<span>There are four characteristics used to classify each retailer. These are used to satisfy each and every customer's needs. The first one is the type of merchandise they sell. Second is the level and type of customer service given. This is the type of merchandise sold at the retail store. The last characteristic is the price of the merchandise being sold at the retailer.</span>
Answer:
The ending inventory value at cost is ($100,000)
Explanation:
To calculate the cost of ending inventory using the retail inventory method, we need to know:
- The cost-to-retail percentage = COGS/ sales during current year = (sales – net markup)/sales = ($2,500,000-$200,000)/$2,500,000 = 92%
- The cost of goods available for sale= Cost of beginning inventory + Cost of purchases = $200,000 + $2,000,000 = $2,200,000
- The cost of sales during the period = Sales × cost-to-retail percentage = $2,500,000 x 92% = $2,300,000
- The ending inventory = Cost of goods available for sale - Cost of sales during the period = $2,200,000 - $2,300,000 = ($100,000)
Answer:
a. Other Comprehensive income for 2020 = Unrealized holding loss = -$9.9 million
b. Comprehensive income for 2020 = Net income - Unrealized holding loss = $1,180 million -$9.9 million = $1,170.1 million
c. Accumulated other comprehensive income at December 31, 2020 = Accumulated other comprehensive income - Other Comprehensive income for 2020 = $55.2 million -$9.9 million = $45.3 million
For the first blank the answer is January 1st. For the second blank, HMDA Rule necessitates quarterly reporting for covered institutions. Furthermore to their annual data submission, these larger-volume reporters will surrender HMDA data for the first three quarters of the year on a three-monthly basis. The first quarterly compliance will be due by May 30, 2020.
