Answer:
$61,000
Explanation:
For computing the inventory lost in fire, first we have to determine the various items like - cost of goods available for sale, gross profit, cost of goods sold and ending inventory
So, the cost of goods available for sale would equal to
= Opening inventory + purchase made
= $55,000 + $310,000
= $365,000
The gross profit would be
= Sales × Gross profit percentage
= $370,000 × 30%
= $111,000
And, the costs of goods sold would be
= Sales - gross profit
= $370,000 - $111,000
= $259,000
Now the ending inventory would be
= Cost of goods available for sale - costs of goods sold
= $365,000 - $259,000
= $106,000
And, the not damaged goods were $45,000
So, the lost goods would be
= $106,000 - $45,000
= $61,000
Answer: $5500
Explanation:
The margin in Dée’s account when she first purchases the stock will be calculated thus:
First, we calculate the value of the 400 shares which will be:
= 400 × $20
= $8000
Since the borrowed amount is $2500, therefore the margin will be:
= Purchase price - Borrowed amount
= $8000 - $2500
= $5500
Therefore, the margin is $5500
The idea for a $15/hour minimum wage is to provide a <u>living wage</u> for employees, meaning that they can meet their basic housing, food, medical, and living expenses when working full time at minimum wage.
Answer: The correct answer is c. increase in Discount on Notes Payable for $2,100.
Explanation: 6% of $35,000 for a year is $2,100. From the facts in the question, the Bank deducted the interest in advance, this means the net cash York Construction Company got was $35,000 - 2,100 = $32,900 but note that this does not change the principal amount obligation the Company is obliged to pay the bank, which remains $35,000. What the Company needs to do is to recognize the $35,000 as Notes Payable (Debit Cash and Credit Notes Payable) and recognize a Discount on Notes Payable of $2100 (Debit Discount on Notes Payable and Credit to Cash). Subsequently, based on the 1-year tenor, the Company would unwind the discount to finance charge / interest expense as $2,100 / 12 = $175 monthly (Debit Interest expense; Credit Discount on Notes Payable).
A Small business is defined as a business that is independently owned and operated and is not dominant in its field of operations.