The cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.
Using this formula
Cost of goods sold=Beginning Inventory+ Net purchases- Ending Inventory
Where:
Beginning Inventory=$32,000
Net purchases=($240,000-$6,000-$10,000+$17,000)=$241,000
Ending Inventory=$40,000
Let plug in the formula
Cost of goods sold=$32,000+$241,000-$40,000
Cost of goods sold=$233,000
Inconclusion the cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.
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The buyer value is a concept that is more important to the customers. This refers to the amount that the buyers are expecting out of the purchase of some goods. If I bought a book at a price of $40 then, I loss $10 in the process because as a buyer I expect to pay only $30.
Answer:
- The balance in the subsidiary ledger will equal the balance of its supported account in the general ledger.
- The account which the subsidiary ledger supports in the general ledger is called a control account.
- It is a supporting ledger that contains detailed information about a general ledger account.
- Two of the most common subsidiary ledgers are for Accounts Payable and Accounts Receivable.
Explanation:
A subsidiary ledger is defined as a supporting ledger that contains details of an account on the general ledger.
It gives a breakdown of the single amount that reflects in a general ledger account.
For example if the accounts payable account has a balance of $50,000, the subsidiary ledger will show the individual transactions that make up the $50,000.
Therefore the balance of the subsidiary ledger will equal the amount in the general ledger account.
Answer:
<u>Risk Management</u> can be defined as Determining,minimizing, and preventing accidental loss in a business, for example, by taking safety measures and buying insurance
Explanation:
- Risk Management identifies the potential risk ,then it prioritizes the risk the business house is exposed to and then it addresses the risk faced by the business houses both in the short-term and the long-Term
- <u>The risks, could stem from a variety of sources, like financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.</u>
Answer:
Cooperative Program
Explanation:
Cooperative Program is a type of program that enables people or individual that are into local businesses to join hands or team up with schools by employing or hiring the schools students in which they have teamed up with to carried out jobs or perform jobs that basically make use of the knowledge and the skills of what the students have learnt and have been taught by their teachers in the classroom reason been that this local business believes that this student have the essential knowledge and skill about the job that will enable them to excel and to do better when employed or hired.
