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Mariulka [41]
1 year ago
11

The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory,

7/1/2020 33,900 Sales revenue 399,000 Sales returns 13,900 Purchases 259,000 Purchase discounts 7,900 Purchase returns 11,900 Freight-in 20,800 In addition, you determine that the June 30, 2021, inventory balance is $41,900. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021.
Business
1 answer:
34kurt1 year ago
5 0

Answer:

$252,000

Explanation:

Calculation for the cost of goods sold for the Askew Company for the year ending June 30, 2021.

First step is to calculate the Net Purchase

Purchases 259,000

Less Purchase discounts (7,900)

Less Purchase returns (11,900)

Add Freight-in 20,800

Net purchase 260,000

Now let calculate the cost of goods sold

Inventory, 7/1/2020 33,900

Add 260,000

Less inventory balance ($41,900)

Cost of goods sold $252,000

Therefore the cost of goods sold for the Askew Company for the year ending June 30, 2021 will be $252,000

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Answer:

a. Taxpayers in the scenario:

There are three (3) taxpayers and these are:

  • Mr. Josh Kenny
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  • JK Realty

b. Governments with jurisdiction:

  • Mr. Josh Kenny falls under the State of Vermont where he is a resident.
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4 0
1 year ago
During the ____ phase of team implementation, managers have withdrawn from the daily operations and are counseling teams. Group
murzikaleks [220]

During the<u> self-managing teams </u>phase of team implementation, managers have withdrawn from the daily operations and are counseling teams.

<u>Option: D</u>

<u>Explanation:</u>

When business is in the form of start-up than it need huge attention from leading members like manager, employer, team leader, etc. But after training workers, employee and staff regarding their work and duties, the procedure they need to follow, timing, etc, the main leader concentrate more on counsel them, related to obstacles they face while performing their duties.

This is because after training and leasing some time to gain experience in firm, it is understood by manger that the team must have reached to self management, thus concentrating on daily operations is totally a work of team leader. But still when they need guidelines related to new strategies, ongoing improvement, physical and mental issues due to work load, how to remain in pace, etc manger counsel them.

7 0
2 years ago
Zumbahlen Inc. has the following balance sheet. How much total operating capital does the firm have?
satela [25.4K]

Answer: the operating capital is $40.00

Explanation:

operating capital is also known as working capital. it is the value of running a business on daily basis. it is also the value of short term resources available for use in daily activities.  it is current assets minus current liabilities of a business.

current assets = cash + inventory + account  receivable + short term investment = 20+50+20+60= 150

current liabilities = accruals + account payable + notes payable=50+30+30=110

operating capital = 150 - 110 = 40

6 0
1 year ago
Asonia Co. will pay a dividend of $4.30, $8.40, $11.25, and $13.40 per share for each of the next four years, respectively. The
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Answer:

$28.53

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Stock price = dividends * (1+r)^ - n

$4.30 (1.099)^-1 + $8.40 (1.099)^-2 + $11.25 (1.099)^-3 + $13.40 (1.099)^-4

$3.91 + $6.95 + $8.48 + $9.19

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Answer:

Explanation:

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So, the variable cost includes indirect material, indirect labor, and factory supplies

The fixed cost includes supervision, taxes ,and depreciation expense.  

The mixed cost includes utilities,maintenance,etc

So, the categorization is shown below:

Indirect labor - Variable cost

Property taxes - Fixed cost

Direct labor - Variable cost

Direct material - Variable cost

Depreciation - Fixed cost

Utilities - Mixed cost

Maintenance - Mixed cost

5 0
2 years ago
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