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shusha [124]
3 years ago
15

A fire destroyed some of Powell Company's records. Information from the documents found related to inventory is listed below. En

ding Inventory $76,000 Cost of Goods Sold 445,000 Consigned Goods 87,000 Beginning Inventory 43,000 What was the amount of inventory that was purchased during the year
Business
2 answers:
andrey2020 [161]3 years ago
6 0

Answer:

$478,000

Explanation:

Purchase inventory = cost of goods sold + ending inventory - beginning inventory

Purchase = (445,000 + 76,000) - 43,000 = $478,000

iren2701 [21]3 years ago
5 0

Answer:

The amount of inventory purchased during the year is $508,000.00 which is Closing Inventory + Cost of Goods Sold - Opening Inventory, i.e. $(76,000 + 445,000 - 43,000).  Alternatively, you can say it is the difference between Cost of goods available for sale minus Opening Inventory.

Explanation:

Cost of Goods Sold plus Closing Inventory equal Cost of goods available for sale.  Note that the consigned goods of $87,000 is already included in Cost of Goods Sold, so there is no need for adjusting our workings with the figure.  Remember that the P & L Accounts formula for Cost of Goods Sold is Opening Inventory + Purchases - Closing Inventory.  For this problem, we have to work backward from the Cost of Goods Sold in order to obtain the amount of inventory purchased during the year.

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Lawson Corp. uses IFR.S and the cost model for intangible assets. On March 1, year 1, Lawson acquired intangible assets with an
Leto [7]

Answer:

b. $10,000 loss $4,000 gain

Explanation:

Since the carrying amount of the intangible assets is greater than its recoverable amount in the year 1, therefore the Lawson Corp shall recognised the impairment loss in respect of intangible assets in year 1 as follows:

Impairment loss=Carrying amount of intangible assets-recoverable amount of intangible asset

Impairment loss=$100,000-$90,000=$10,000 loss

Since the recoverable amount of the intangible assets is greater than its carrying amount  in the year 2, therefore the Lawson Corp shall reverse the impairment loss recognised in year 1 in the following way:

Gain=recoverable amount of intangible asset-Carrying amount of intangible assets

Gain=$94,000-$90,000=$4,000 Gain

So based on the above calculations,the answer shall be b. $10,000 loss $4,000 gain

4 0
4 years ago
Approximately __________ of trades involving shares issued by firms listed on the New York Stock Exchange actually take place on
Sophie [7]

Answer: B. 75%

Explanation: The NYSE accounts for a large majority of equity trades in the North America and worldwide. But not all trades actually do go on on the NYSE. I think this is because in 2007 they acquired Euronext which combined the NYSE with the five major European exchanges, inclusive of the Paris Bourse, Amsterdam, the London International Financial Futures etc. This merger bumped up their trading capacity to up to 10 billion shares per day. While 75% of trades do go on on the NYSE, the rest are handled by the other aspect of the merger deal, Euronext.

6 0
3 years ago
Jenny, who is married and the mother of three, is 25 years old and expects to work until 70. She earns $45,000 per year. Jenny e
jeka57 [31]

Answer:

$855,903.20

Explanation:

Real discounting rate=> i= [i'-f]/[1+f]. Where i is the real interest rate. i' is the nominal interest rate which is given as 5% and f is the rate of inflation

i = (5%-3%)/1+3%)

i = 2/1.3

i = 1.94%

Her after tax earnings = 45,000*(1-0.15) = $38,250

Personal consumption = 25% of this, 38,250*0.75 = $28,688.

We are discounting her earnings back 45 years at 1.94%. The equation will be: 28,688 * {1-(1+0.01940)^-45} / {0.01940}

= 28,688 * {1 - 0.42120322099] / 0.01940

= 28,688 * 29.83488551597938

= 855903.1956824165

= $855,903.20

So, the amount of life insurance necessary for Jenny using the Human Life Value method is $855,903.20

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