correctly drawn REA diagram for Cosgrove Art & Antiques, related to purchasing inventory and supplies, renting booths, and paying for all items, would A) reflect minimum cardinalities of 1 for the relationship between Vendor and Cash Disbursement entities. B) reflect the same number of 0 and 1 minimum cardinalities. C) reflect more maximum cardinalities of M than of 1. D) reflect maximum cardinalities of M for the relationship between Inventory and Purchase entities. 49) Cosgrove Art & Antiques sells unique art and antiques exclusively at antique shows. Cosgrove purchases inventory from individuals and other dealers at garage sales, flea markets, antique malls, and estate sales. Each time Cosgrove makes a purchase, she records the person's name, address, date, specific items purchased and price paid, and total amount spent. Later at home, Cosgrove cleans, researches and prices the inventory items. She assigns an inventory number to each item and records the "asking" price. Cosgrove buys price tags and display supplies from a company that sells at flea market and antique shows. All inventory and supplies purchases are paid immediately with cash, or with checks from a bank account in the business' name, to which sales are also deposited. Several times a year Cosgrove rents a booth at an antique show. A deposit is always required, with the balance due at the start of the show. Cosgrove records the deposit and final payment, along with the show organizer's name and address, in the same worksheet on which purchases of inventory and supplies are recorded. A well-planned and correctly drawn REA diagram for Cosgrove Art & Antiques, related to purchasing inventory and supplies, renting booths, and paying for all items, would A) reflect minimum cardinalities of 1 for the relationship between Vendor and Cash Disbursement entities. B) reflect the same number of 0 and 1 minimum cardinalities. C) reflect more maximum cardinalities of M than of 1. D) reflect maximum cardinalities of M for the relationship between Inventory and Purchase entities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An Introduction To Concepts Methods And Uses

Authors: Clyde P. Stickney, Roman L. Weil

12th Edition

0324381980, 978-0324381986

More Books

Students also viewed these Accounting questions