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
Answer:
Revenue Estimate of Uncollectible Accounts, Allowance for Dobubtful Accounts
Explanation:
To provide an allowance for doubtful debts, Fan-Tastic Sports Gear Inc. needs to add estimate of uncollectible debts abd allowance for doubtful debts in its chrat of accounts.
Balance of aging accounts and net realisable value of receivables are never part of chart of accounts heowever, they are other analysis that are implied by the account balances theriself. For example, the net realisable value of receivables is the difference between credit sales and allowance for doubtful debts. Aging analysis of debts are computed to enable the estimate of doubtful debts.
Total credit sales are natturally part of chart of accounts for a reporting entity. Infact most reporting entities does business on credit, thus, their sales figure are naturally cedit sales except for some companies in a few sectors such as retail shops and/or hotels that collect cash in advance or on delivery of services.
Answer:
No, Larry will not accumulate enough money
Explanation:
To determine whether or not Larry will be able to accumulate enough money to buy the boat, we need to work out the future value of he investment
<em>Future value of an investment is the amount an investment will worth at a future date if interest is earned at a specific rate compounded.</em>
<em>So we work out the future value of Larry's investment:</em>
FV = PV × ( (1+r)^n -1)/r
= 4000 × ( (1.1)^5 - 1)/0.1 )
= $ 24,420.40
At the end of the fifth year he would have only accumulated $24,420.40
which is less than the cost of the boat.
No, Larry will not accumulate enough money
Answer:
Instructions are below.
Explanation:
Giving the following information:
Kenton:
Instructors= $6,100
Denton:
Instructors= $305 per student
A) Sellin price= $347
Kenton:
Sales= 347*20= 6,940
Fixed costs= (6,100)
Net operating income= 840
Denton:
Sales= 6,940
Variable costs= 20*305= (6,100)
Net operating income= 840
B) Sellin price= $227
Kenton:
Sales= 227*40= 9,080
Fixed costs= (6,100)
Net operating income= 2,980
C) Sellin price= $227
Denton:
Sales= 9,080
Variable costs= 40*305= (12,200)
Net operating income= (3,120)
D) Sellin price= $347
Kenton:
Sales= 347*13= 4,511
Fixed costs= (6,100)
Net operating income= (1,589)
Denton:
Sales= 4,511
Variable costs= 13*305= (3,965)
Net operating income= 546
Answer:
He should appoint a manager.
Explanation:
Rakesh must appoint a manager if he wishes to expand his business of garment shop. The manager will constantly strive to attain the desired goals on behalf of Rakesh. It will give sufficient time to him which he can use in looking for new target markets and customers, new products or items which he can add on to his shop, and much more. Meanwhile, the manager will lead the work and keep ensuring that the employees are working efficiently by motivating them. He will take all the necessary decisions to ensure that the intended profits and goals are achieved.
