Answer:
$30,220
Explanation:
Inventory purchased $299,000
Discount (299,000*2%) ($5,980)
Freight Charges $18,500
Inventory returned ($7,800)
Net purchases $303,720
Cost of goods sold=opening inventory+purchases-ending inventory
$335,000=$61,500+$303,720-ending inventory
Ending inventory=61,500+303,720-335,000
Ending inventory=$30,220
Answer:
B. Although you can hire someone to keep your books, you'll still need to know how to read, understand, and interpret basic accounting reports in order to make good business decisions
Explanation:
You may employ someone to manage the accounts, but you do need to know how to read, understand, and interpret simple reports of accounting to make sound business decisions, as well as understanding whether someone is committing fraud with you. A simple knowledge can help with all of this.
The smooth operation of a company is practically impossible without being able to interpret, comprehend and evaluate accounting reports and financial statements.
Therefore according to the given situation, the correct answer is b
Answer:
(1) stock dividends
retained earnings will decrease by 2.830.500
total stockholders equity will remain unchanged. the rdecrease in RE is countered with the increase in common stock and additinal paid-in capital
the price will be kept at $51 as the company reocgnize this as the stock value when issuing the shares by using additional paid-in account for the difference between par value and market value
(2) the stock split
It generates no effect on the accounting as just additional shares at issued but the total capitalization and equity values are the same.
The price per share will be half as there is now double amount of shares:
$1 par value
and $25.50 market value
Explanation:
stock dividends
amount of shares issued:
370,000 shares x 15% = 55,500 shares
Retained Earnings decrease: 55,500 x 51 = 2.830.500
55,500 x $ 2 par value = 111,000 common stock
55,500 x $ (51-2) = 499,500 additional paid-in
A customs declaration is an official document that lists and gives details of goods that are being imported or exported. In legal terms, a customs declaration is the act whereby a person indicates the wish to place goods under a given customs procedure.
Answer:
The amount of overhead applied during the year is $2,680,000
Explanation:
For computing the amount of overhead applied, the following computations are required which is shown below:
1. Compute the overhead cost per machine hour:
The formula is shown below:
= Annual overhead cost ÷ machine hours
= $2,400,000 ÷ 300,000
= $8
Now the amount of overhead applied equals to
= Actual machine-hours × overhead cost per machine hour
= 335,000 hours × $8
= $2,680,000
