Answer:
Part A
Cost of Goods Sold reported in the company's year-end income statement is $11000000
Part B
Merchandise Inventory reported in the company's year-end balance sheet is $84000000
Part C
The balance of the Cost of Goods Sold account Immediately prior to recording inventory shrinkage is $ 10000000
The balance of the Merchandise Inventory account Immediately prior to recording inventory shrinkage is $85000000
Explanation:
Cost of Goods Sold
Ranns Supply use the perpetual inventory system. This means that cost of goods sold is calculated after every sale agreement.
In this case Cost of Sales figure reported at company`s year end can be calculated using missing figure approach in the Income Statement
Calculation of the Cost of Sales figure is as follows:
Net Sales $2600000 - Gross Profit $15000000 = $1100000
Merchandise
The merchandise account records assets of inventory in hand during the year.
The Merchandise used during the year should match with the cost of sales figure.But if the figure is lower than the cost of sales figure, then inventory was written down to its replacement value in terms of IAS 2.
Calculation of Merchandise in Hand is as follows:
Purchase of Merchandise $9500000 - Shrinkage During the year $10000000 - Write down of Inventory $1000000 = $ 84000000
Answer:
$115,000
Explanation:
Data provided as per the question is below:-
Beginning balance = $81,000
Direct material issued = $27,000
Direct labor incurred = $7,000
The computation balance Process Inventory is shown below:-
Balance in the Work-in-Process Inventory = Beginning balance + Direct material issued + Direct labor incurred
= $81,000 + $27,000 + $7,000
= $115,000
I found the same question but it had choices. The choices were:
a) retail bank
b) commercial bank
c) savings and loans
d) credit union
The type of banking institution that is most suitable for Daryl is CREDIT UNION.
Credit Union is defined as a member-owned financial cooperative. They offer banking services but these are offered to their members. They grant loans and interest paid on those loans are also given to member-owners as dividends.
Daryl will not only earn interest from his checking and savings accounts, he will also earn dividends. Any bank fees issued by the cooperative will be returned to them in the form of dividends.
19...
1st you add the number of patients she had
24+16+25+8+22= 95
2nd divide the number by the days of the week
95/5=19
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Answer:
a) A gain is subtracted from net income.
d) An increase in operating current assets is subtracted from net income.
e) A decrease in operating current liabilities is subtracted from net income.
Explanation:
Operating activities: It involves those transactions that affect the after-net income working capital. It would subtract the rise in current assets and a decrease in current liabilities while add a decrease in current assets and an increase in current liabilities.
It would modify those changes in working capital. For addition, the depreciation costs are added to the net income and the loss on the sale of assets is applied, while the gain on the sale of assets is excluded
So, the following options are used-
a) A gain is subtracted from net income.
d) An increase in operating current assets is subtracted from net income.
e) A decrease in operating current liabilities is subtracted from net income.
