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3 years ago

8

During last month, your beginning inventory was $17,500, your purchases were $19,252, and your ending inventory was $15,757. Wha

t was the cost of goods sold GOGS?

1 answer:

kicyunya [14]3 years ago

7 0

$20,995

Cost of goods sold:

17,500 Beginning inventory

+19,252 Plus purchased inventory

- $15,757 Minus ending inventory

=20,995 Cost of Goods Sold

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At the end of the first month of operations, the Lamar Company's accountant prepared financial statements that showed the follow

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Answer:

Assets = $87,350

Liabilities = $30,450

Stockholders' Equity = $56,900

Net Income = $7,900

Explanation:

The correct amounts of assets, liabilities and stockholders' equity at month-end and net income for the month can be determined as follows:

Assets = Recorded asset value - Depreciation + Unbilled service revenue = $90,000 - $4,500 + $1,850 = $87,350

Liabilities = Recorded liabilities + Unpaid wages = 30,000 + 450 = $30,450

Stockholders' Equity = Recorded Stockholders' Equity - Depreciation + Unbilled service revenue - Unpaid wages = $60,000 - $4,500 + $1,850 - $450 = $56,900

Net Income = Recorded net income - Depreciation + Unbilled service revenue - Unpaid wages = 11,000 - $4,500 + $1,850 - $450 = $7,900

Note that from the above calculations, we can obtain:

Liabilities + Stockholders' Equity = $30,450 + $56,900 = $87,350

This therefore confirms the accounting equation that:

Assets = Liabilities + Stockholders' Equity = $87,350

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3 years ago

Situation 1: There is a Head of Human Resource (HR) in a recognized Multinational National Company (MNC). You are a marketing ex

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Answer:

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3 years ago

Dr. Peabody recorded $6,820 in services provided to clients who make monthly payments. Which of the following statements is corr

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Answer:

D. Accounts receivable is debited $6,820; the dental revenues account is credited $6,820.

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3 years ago

Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither

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Answer: Statement 1 ( Laptop) = Producer surplus

Statement 2 ( watch ) = Neither

Statement 3 ( jersey sweater) = Consumer surplus

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Hi, Consumer surplus happens when the price that consumers pay for a product or service is less than the price they're willing to pay.

<em>Even though I was willing to pay up to $46 for a jersey sweater, I bought a jersey sweater for only $39. </em>Consumer surplus

Producer surplus<em> </em> is measured as the difference between what producers are willing and able to supply a good for and the price they actually receive

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<em>I sold a watch for $59 on eBay last week. This week, someone offered me $145 for it. </em>neither

Feel free to ask for more if needed or if you did not understand something.

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3 years ago

Bagrov Corporation had a net decrease in cash of $14,500 for the current year. Net cash used in investing activities was $56,500

irinina [24]

Answer:

c. $84,500 provided

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Net decrease in cash = $14,500

Net cash used in investing activities = $56,500

Net cash used in financing activities = $42,500

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= - $14,500 + $56,500 + $42,500

= $84,500

This is positive,hence provided. Th right answer is c. $84,500 provided

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3 years ago