When you speak with a successful and accomplished professional to seek out career advice, it is referred to asMultiple Choicea j
1 answer:
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Answer:
$28,000
Explanation:
Cash payments is a negative entry (credit) to the cash balance account, while cash receipts is a positive entry (debit), if the final cash balance is $18,000, cash receipts for the month of June are:
The cash receipts for the month of June were $28,000.
Answer: Option (a) is correct.
Explanation:
Ending inventory at retail:
= Total retail - net sales - markdown
= (Beginning inventory + purchases + freight-in + markups) - net sales - markdown
= ($396,000 + $2,200,000 + 0 + $48,000) - $2,000,000 - $72,000
= $572,000
Total cost = Beginning inventory + purchases + freight-in + markups
= $260,000 + $1,370,000 + $86,000 + 0
= $1,716,000
Cost to retail ratio:
= 0.6490 or 64.9%
Ending inventory at cost:
= Ending inventory at retail × Cost to retail ratio
= $572,000 × 64.9%
= $371,228