The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory, 7/1/2020 32,000 Sales revenue 380,000 Sales returns 12,000 Purchases 240,000 Purchase discounts 6,000 Purchase returns 10,000 Freight-in 17,000 In addition, you determine that the June 30, 2021, inventory balance is $40,000. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021.
The cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.
Using this formula
Cost of goods sold=Beginning Inventory+ Net purchases- Ending Inventory
Where:
Beginning Inventory=$32,000
Net purchases=($240,000-$6,000-$10,000+$17,000)=$241,000
Ending Inventory=$40,000
Let plug in the formula
Cost of goods sold=$32,000+$241,000-$40,000
Cost of goods sold=$233,000
Inconclusion the cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.
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Suppose that a Spotify Premium subscriber downloaded a playlist to their phone but never listened to the songs. They then cancelled their subscription and were disappointed to find out that their songs were no longer available on their phone. The fact that the consumer could only listen to those songs when actively subscribed to the service demonstrates which characteristic that distinguishes products from goods
The fact that consumers can only listen to these songs when they have actively subscribed to the Spotify service demonstrates the perishability characteristic that differentiates products from goods.
The services have the following characteristics:
IntangibilityInseparabilityVariabilityPerishabilitySince perishability is a characteristic that guarantees that services cannot be stocked, that is, if they are not used, they cease to exist.
Therefore, when canceling the subscription to the music streaming service, users were no longer able to have the songs downloaded on their phone available, demonstrating the perishability characteristic of the services.
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how to deal with accrued income in accounting equation?
Explanation:
Accured income is the income that has been earned during the year, but is still to be received. Accordingly, it will increase the capital of the proprietor.And secondly it would be treated as a asset as it due from some third party that would be considered as a debtor of the firm.
I hope it will be help you
You have been asked to evaluate two alternatives, X and Y, that may increase plant capacity for manufacturing high-pressure hydraulic hoses. The parameters associated with each alternative have been estimated. Which one should be selected on the basis of a present worth comparison at an interest rate of 14% per year
In buying an existing business the prospective buyer should ask questions about the operation of the business which of the following would be an appropriate question to ask
In buying an existing business, the questions that would be appropiate for the prospective buyer to ask are the following:
E. All of the above are appropriate questions to ask.I was able to find the complete exercise online and the exercise had five options to choose from. These are the options:
A. Is the business operating at a profit? B. Why are you selling? C. Are there any problems with the business? D. Will the customers stay with the business?E. All of the above are appropriate questions to ask.The correct option was "E" because all the questions are not only appropiate but necessary to ask.
When buying an existing business, you need to know everything about the business and the reason why the owner is selling because it may make you change your opinion or help you make future decisions.
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Answer: A) What are you going to do with the down payment?
Explanation:
I got it right trust
1. Describe a natural monopoly and use a graph to support your answer.
2 Describe the main characteristics of a monopolistically competitive market.
Answer:
i think Monopoly Market Characteristics
Explanation:
i think The characteristics of monopoly include: (1) one firm, (2) one product, and (3) no entry (Table 5.1). The monopoly solution is shown in Figure 5.2. Note that long-run profits can exist for a monopoly, since barriers to entry halt any potential entrants from joining the industry.
What principle of corporate governance requires companies to operate in ways that respect the social and legal relationships they have with employees and creditors, among others?
A. Interests of other stakeholders
B. Integrity and ethical behavior
C. Integrity and ethical behavior
D. Disclosure and transparency
Answer:B
Explanation:
In your initial post, first you will introduce yourself to your peers. Along with your introduction, share your career goals, such as the type of company you hope to work in or the job role you seek. Next choose an area of business law, such as employment law, contract law, finance law, or environmental law. Name the area of business law you selected, describe what value you think these types of law have from the perspective of running a business, and explain any disadvantages you think these types of law have for businesses.
In a professional presentation to your peers, you must use clear and objective language, which conveys your information in an assertive manner.
As an example, let's assume you have chosen the field of environmental law to work. Your presentation could be constructed as follows:
Personal presentation.Professional Profile.The type of position you want to work.Disadvantages of environmental law for companies.Let's assume that your core career objective is to assist in holding companies accountable for environmental responsibility through environmental law.
Therefore, you must include the reasons that lead companies to be potential causes of environmental imbalance and how environmental law can help and institute more stringent actions for environmental protection.
This is a matter of creativity and should be written by you, but I hope these tips are helpful.
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If u had to wear the same shoes, what would it be? Mine would be jordan's cause that's what I wear everyday
Answer: Same, i got these new Red and Black jordans that look fineeeeeeee
Explanation:
A firm says it cut its labor costs by 35 percent between 2014 and 2019. Workers were paid a wage rate, including benefits, of $80 an hour in 2014 and $58 an hour in 2019. If the CPI was 202 in 2014 and 218 in 2019, did the real wage rate fall by more or less than 35 percent?
If the workers were paid a wage rate, including benefits, of $80 an hour in 2014 and $58 an hour in 2019. If the CPI was 202 in 2014 and 218 in 2019, did the real wage rate fall by more or less than 35 percent?
Between year 2014 and year 2019, the real wage rate fell by less than 35 percent.Calculation for the real wage rate in 2014
Using this formula
2014 Real wages=2014 Wage rate/2014 CPI×100
Let plug in the formula
2014 Real wages=$80/202×100
2014 Real wages=39.60%
Calculation for the real wage rate in 2019
Using this formula
2019 Real wages=2019 Wage rate/2019 CPI×100
Let plug in the formula
2019 Real wages=$58/218×100
2019 Real wages=26.61%
Based on the above calculations between year 2014 and year 2019, the real wage rate fell by less than 35 percent.
Inconclusion if the workers were paid a wage rate, including benefits, of $80 an hour in 2014 and $58 an hour in 2019. If the CPI was 202 in 2014 and 218 in 2019, did the real wage rate fall by more or less than 35 percent?
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Explain collaborative ,planning,forecasting and replenishment each scenario briefly and indicate how they benefit supply chain partners,
Explanation:
collarborating is working together to achieve a common goal
Pedro sells investment land on September 1, 2019. Information pertaining to the sale follows: Adjusted basis $25,000 Selling price 90,000 Selling expenses 1,500 Down payment 12,000 Four installment payments 15,000 Mortgage assumed by the buyer 18,000 Required: Each installment payment is due on September 1 of 2020, 2021, 2022, and 2023 (ignore interest). Determine the tax consequences in 2019, 2020, 2021, 2022, and 2023. (Do not round intermediate calculations. Round your final answers to nearest whole dollar value.)
The tax consequence in 2019 is $10584 while the tax consequence from 2020 to 2023 will be $13229.
Bases on the information given, the realized gain will be:
= $90000 - $25000 - $1500
= $63500
The gross profit percentage will be:
= 63500/(90000 - 18000) × 100
= 63500/72000 × 100
= 88.19%
The tax consequence in 2019 will be:
= $12000 × 88.19% = $10584
The tax consequence in 2020 will be:
= $15000 × 88.19% = $13229
The tax consequence in 2021 will be:
= $15000 × 88.19% = $13229
The tax consequence in 2022 will be:
= $15000 × 88.19% = $13229
The tax consequence in 2023 will be:
= $15000 × 88.19% = $13229
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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:
Accounts Debit Credit
Cash $ 26,400
Accounts Receivable 48,800
Allowance for Uncollectible Accounts $ 5,500
Inventory 21,300
Land 59,000
Equipment 21,500
Accumulated Depreciation 2,800
Accounts Payable 29,800
Notes Payable (6%, due April 1, 2019) 63,000
Common Stock 48,000
Retained Earnings 27,900
Totals $ 177,000 $ 177,000
During January 2021, the following transactions occur:
January 2 Sold gift cards totaling $8,200. The cards are redeemable for merchandise within one year of the purchase date.
January 6 Purchase additional inventory on account, $148,000.
January 15 Firework sales for the first half of the month total $136,000. All of these sales are on account. The cost of the units sold is $74,300.
January 23 Receive $125,500 from customers on accounts receivable.
January 25 Pay $91,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $4,900.
January 30 Firework sales for the second half of the month total $144,000. Sales include $10,000 for cash and $134,000 on account. The cost of the units sold is $80,000.
January 31 Pay cash for monthly salaries, $52,100.
Prepare an adjusted trial balance as of January 31, 2021.
The Adjusted Trial Balance of ACME Fireworks on January 31, 2021 is as follows and totals $517,300 on both sides.
Adjusted Trial Balance
January 31, 2021
Accounts Debit Credit
Cash $27,000
Accounts Receivable 188,400
Allowance for Uncollectible Accounts $ 600
Inventory 15,000
Land 59,000
Equipment 21,500
Redeemable Gift Cards 8,200
Accumulated Depreciation 2,800
Accounts Payable 86,800
Notes Payable (6%, due April 1, 2019) 63,000
Common Stock 48,000
Retained Earnings 27,900
Sales Revenue 280,000
Cost of Goods Sold 154,300
Salaries Expenses 52,100
Totals $ 517,300 $ 517,300
Data and Calculations:
ACME Fireworks General Ledger Account Balances
January 1, 2021
Accounts Debit Credit
Cash $ 26,400
Accounts Receivable 48,800
Allowance for Uncollectible Accounts $ 5,500
Inventory 21,300
Land 59,000
Equipment 21,500
Accumulated Depreciation 2,800
Accounts Payable 29,800
Notes Payable (6%, due April 1, 2019) 63,000
Common Stock 48,000
Retained Earnings 27,900
Totals $ 177,000 $ 177,000
Analysis of Transactions:
Jan. 2 Cash $8,200 Redeemable Gift Cards $8,200
Jan. 6 Inventory $148,000 Accounts Payable $148,000
Jan. 15 Accounts Receivable $136,000 Sales Revenue $136,000
Cost of Goods Sold $74,300 Inventory $74,300
Jan. 23 Cash $125,500 Accounts Receivable $125,500
Jan. 25 Accounts Payable $91,000 Cash $91,000
Jan. 28 Allowance for Uncollectible Accounts $4,900 Accounts Receivable $4,900
Jan. 30 Cash $10,000 Accounts Receivable $134,000 Sales Revenue $144,000
Cost of Goods Sold $80,000 Inventory $80,000
Jan. 31 Salaries Expense $52,100 Cash $52,100
Adjustments of the Trial Balance with Transactions:
Accounts Debit Credit
Cash $ 26,400 + 8,200 + 125,500 - 91,000 + 10,000 - 52,100
Accounts Receivable 48,800 + 136,000 - 125,500 - 4,900 + 134,000
Allowance for Uncollectible Accounts $ 5,500 - 4,900
Inventory 21,300 + 148,000 - 74,300 - 80,000
Land 59,000
Equipment 21,500
Redeemable Gift Cards 8,200
Accumulated Depreciation 2,800
Accounts Payable 29,800 + 148,000 - 91,000
Notes Payable (6%, due April 1, 2019) 63,000
Common Stock 48,000
Retained Earnings 27,900
Sales Revenue 136,000 + 144,000
Cost of Goods Sold 74,300 + 80,000
Salaries Expenses 52,100
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The Conner Company uses a two-step process for making wooden boards with holes in them. Step 1 is drilling and Step 2 is sanding. Drilling can be done using a hand drill that takes 2 minutes to load the bit and 2 minutes to drill each hole. If production of each unit involves drilling 14 holes, what is the maximum output of Step 1 using the manual drill if 1 setup is involved for each order of 1 board
The maximum output from Step 1 using the hand drill is 2 units per hour (option C).
To know how many boards of wood can be made in a given time using the manual drill that takes 2 minutes making each hole and 2 minutes loading, the following operations must be done.
Multiply the number of holes in each table by the amount of time it takes the drill to drill each hole.
14 × 2min = 28minAdd the time it takes for the drill to make the total holes to the two minutes it takes to load.
28min + 2min = 30minAccording to the above, each table takes 30 minutes to complete. So the correct answer is 2 units per hour (option C).
This question is incomplete because the options are missing. Here are the options.
A) 10 units per hour
B) 5 units per hour
C) 2 units per hour
D) 12 units per hour
E) None of the above
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If Mexico exports to Canada decline by $14 billion, by how much will Mexico's aggregate spending drop if their MPC is 0.8?
Answer:
[tex]14 \times 0.8 = (11.2[/tex]
if the natural rate of unemployment is 5%, what is the total rate of unemployment if output is 2% below potencial output?
Kelley Company and Mason Company each have sales of $200,000 and costs of $140,000. Kelley Company's costs consist of $40,000 fixed and $100,000 variable, while Mason Company's costs consist of $100,000 fixed and $40,000 variable. Which company will suffer the greatest decline in profits if sales volume declines by 15%?
The firm that would suffer the greatest decline in profits if sales volume declines by 15% is Mason Company.
The cost of a company is made up of fixed cost and variable cost. Fixed cost is the cost that does not vary with output of the company. It remains fixed no matter the level of output. An example of fixed cost is rent. Variable cost is the cost that varies with output. If output increases, variable cost increases and if output falls, output decreases.
If sales volume decreases, the output of Mason Company would decline more compared with the output of Kelley company because it has a higher fixed cost. So, we when sales reduces, its cost would would not reduce as many as the cost of Kelley company.
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Sweet Catering completed the following selected transactions during May 2016:
May 1: Prepaid rent for three months, $2,700 May 5: Received and paid electricity bill, $170
May 9: Received cash for meals served to customers, $2,300
May 14: Paid cash for kitchen equipment, $2,700
May 23: Served a banquet on account, $2,000
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $1,300
May 31: Recorded depreciation for May on kitchen equipment, $180
Required:
If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May?
Answer:
ask the internet
Explanation:
to get your answer hope this was helpful to you
donna is a very smart accountant. She is friendly and outgoing but sometimes she gets distracted and does not turn in her work on time. Her manager is looking for someone to work with a very important client but donna is not considered for the opportunity what quality is donna lacking.
leadership
dependability
positivity
motivation I will give 20 points and brainliest if correct plz give me right answer
Donna is lacking motivation.
The reason is Donna having a friendly quality, if you having this quality then you can build a trust in your leadership. and also Donna is a very smart personality which ensures it's positivity and dependability.
Answer:
dependiballity
Explanation:
She gets distracted easily and forgets to turn in her work. She lacks dependiballity, she isnt reliable.
how can fiscal policy solve bankruptcy
Answer: gambleing
Explanation: it workds :)
Which of the following is NOT a factor of production?
A) mineral resources
B) a university professor
C) an apartment building
D) 100 shares of Microsoft stock.
Answer:
C
Explanation:
C is not the factor of production
Give me braniliest
Explain how the following transactions would affect U.S. net capital outflow. For each transaction, state whether it represents direct investment or portfolio investment.a.An American cellular phone company establishes an office in the Czech Republic.b.Harrods of London sells stock to the General Motors pension fund.c.Honda expands its factory in Marysville, Ohio.d.A Fidelity mutual fund sells its Volkswagen stock to a French investo
The transactions would affect U.S. net capital outflow in the following ways:
Foreign direct investment.Foreign portfolio investment.Foreign direct investmentForeign portfolio investmentAn American cellular phone company that establishes an office in the Czech Republic is an increase in net capital flow and foreign direct investment.
Harrods of London sells stock to the General Motors pension fund is an increase in net capital flow and foreign portfolio investment.
Honda expands its factory in Marysville, Ohio is a decrease in net capital flow and foreign direct investment.
A Fidelity mutual fund sells its Volkswagen stock to a French investor is a decrease in net capital flow and foreign portfolio investment.
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the necessity of marketing and advertising for any business
Answer:
Marketing is important because it helps you sell your products or services, by advertising your business you are showing more people about it
Explanation:
Click this link to view O*NET’s Wages and Employment section for Secondary School Special Education Teachers. According to O*NET, what is the projected growth for this career from 2019 to 2029? faster than average slower than average average little or no change
Answer: C average
Explanation:
Mark my brainlest
The process by which ANZ bank's internal job descriptions are matched to external jobs with similar responsibilities to identify the market rate for each position is known as:
Answer:
Um sorry Where's the answer?
Presented below are various receivable transactions entered into by Beran Tool Company. Indicate whether the receivables are reported as accounts receivable, notes receivable, or other receivables on the balance sheet.
a. Loaned a company officer $5,000.
b. Accepted a $3,000 promissory note from a customer as payment on account.
c. Determined that a $10,000 income tax refund is due from the IRS.
d. Sold goods to a customer on account for $4,000.
e. Recorded $500 accrued interest on a note receivable due next year.
f. Advanced $1,400 to a trusted employee.
Other Receivables
Notes Receivable
Other Receivables
Account Receivable
Other Receivables
Other ReceivablesAnswer:
Explanation:
Answers are,
a. Loaned a company officer $5,000 - Other Receivables
b. Accepted a $3,000 promissory note from a customer as payment on account. - Notes Receivable
c. Determined that a $10,000 income tax refund is due from the IRS - Other Receivables
d. Sold goods to a customer on account for $4,000 - Accounts Receivable
e. Recorded $500 accrued interest on a note receivable due next year - Other Receivables
f. Advanced $1,400 to a trusted employee - Other Receivables
Accounts receivable are line items or a group of line items that appear as assets on an organization's balance sheet. It's the money a company's clients owe for services they've received by haven't paid for yet . For example, when a customer purchases products or services on credit, the amount they owe gets added to the company's accounts receivable. Whereas,
Notes receivable are underlying promissory note that details the terms of payment for a purchase between a company and a customer. Most often, notes receivable appear when a client needs more time to pay for a sale than the conventional billing terms. Agreeing for a slower payment, the company charges interest and requires a signed promissory note for legal purposes.
And, Other receivables include money owed from non-trade activities. Usually, these include small amounts that companies cannot disclose as separate items.
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In a statement of approximately 75 words explain why the economic systems in countries with dictatorships or closed systems of government tend to be less prosperous and do not have healthy economic policies or markets.
The economy in countries with dictatorships or similar governments is often less prosperous because these countries usually have closed economy systems and this limits the profit from trading, the materials for manufacture, among others.
Most countries with authoritative governments such as dictatorial ones support closed economy systems, this means:
The country does not trade with others.There are no exportations and importations.All the good citizens buy are produced within the borders of the country.These characteristics have been found to have mainly a negative effect because:
The country cannot obtain profits from trading with others.Manufacture and products are limited by those found inside the nation.Economic crises are difficult to overcome due to a lack of resources or support from other nations.Learn more in: https://brainly.com/question/23353220
is D right?
Scarcity can be eliminated through
A) the use of market mechanisms.
B) exploration that helps us find new resources. C) wise use of our resources.
D) None of the above because scarcity cannot be eliminated.
Answer:
C
Explanation:
wise use of our resources
Answer:
Hello, There! I'll be Gald to help!
QuestionScarcity can be eliminated through
AnswerC is the Correct Answer
Explanation:
By Using Our resources Wisely We Would Not have scarity Because We are using them Wisely
Also
This reduces scarcity and gives us more satisfaction from our existing resources.
Therefore The Answer is option C.
Rủi ro của các doanh nghiệp khi kinh doanh taxi công nghệ
Answer:
Pls translate in english
Explanation:
I dont understand im sorry
You are the manager of College Computers, a manufacturer of customized computers that meet the specifications required by the local university. Over 90 percent of your clientele consists of college students. College Computers is not the only firm that builds computers to meet this university’s specifications; indeed, it competes with many manufacturers online and through traditional retail outlets. To attract its large student clientele, College Computers runs a weekly ad in the student paper advertising its "free service after the sale" policy in an attempt to differentiate itself from the competition. The weekly demand for computers produced by College Computers is given by Q = 800 − 2P, and its weekly cost of producing computers is C(Q) = 1,200 + 2Q2. If other firms in the industry sell PCs at $300, what price and quantity of computers should you produce to maximize your firm’s profits? Price: $ Quantity: computers What long-run adjustments should you anticipate?
The price and quantity of computers that should be produced to maximize the firm’s profits will be $360 and 80 computers.
The demand curve for College Computers is given as (Q) = 800 - 2P where, P = 400 - 0.5Q.
Therefore, the weekly total revenue will be:
= (400 - 0.5Q) × Q
= 400Q - 05Q²
Marginal revenue = 400 - Q
Weekly cost of producing computers will be:
= 1200 + 2Q²
Marginal cost = 4Q
Maximum profit will b earned when MR = MC
Therefore, 400 - Q = 4Q
Collect like terms
4Q + Q = 400
5Q = 400
Q = 400/5
Q = 80
Quantity = 80 units
Therefore, the price will be:
P = 400 - 0.5Q
P = 400 - 0.5(80)
P = 400 - 40.
P = 360
The price is $360.
The weekly total revenue will be:
TR = price × quantity.
TR = 360 × 80
TR = $28800
The total cost will be:
TC = 1200 + 2(80)²
TC = 1200 + 12800
TC = 14000
Therefore, the profit will be:
= TR - TC
= $28800 - $14000
= $14800
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