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kicyunya [14]
3 years ago
8

Elm Corporation is a merchandising company. The year began with inventory of $32,000, Purchases for the year were $57,000, and t

he Ending Inventory was $19,000. What is the Cost of Goods Sold that would be reported on the income statement?
Business
1 answer:
Alborosie3 years ago
4 0

Answer:

The cost of goods sold that would be reported on the incoem statement is $70000

Explanation:

The cost of goods sold is the value or cost of the inventory that a business sells to its customers. The cost of goods sold for the year can be calculated using the following formula.

Cost of Goods Sold (COGS) = Opening Inventory + Purchases for the year - Closing Inventory

Thus, Elm Corporation has a cost of goods sold to report on this year's income statement of:

COGS = 32000 + 57000 - 19000 = $70000

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Giving consumers product brochures to take home with them helps with ________, since many of them will not remember the details
Phoenix [80]

It should be noted that Giving consumers product brochures to take home with them helps with selective retention.

This will help them to be able to remember the details they heard about in the store and make decisions.

<h3>What is selective retention,?</h3>

selective retention to the customer will give them the chance to make decisions on the product.

Learn more about selective retention, at;

brainly.com/question/9261004

3 0
2 years ago
Company ABC provides a dependent care assistance flexible spending arrangement to its employees through a cafeteria plan. In add
Vladimir79 [104]

Answer:

Company ABC and Emily, a single filing taxpayer

The maximum amount excludable from Emily's gross income for the dependent care expenses, which Emily can report on her tax return is $3,000.

Explanation:

a) Data and Calculations for Emily:

Dependent care flexible spending arrangement deduction = $4,500

Fair market value of the on-site dependent care used = $700

Form W-2 reported dependent care assistance = $5,200

Maximum amount excludable from Emily's gross income for the dependent care expenses Emily can report on her tax return is $3,000.

b) According to the IRS records, Emily can exclude or deduct dependent care benefits provided by a dependent care benefit plan, an amount not exceeding $3,000 if one qualifying person was cared for or $6,000 if two or more qualifying persons were cared for.  Since the number of persons cared for is not disclosed, it is assumed that Emily cared for only one qualifying person.  Therefore, $3,000 is the maximum she is allowed to deduct.

4 0
3 years ago
On her way to a concert, Hermione stopped at a restaurant for dinner. In her purse, she had 12 bills worth a total of $40. She h
katovenus [111]

The correct statement will be that the maximum number of $5 bills that can be in Hermione's purse will be 7. So, the correct option that matches the statement is D.

The number of bills of $5 are seven, as Hermione also has at least one bill of $1.

<h3>Calculation of bills. </h3>

  • Considering Hermione has at least one bill of $1, then the computation of total bills out $40 can be shown as below,

  • 40= 1+x

  • where <em>x </em>is the number of $5 bills

  • So we know that the maximum number of bills of $5 that can be kept by Hermione is 7 as $35 is the nearest number possible and seven bills of $5 will constitute $35.

Hence, it can be concluded that option D is correct that there are seven bills of $5 in the purse of Hermione and hence there will be five bills of $1  in her purse.

Learn more about bills here:

brainly.com/question/16405660

3 0
3 years ago
If $525,000 of bonds are issued during the year but $210,000 of old bonds are retired during the year, the statement of cash flo
geniusboy [140]

Answer and Explanation:

Given:

Issue of new bonds price = $525,000

Retired price of  bonds = $210,000

It is given that new bonds price a $525,000 issue and the value of retire Bond price will $210,000.

Issue of new bonds will increase cash by $525,000 because business gets cash from the issue of bonds and retire off the old bond will decrease cash by $210,000.

7 0
3 years ago
Refer to Stevenson, Ross, and Warner. Which of the following represents a key component of the Sarbanes-Oxley Act relating to co
antoniya [11.8K]

Answer:

The correct answer is B. Accounting firms are prohibited from providing many types of consulting services to the companies they audit.

Explanation:

The main reason for this policy is that it does not allow conflicts of interest to arise that eventually produce widely known cases of fraud, such as those presented at the Enron and Worldcom companies.

The Enron case broke out in the U.S. when that energy giant announced what was once the biggest bankruptcy in the history of the country, with a debt of 31,000 million dollars, something overcome a few months later by the collapse of another colossus, WorldCom.

In June 2002 WorldCom, the second US telephone. and of the world, he admitted that he had lied in his accounting books for almost 4,000 million dollars and his actions - which shortly before touched his maximum of 16 dollars - collapsed to 20 cents. His bankruptcy exceeded Enron's: $ 35 billion of liabilities.

4 0
3 years ago
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