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maxonik [38]
3 years ago
13

Ocean Auto Parts Company uses the direct method to prepare its statement of cash flows. Refer to the following information repor

ted for​ 2017:1. Sales​ Revenue, $516,0002. Accounts​ Receivable, beginning​ balance, $97,0003. Accounts​ Receivable, ending​ balance, $63,000Compute the collections from customers.A.​$453,000B.​$550,000C.​$356,000D.​$160,000
Business
1 answer:
Rufina [12.5K]3 years ago
8 0

Answer:

The answer is B. $550,000

Explanation:

Collection from customers is a line item in operating activities under cash flow. It is the total amount of money business collected from customers for its sales on credit.

Beginning receivable -------$97,000

Add:

Sales revenue------------------$516,000

Less:

Ending receivable-------------$63,000

Collections from customers-- $550,000

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At May 1, 2022, Nash's Trading Post, LLC had beginning inventory consisting of 220 units with a unit cost of $5. During May, the
Brums [2.3K]

Answer:

Nash's Trading Post's gross profit for the month of May is $6,105.

Explanation:

To determine the gross profit of Nash's Trading Post, the total cost of inventory sold must be subtracted from the value of sales made, with which said result will indicate the gross profit obtained.

At the beginning of May, the company had an inventory of 220 units with a cost of $ 5, that is, a total cost of $ 1,100 (220 x 5). Then, 440 units are added to $ 5, adding a cost of $ 2,200, and 670 units to $ 6, with which a cost of $ 4,020 is added.

Thus, the total inventory for the month is 1,330 units, at a cost of $ 7,320, which gives an average cost of $ 5.5 per unit (7,320 / 1,330).

Now, having sold 1,110 units at $ 11, the cost of the units sold must be subtracted from the value of sales, calculating them at the average cost of $ 5.5.

So, the value of sales is $ 12,210 (1,110 x 11), while the cost of units sold is $ 6,105 (1,110 x 5.5). Therefore, the gross profit of the company during the month of May is $ 12,210 - 6,105, that is, the gross profit of the company was $ 6,105.

5 0
3 years ago
During 2021, a company sells 21 units of inventory. The company has the following inventory purchase transactions for 2021: Date
Ugo [173]

Answer:

Cost of goods sold = 1,116

Ending inventory = 468

Explanation:

In LIFO (last in first out) method, the goods come in most recently will come out first when it comes to sales transaction. So, 21 units of sales during 2021 includes 12 units purchased at Sep.8 and 9 units of beginning balance:

Cost of goods sold during 2021 = 12 x 54 + 9 x 52 = 1,116.

Ending inventory value for 2021 = 1,584 - 1,116 = 468.

5 0
3 years ago
8. Which of the following countries is the most extreme example of a centrally-planned economy?
larisa [96]

Answer:

North Korea

Explanation:

I hope this helps

6 0
3 years ago
Beneficiary is one who unintentionally gains a benefit from a contract between other parties
son4ous [18]
The answer is "incidental beneficiary".

An incidental beneficiary refers to somebody who indirectly acquires an advantage as the aftereffect of the fundamental reason for the trust. An incidental beneficiary is a recipient who isn't a planned recipient. For instance, a grandchild may profit by his/her parent accepting a blessing which could be utilized by the whole family, or which he/she may acquire from the parent. 
6 0
3 years ago
"'Suppose that while in college, you saved money by eating generic fruits and vegetables from the grocery store. Now, suppose th
zysi [14]

Answer:

Normal goods

Explanation:

Normal goods are goods that are goods whose demand increases when income increases and falls when income falls.

I increase my demand for organic fruits and vegetables when my income increased. This shows they are normal goods.

Generic fruits and vegetables are inferior goods.

Inferior goods are goods whose demand falls when income rises and increases when income falls.

I hope my answer helps you

8 0
3 years ago
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