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:
$127,000
Explanation:
Suire Corporation Net operating income
Sales $ 600,000
Variable Costs $ 241,000
Contribution Margin $ 359,000
Fixed Expenses $232,000
Net Operating Income $127,000
Answer:
A credit to Cash of $299
Explanation:
Journal Entry Debit Credit
Merchandise inventory $62
Delivery charges $46
Office supplies $30
Miscellaneous expenses $51
Cash over and short
$100
Cash $299
Cash to be reimbursed = Minimum cash balance required - Cash balance left
Cash to be reimbursed = $500 - $201
Cash to be reimbursed = $299
Answer:
Option C is correct
Explanation:
Using straight line depreciation method we can calculate the annual depreciation of the machinery, which can be calculated from the following formula:
Straight Line Depreciation = (Cost - Salvage Value) / Useful value
Straight Line Depreciation = ($95000 - $5000) / 5 years life = $18,000
The double entry would be:
Dr Depreciation Expense $18,000
Cr Accumulated Depreciation $18,000
