Answer:
Particulars 2021 2022 2023
Beginning Inventory <u>277</u> <u>253</u> 235
Cost of Goods sold 633 623 <u> </u><u>586</u>
Ending inventory <u> </u><u>253 </u> 235 220
Cost of good available for sale 886 <u>876</u><u> </u> 806
Purchases 640 <u>623 </u> 595
Purchase discounts 20 17 <u>26</u>
Purchase returns 26 32 16
Freight-in 15 34 18
Explanation:
There are few missing values which are calculated using back solving technique. These values are bold and underlined. Playa Company has missing information for its three year accounts.
Available for sale = Beginning inventory + Net Purchases
Cost of Goods Sold = Cost of good available for Sales - Ending inventory
Ending inventory = Cost of Goods available for Sales - Cost of Goods Sold.
Net purchases = Gross purchases + Freight in - Purchase discount - Purchase return
Answer:
$388,301, the loan's principal balance increases because the monthly payment doesn't even cover interest expense
Explanation:
In order for you to pay the debt completely in 20 years, you would need to pay $1,601.08 per month. But since you can only afford to pay $950 per month, the remaining balance will be $388,301.
I prepared an amortization schedule in an excel spreadsheet
Answer:
Yes
Explanation:
This is an example of a quasi contracts which are fictional contracts that do not come from any agreement but can be imposed on the parties to the contract as if they had entered into an actual contract.
The reason behind imposing the quasi contract by the court is to ensure equity by preventing a situation whereby one party will enrich himself at the expense of another party.
The fact that quasi contracts are equitable contracts, but not legal contracts, therefore implies that the court can impose a contract between the sisters.