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3 years ago

Economic Consultant for Zuku Farms Ghana Limited. Zuku produces cowpea in a community

Business

1 answer:

nadezda [96]3 years ago

5 0

The answer and explanation of part a of the question is provided in the attachment.

Note:

complete question of part a is attached.

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For the year ended December 31, Depot Max's cost of goods sold was $56,900. Inventory at the beginning of the year was $6,540. E

il63 [147K]

Depot Max's inventory turnover for the year is 8.3

Given

Cost of goods sold = $56900

Begining Jovenstory = $6540

Ending Inventory = $7250 .

Average inventory = opening inventory + closing inventory / 2

= $6 540 + $-7250 / 2

Average inventory = $6895

cost of goods old

.: Inventory turnover = cost of goods sold / Average inventory

56900 / 6895

= 8. 252 times

He Depot Max's Inventory 8.3 times (approx ).

Learn more about turnover here: brainly.com/question/25623677

#SPJ4

3 0

2 years ago

Feb. 2 Wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $14.55 that is immediately used.

Nataly [62]

Answer:(1) Dr: petty cash $350, Cr: Cash $350, (2) Total delivery expense $16, Total Milleage expense $71, Total postage expense $65.55, Total merchandise inventory( Transportation -in) $42.4, Total office supplies $81.32, Petty Cash Balance $204.67 (3) a) Dr : Expenses $326.29, Cr : Cash $326.39 (b) Dr: petty cash $490, Cr: Cash $490

Explanation:

Journal entry to establish the petty cash fund

Dr : petty cash $350

Cr: : Cash $350

Journal entry to record the reimbursement

Dr : Expenses $326.39

Cr: Cash $326.39

Journal entry to record the increase in fund amount

Dr:petty cash $490

Cr: cash $490

Total delivery expenses $16

Total mileage expenses $71

Total postage expenses $65.55

Total merchandise inventory (Transportation -in) $42.4

Total office supplies $81.32

Amount received for reimbursement $326.39

Petty Cash Balance $204.67

7 0

3 years ago

Dakota, Inc. is a merchandiser of medallions. The company soldâ€‹ 15,100 units during the year. The company has provided the fol

love history [14]

Answer:

$19.21

Explanation:

The computation of the unit cost per item is as follows:

Beginning merchandise inventory $52,000

Add: Purchases + freight in $293,000 ($280,000 + $13,000)

Less: Ending merchandise inventory -$54,900

Cost of goods sold $290,100

Now the cost of goods sold per unit is

= $277,100 ÷ 15,100 units

= $19.21

7 0

3 years ago

Carla Corporation owns machinery that cost $24,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $

liberstina [14]

Answer:

a. Journal entries to update depreciation for 2021:

Debit Depreciation expense $1,984

Credit Accumulated depreciation account $1,984

b. Journal entries to record the sale:

Debit Cash $13,020

Debit Accumulated depreciation account $12,400

Credit Gain on asset disposal $620

Credit Machinery asset $24,800

Explanation:

a. Depreciation of the machinery has been recorded at a rate of $2,976 per year.

Depreciation per month = $2,976/12 = $248. In 2021, the machinery is used from Jan 1 to August 31 (8 months).

Depreciation expense for 2021 = $248 x 8 = $1,984

Journal entries to update depreciation for 2021:

Debit Depreciation expense $1,984

Credit Accumulated depreciation account $1,984

Accumulated depreciation account at December 31, 2020 has credit balance of $12,400 ($10,416 + $1,984 = $12,400)

The carrying amount of the machinery = Cost of the machinery - Accumulated depreciation = $24,800 - $12,400 = $12,400

Sales price - Carrying amount of the machinery = $13,020 - $12,400 = $620>0

The company recognizes gain on the sale. Journal entries to record the sale:

Debit Cash $13,020

Debit Accumulated depreciation account $12,400

Credit Gain on asset disposal $620

Credit Machinery asset $24,800

8 0

3 years ago

Ellis issues 8.0%, five-year bonds dated January 1, 2018, with a $530,000 par value. The bonds pay interest on June 30 and Decem

Ket [755]

Answer:

1. Total interest rate is $166,790

2. Refer to the attached file for the straight-line amortization table for the bonds' life.

To record interest rate paid in 30th June 2018:

Dr Interest expenses 16,679

Dr Premium on bond payable 4,521

Cr Cash 21,200

To record interest rate paid in 31st Dec 2018:

Dr Interest expenses 16,679

Dr Premium on bond payable 4,521

Cr Cash 21,200

Explanation:

Total interest rate as followed : Interest payment - Premium on bond payable = 530,000 x 8% /2 x 10 - (575,210 - 530,000) =166,790.

6 0

3 years ago