1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
zhannawk [14.2K]
3 years ago
8

You own a store. Beginning inventory on January 1 was $4,000. Ending inventory on December 31 was $4,500. You purchased $22,000

of new merchandise during the year. Sales revenue for the year was $46,000. Selling, general, and administrative (SG&A) costs for the year were $5,000. a) Compute the cost of goods sold (COGS) for the year. 21500 b) Prepare the income statement for the year. Revenue 46000 COGS 21500 Gross Margin 24500 SG&A costs 5000 Profit 19500

Business
1 answer:
Butoxors [25]3 years ago
7 0

Answer:

Explanation:

(a) The computation of the cost of goods sold is shown below:

= Beginning inventory + Purchase of new merchandise - ending inventory

= $4,000 + $22,000 - $4,500

= $21,500

(b) In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.  

The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:

You might be interested in
Which definition(s) of the money supply include(s) only items which are directly and immediately usable as a medium of exchange?
Gala2k [10]
The definition of money supply which include only items which are directly and immediately usable as medium of exchange is M1. Money supply refers to the entire stock of currency and other liquid assets that are circulating in a particular economy at a particular period of time.  
M1 include cash and checking deposits which are very liquid in nature and are suitable as medium of exchange. 
7 0
3 years ago
Customer World expects the credit card company to deposit funds in their business account for their sales where a customer uses
Murljashka [212]

Answer:

$88.75

Explanation:

Customer World expects the credit card company to deposit funds in their business account for their sales where a customer uses a credit card to pay. If Customer World earned $90 from a sale and the transaction fee was $1.25, the Customer World should expect $88.75 to be deposited into his business bank account by the credit card company.

I hope the answer is helpful.

Thanks for helping.

3 0
3 years ago
Which BCBS program allows members of independently owned and operated plans to have access to health care benefits throughout th
Kaylis [27]

Answer:

b. Away From Home Care Program®

Explanation:

PLEASE MARK ME AS BRAINLIEST AND HAVE A NICE DAY :)

5 0
2 years ago
Read 2 more answers
People with an internal locus of control:______.
iVinArrow [24]

Answer:B

Explanation:have stronger expectations that effort leads to success

6 0
3 years ago
According to the textbook, in many instances an investor will first ask for a copy of a firm's ________ and will request a copy
e-lub [12.9K]

Answer:

The correct answer is executive summary

Explanation:

In business executive summary are widely used and important to help the company leaders to make decisions, an executive summary contains the compilation of the main company report, thus helping managers to understand all the information without having to read the entire document.

The executive summaries are characterized by specifying the most important proposals, problems, analyzes, and conclusions so that the business plan of the companies can be understood.

<em>I hope this information can help you.</em>

7 0
3 years ago
Other questions:
  • Freddy is purchasing a new car, and he has decided that gas mileage, price, reliability, and styling are important to him. These
    7·1 answer
  • Which of the following items appear on a cash budget? 1. Depreciation 2. Bad debt expenses 3. Noncash items not involving cash t
    14·1 answer
  • Last month, you lent a work colleague $5000 to cover some overdue bills. He agreed to pay you in 1 month with interest at 2% for
    6·1 answer
  • An example of Web 2.0 is a high school student promoting his or her poetry on a blog.
    13·2 answers
  • In which ways can goals be classified
    12·1 answer
  • Find the future values of these ordinary annuities. Compounding occurs once a year. Round your answers to the nearest cent. $200
    9·1 answer
  • Just want to say thank you to everyone on this app thanks to you i passed 7th grade and i know i could not of do it with out you
    14·1 answer
  • JDS Shipyard's projected benefit obligation, accumulated benefit obligation, and plan assets were $75 million, $65 million, and
    6·1 answer
  • Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2017 with three assets: cash of 28,200 dinars,
    6·2 answers
  • The Tucana Bank of Commerce pools customer deposits and uses the
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!