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3 years ago

Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals

Business

1 answer:

dangina [55]3 years ago

4 0

Answer:

Net cash used in investing activities = ($55,500)

Explanation:

Cash flows from Investing activities

Transaction Amount

Cash used for purchase of mining equipment -$68,000

Cash provided from sale of equipment +$22,000

purchased in c. above

Purchase of company vehicle. -$9,500

Net cash used in investing activities -$55,500

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Assume that Beaver uses the periodic system, and the end of period ending inventory for January is 110 units. a. Prepare all nec

aleksandr82 [10.1K]

Answer:

Part 1 a

jan 4

Debit ; Accounts Receivable (80 x $8.00) $640

Credit : Revenue $640

jan 11

Debit ; Purchases (150 x $6) $900

Credit : Accounts Payable $900

jan 13

Debit ; Accounts Receivable (120 x $8.75) $1,050

Credit : Revenue $1,050

jan 20

Debit ; Purchases (160 x $7) $1,120

Credit : Accounts Payable $1,120

jan 27

Debit ; Accounts Receivable (100 x $9.00) $900

Credit : Revenue $900

jan 31

Debit ; Cost of Sales (100 x $5 + 150 x $6 + 160 x $7) $2,520

Credit : Inventory $2,520

Part 1 b

Gross Profit = Sales - Cost of Sales

Sales = ( 80 x $8.00 + 120 x $8.75 + 100 x $9.00) = $2,590

Cost of Sales = (100 x $5 + 150 x $6 + 160 x $7) = $2,520

Therefore,

Gross Profit = $2,590 - $2,520

= $70

Part 2 a

jan 4

Debit ; Accounts Receivable (80 x $8.00) $640

Debit : Cost of Sales (80 x $5.00) $400

Credit : Revenue (80 x $8.00) $640

Credit : Inventory (80 x $5.00) $400

jan 11

Debit ; Purchases (150 x $6) $900

Credit : Accounts Payable $900

jan 13

Debit ; Accounts Receivable (120 x $8.75) $1,050

Debit : Cost of Sales (20 x $5.00 + 100 x $6) $700

Credit : Revenue (120 x $8.75) $1,050

Credit : Inventory (20 x $5.00 + 100 x $6) $700

jan 20

Debit ; Purchases (160 x $7) $1,120

Credit : Accounts Payable $1,120

jan 27

Debit ; Accounts Receivable (100 x $9.00) $900

Debit : Cost of Sales (50 x $6.00 + 50 x $7) $650

Credit : Revenue (100 x $9.00) $900

Credit : Inventory (50 x $6.00 + 50 x $7) $650

Part 2 b

Gross Profit = Sales - Cost of Sales

Sales = ( 80 x $8.00 + 120 x $8.75 + 100 x $9.00) = $2,590

Cost of Sales = ($400 + $700 + $650) = $1,750

Therefore,

Gross Profit = $2,590 - $1,750

= $840

Explanation:

Hie, see the attached the full question as images below

Part 1

Note that the question in this part requires us to use the Periodic Inventory System. In Periodic Inventory system, Inventory Valuation and calculation of Cost of Goods Sold is done at the end of the Period, in this case at the end of the month of January.

Part 2

Again it is important to note that the question in this part requires us to use the Perpetual Inventory System. In Perpetual Inventory system, Inventory Valuation and calculation of Cost of Goods Sold is done at the after each and every transaction made.

Overall Comment

The Company use of FIFO should be considered in both the Periodic Inventory System in Part 1 and Perpetual Inventory System in Part 2. FIFO method assumes that the first goods received by the business will be the first ones to be delivered to the final customer.

That said, Cost of Sales for Part 1 are determined and recognized at the end of the period and Cost of Sales for Part 2 are determined and recognized after every sale transaction made

4 0

3 years ago

A pharmaceutical company with headquarters in India sells fluconazole, the generic version of Pfizer's anti-fungal drug Diflucan

amid [387]

Answer:

Pricing strategy to stay competitive

Explanation:

Pricing strategy is the process by which a company sets prices of goods and services offered to a consumer.

In setting up a price strategy the management.of a business need to put into consideration the competitive reaction, pricing position, pricing segment, and pricing capability.

The generic drugs companies in the US are selling fluconazole for a higher price than pharmaceutical company with headquarters in India in the international market.

In order for them to stay competitive they will need to review their price downward or customers will switch to the cheaper option

5 0

2 years ago

Two stockbrokers, in clear violation of the rules of their employer, sold worthless stocks to unsuspecting customers. There was

ZanzabumX [31]

Answer: Yes they did.

Explanation:

Apparent Authority refers to a scenario where a Agent is assumed to have the power to act on behalf of a Principal regardless of if said authority had not being expressly given whether implicitly or otherwise.

It is worthy of note that this power is only valid if the third party in the transaction assumes from the conduct of the agent, that they have such powers to act.

It is stated in the text that there was no question that the brokers had the actual or implied authority to sell the stock meaning that the Principal had not done enough to show that the agents did not have the Authority to act as they did. For this reason, they can indeed be sued under the Principle of Apparent Authority.

7 0

3 years ago

Match the steps for conducting an informational interview with the task involved in each step or its purpose.

notsponge [240]

Explanation:

Informational interview is a bit different interview than a conventional interview. In this interview, a person seeks information from the interviewer. For example if you wish to take an interview of a scientist, you are actually seeking information from him.

In this question, the steps for conducting an informational interview match the following tasks:

1) Research your chosen career field.

a) Learn more about the company that interests you.

2) Identify someone to interview.

b) Make contact through email, a phone call, or mail to arrange the meeting.

3)Prepare for the interview

c) Choose a conservative, professional ensemble to wear

4) Conduct the informational interview

d) Encourage the interviewer to do most of the talking while you take notes

5) Follow up with your interviewer

e) Write a handwritten thank you letter to express that you want to say in touch.

6 0

3 years ago

Ge is disrupting itself by using reverse innovation to create low-cost health care diagnostic products in emerging markets. all

umka2103 [35]

ge is utilizing reverse innovation in order to protect itself from rivals.

<h3>What is reverse innovation?</h3>

Reverse innovation or trickle-up innovation An innovation is one that is first noticed or used in the developing world before moving to the industrialised world. Dartmouth academicians Vijay Govindarajan and Chris Trimble, as well as General Electric's Jeffrey R. Immelt, popularised the term.

Reverse innovation is the process by which goods developed as low-cost prototypes to satisfy the needs of developing countries, such as battery-powered medical tools in countries with poor infrastructure, are repackaged as low-cost novel goods for Western purchasers.

The approach of innovating in emerging (or developing) markets and then distributing/marketing these inventions in mature ones is known as reverse innovation. Many businesses are creating items in rising markets such as China and India and then distributing them abroad.

To know more about reverse innovation follow the link:

brainly.com/question/14085977

#SPJ4

8 0

1 year ago