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
vodomira [7]
3 years ago
8

g Dave's Duds reported cost of goods sold of $2,000,000 this year. The inventory account increased by $200,000 during the year t

o an ending balance of $400,000. What was the cost of merchandise that Dave's purchased during the year?
Business
1 answer:
FrozenT [24]3 years ago
6 0

Answer:

$2,200,000

Explanation:

The movements in the inventory account is as a result of purchases, sales and writeoffs if any. These are the events that bring about a change between the opening and closing balances.

Given;

cost of goods sold = $2,000,000

Increase in inventory = $200,000 (This is same as closing balance minus opening balance)

Ending balance = $400,000

Thus, opening balance = $400,000 - $200,000

= $200,000

Let the cost of merchandise that Dave's purchased during the year be N

$200,000 + N - $2,000,000 = $400,000

N = $400,000 + $2,000,000 - $200,000

N = $2,200,000

The cost of merchandise that Dave's purchased during the year is $2,200,000

You might be interested in
A certain supermarket chain is only found in the southeastern regions of the United States. You would expect the supermarket to
OverLord2011 [107]

Answer:

<em>Regional advertising</em>

Explanation:

Regional advertising <em>implies sponsor-paid advertising that supplies goods or  services regionally across two or more regions</em>.

Examples might include using specific location billboards to provide some of  the simplest ways to reach local communities.

6 0
3 years ago
Martinez, Inc. reported net income of $2.5 million in 2007. Depreciation for the year was $160,000, accounts receivable decrease
n200080 [17]

Answer:

$2,730,000

Explanation:

Operating activities: It includes those transactions which affect the working capital after net income. The increase in current assets and a decrease in current liabilities would be deducted whereas the decrease in current assets and an increase in current liabilities would be added.  

These changes in working capital would be adjusted. Moreover, the depreciation expense is added to the net income

The preparation of the Cash Flows from Operating Activities—Indirect Method is shown below:

Cash flow from Operating activities - Indirect method

Net income $2,500,000

Adjustment made:

Add : Depreciation expense $160,000

Add: Decrease in accounts receivable $350,000

Less: Decrease in accounts payable -$280,000

Total of Adjustments $230,000

Net Cash flow from Operating activities             $2,730,000

8 0
3 years ago
A statistical method for identifying cost behavior
GuDViN [60]
The statistical method would be the least squares regression. (: I hope all is well and you end up passing. Good luck, rockstar!
5 0
3 years ago
In a situation where the investor exercises significant influence over the investee, which of the following entries is not actua
Aneli [31]

Answer:

2) Debit to Cash (for dividends received from the investee), and a Credit to Dividend Revenue.

Explanation:

Whenever the investment is made in shares of a company where the investor can exercise significant influence, then equity method is used.

Under equity method, it is that all incomes of investee company are incomes of investor company.

And any amount of income received as a distribution is deducted from the carrying value of investment, as reduces the cost of investment.

Thus, any dividend received is debited and investment account is credited.

Dividend is never treated as dividend revenue.

Thus, option 2 is not correct.

7 0
3 years ago
A false statement of a material fact regarding ownership of business property that results in a loss of sales is referred to as
Vedmedyk [2.9K]

Answer: Slander of title

Explanation:

Slander of title is referred to as incorrect statement about a person or business property, products and so on. This form of public statement might be written or oral which result in harm or financial loss to the person’s property title. For example: a claim of ownership of an artwork of another person or company. Thus, it is an attack on the reputation of a business property by another party.

8 0
3 years ago
Other questions:
  • If you want to start a fire using sunlight, which kind of mirror would be most efficient
    12·1 answer
  • The average cell phone bill is $78 with a standard deviation of $10. What is the minimum percentage of cell phone bills that wil
    9·1 answer
  • Hillsdale is considering two options for comparable computer software. Option A will cost $25,000 plus annual license renewals o
    13·1 answer
  • You own a European put option with 1 month to expiration and with strike price 50, the stock is currently trading at 45, and the
    6·1 answer
  • Elisa ran 34 miles more than Darryl last week. Elisa ran 49 miles. How many miles did Darryl run?
    15·2 answers
  • A 5.5%, 20-year municipal bond is currently priced to yield 7.2%. For a taxpayer in the 33% marginal tax bracket, this bond woul
    15·1 answer
  • TIME REMAINING<br> 01:59:06<br> What does the information demonstrate about Alex's<br> investments?
    10·2 answers
  • Superior has provided the following information for its recent year of operation: The common stock account balance at the beginn
    11·1 answer
  • One of the elements that many believe distinguishes a profession from other occupations is the acceptance of responsibility by i
    9·1 answer
  • What is one of the most important responsibilities of the dental office business assistant?
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!