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ivolga24 [154]
3 years ago
12

In 1931, President Herbert Hoover was paid a salary of $75,000. Government statistics show a consumer price index of 15.2 for 19

31 and 237 for 2015. President Hoover’s 1931 salary was equivalent to a 2015 salary of about: a) $1,057,894. b) $16,080,001. c) $1,169,408. d) $4,965.
Business
1 answer:
zaharov [31]3 years ago
7 0

Answer: c) $1,169,408.

Explanation:

Given the following:

Consumer price index(CPI) :

Year 1 = 1931 = 15.2

Year 2 = 2015 = 237

Salary in 1931 = $75,000

Equivalent salary in 2015 Given the details above:

Salary in 1931 × (CPI for year 2(2015)/ CPI for year 1(1931))

$75,000 × ( 237 / 15.2)

= $75,000 × 15.592105

= $1,169,407.8

= $1,169,408

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Answer:

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4 years ago
The trial balance of Rachel Company at the end of its fiscal year, August 31, 2017, includes these accounts: Inventory $29,200;
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Answer:

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Cost of goods sold extract of income statement:

Beginning inventory                                                                             $29,200

Purchases                                                                      $144,000

Freight-in                                                                        $8,000

Purchases returns and allowances                             <u> ($5,000)</u>

Net purchases                                                                                    <u>$147,000</u>

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ending inventory                                                                               <u> ($25,000)</u>

cost of goods sold                                                                               $151,200

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3 years ago
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