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Summarise the five (5) types of directors in incorporated companies.

goldenfox [79]

Alternate director, chair, de facto director, executive director, non-executive director, independent director, lead director, managing director, nominee director and shadow director.

4 0

3 years ago

Tamarisk, Inc. just took its physical inventory on December 31. The count of inventory items on hand at the companyâs business l

Dmitry [639]

Answer:

Closing inventory = $289,000 + $13,190 = 302,190

Explanation:

Tamarisk inc.

In closing an inventory count consideration should be given to goods in transit. The agreements reached between buyer and seller will help in determining who is responsibility for the stock at each point in time.

An FOB (free on board) agreement means the seller of the goods is responsible for shipping the goods up to the port of destination and thereafter ownership, which includes risks and rewards for the goods is transferred to the buyer.

CIF (cost, insurance and freight). This implies the selling price of the seller already includes the cost of the product, the insurance and the freight getting it to the warehouse of the Buyer. In this instance, the ownership remains that of the seller until the products arrive the warehouse of the buyer

A. Richfield already has taken possession and even displayed it in his showroom as at Dec 31.

Action: do not add this to the closing inventory count

B. It is OK not to include the $20,180 goods in transit to the buyer as at DEC 31, because they were conditioned on an FOB agreement.

Action: do not add this to the closing inventory count

C. With a purchase consideration of FOB worth $13,190 still in transit as at Dec 31. The company needs to consider this as the risk and reward already transferred to it as agreed in the FOB terms

Action: add this to the closing inventory count

4 0

3 years ago

Read 2 more answers

Financial statement data at December 31 for Ecco Company are shown below. Cost of merchandise sold $552,500 Inventories: Beginni

Lostsunrise [7]

Answer:

Inventory turnover= 3.25

Explanation:

Giving the following information:

Cost of merchandise sold $552,500

Inventories:

Beginning of year 200,000

End of year 140,000

To calculate the inventory turnover, we need to use the following formula:

Inventory turnover= Cost of goods sold/ average inventory

Average inventory= (beginning inventory + ending inventory) / 2

Average inventory= (200,000 + 140,000)/2= 170,000

Inventory turnover= 552,500/170,000

Inventory turnover= 3.25

3 0

3 years ago

MacKenzie Company sold $300 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 1.5% serv

Arlecino [84]

Answer:

The journal entry to record the sale transaction would be to "debit cash $295.50; debit credit card expense $4.50 and credit sales $300"

Explanation:

The credit card expense of $4.5 ( i.e, Sales of Merchandise $300 multiplied by Bank service charge deduction 1.5%) is a loss.

Therefore, It should be debited.

3 0

3 years ago

Cosmetologist job requirements with bullet points

GarryVolchara [31]

Answer:

. Maintains supplies by checking stock; anticipating needs; placing orders; verifying receipt.

. Prepares hair for styling by analyzing hair condition; shampooing and treating hair.

. Conditions hair and scalp by applying treatments.

. Plans desired effect by studying facial features; examining potential styles; conferring with customer; making recommendations.

. Produces desired effect by arranging, shaping, curling, cutting, trimming, setting, bleaching, dyeing, and tinting hair.

. Maintains quality service by following organization standards.

. Maintains safe and healthy conditions by following organization standards and legal regulations.

. Obtains revenue by recording or collecting charges.

. Maintains technical knowledge by attending educational workshops; reviewing publications.

. Contributes to team effort by accomplishing related results as needed. Skills/Qualifications: Listening, Supply Management, Analyzing Information , . Customer Focus, Client Relationships, Organization, Creativity, Attention to Detail, Confidentiality, Professionalism, Verbal Communication

8 0

3 years ago