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Misha Larkins [42]
2 years ago
10

ssume that Spacey Company uses a periodic inventory system and has these account balances: Purchases $404,000, Purchase Returns

and Allowances $13,000, Purchase Discounts $9,000, and Freight-In $16,000. Determine net purchases and cost of goods purchased.
Business
1 answer:
tiny-mole [99]2 years ago
3 0

Net purchases including Freight-in and cost of goods purchased were $3666,000.

calculation:-

Purchases $404,000

Purchase Returns and Allowances $13,000

Purchase Discounts of $9,000,

Freight-In $16,000.

Net purchases and cost of goods purchased = ( $404,000 - $13,000 -$9,000 -  $16,000.)

Freight-in is the cost incurred to ship finished goods to a distributor or retailer. Freight-in is considered a selling expense and is expensed when incurred.

Freight-out is the cost of delivering finished goods to a customer. The cost of freight charges paid to ship goods sold to customers is called freight-out, and it is paid by the seller, not by the purchaser.

The shipping cost is to be paid by the buyer of merchandise purchased when the terms are FOB shipping point. Freight-in is considered to be part of the cost of the merchandise and should be included in inventory if the merchandise has not been sold. It is a direct expense and is thus debited to the trading account.

Learn more about  Freight-In here:-brainly.com/question/24920251

#SPJ4

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ch4aika [34]

Answer:

What is this for???

Explanation:

8 0
3 years ago
“jeremy, can you possibly give me a ride to the airport this sunday,” your friend ben asks. not thinking that this is a big deal
Ipatiy [6.2K]
<span>you are still likely to do the favor for ben because you have just been a victim of the: lowball technique
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6 0
3 years ago
Kimberly sold equipment that she uses in her business for $50,000. Kimberly bought the equipment two years ago for $60,000 and h
PSYCHO15rus [73]

Answer:

$20,000 ordinary gain

Explanation:

Data provided in the question:

Cash proceeds from Selling of the equipment = $50,000

Purchasing cost of the equipment = $60,000

Depreciation expense = $30,000

Now,

The book value of the equipment

= Purchasing cost of the equipment - Depreciation expense

= $60,000 - $30,000

= $30,000

Since,

the amount of proceeds from sales is higher than the book value of the equipment

Therefore a gain will be recognized

The amount of Gain = proceeds from Selling - book value

= $50,000 - $30,000

= $20,000

Hence,

$20,000 ordinary gain

7 0
3 years ago
If an investor purchases $1,000 face amount of an 8orporate bond at 93, and the bond is scheduled to mature in 2028, what will t
Nastasia [14]

The amount to be paid on maturity is $100,440

Given that;

Purchase value of 8% corporate bond at 93 = $1,000

Find:

The amount to be paid on maturity

Computation:

Interest amount = Face value of bond × Price × Interest

Interest amount = $1,000 × 93 × 8%

Interest amount = $7,440

The amount to be paid on maturity =  $7,440 + $93,000  

The amount to be paid on maturity = $100,440

In finance, maturity or maturity date is the final payment due date of a loan or other financial instrument such as a bond or term deposit upon which principal (and remaining interest) is paid.

Maturity is the date on which the life of a trade or financial instrument ends, after which it must be renewed or cease to exist. The life of a bond is the period during which its holder receives interest payments on their investment. When the bond matures, the holder will be refunded the face value. The maturity may change if the bond has a put or call option.

Learn more about Maturity here: brainly.com/question/9099365

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7 0
2 years ago
Which two key considerations should be made to make sure the performance of the report is not degraded due to large data volume?
fgiga [73]

B. A number of joins used in report query.

C. A number of records returned by report query.

Explanation:

A report on the results of something is a survey. These are generated annually by government bodies that have to prove that the money was spent correctly and accurately, funded by public money.

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3 years ago
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