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max2010maxim [7]
2 years ago
12

Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net reali

zable value (LO6-2, 6-3, 6-4, 6-5, 6-6) The following information applies to the questions displayed below.] At the beginning of October, Bowser Co.'s inventory consists of 66 units with a cost per unit of $34. The following transactions occur during the month of October October 4 Purchase 114 units of inventory on account from Waluigi Co. for $50 per unit, terms 2/10, n/30. October 5 Pay cash for freight charges related to the October 4 purchase, $445. October 9 Return 25 defective units from the October 4 purchase and receive credit. October 12 Pay Waluigi Co. in full. October 15 Sell 144 units of inventory to customers on account, $11,520. Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $54 per unit. ] October 19 Receive full payment from customers related to the sale on October 15. October 20 Purchase 84 units of inventory from Waluigi Co. for $54 per unit, terms 2/10, n/30. October 22 Sell 84 units of inventory to customers for cash, $6,720. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on October 20.) Record any necessary adjustment for lower of cost and net realizable value.
Business
1 answer:
NeTakaya2 years ago
8 0

Answer:Hi

Explanation:Hi

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Stealth bank has deposits of $300 million. it holds reserves of $20 million and has purchased government bonds worth $300 millio
ryzh [129]

First let us identify if the asset is a gain or loss. An asset is a gain if it contributes to the banks overall finance while it is a loss if it is a cost directly or indirectly.

Deposits of $300 million = Gain (+)

Reserves of $20 million = Gain (+)

<span>Purchased government bonds worth $300 million = Loss (-)         ---> This entails cost</span>

Selling bank’s loans at current market value of $600 million = Gain (+)

Therefore adding up everything to get the banks net worth:

Stealth banks net worth = $300 M + $20 M - $300 M + $600 M

<span>Stealth banks net worth = $620 million</span>

7 0
3 years ago
Seth Silver had the following items of income during the taxable year: Interest income from a checking account $1,000 Interest i
34kurt

Answer:

c. $3,800

Explanation:

Calculation for the amount of taxable income

Using this formula

Taxable income =Interest income from a checking account+Interest income from corporate bonds +Interest income from federal bonds

Let plug in the formula

Taxable income =$1,000+$2,050+$750

Taxable income=$3,800

Therefore on his current year tax return the amount of his taxable income will be $3,800

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2 years ago
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dolphi86 [110]
B I’ve seen the question before
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3 years ago
What is bank run ? in your own words.​
postnew [5]

Answer:

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Explanation:

A bank run occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future

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2 years ago
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