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kipiarov [429]
3 years ago
6

Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of

goods sold was $30
Business
1 answer:
larisa86 [58]3 years ago
7 0

Answer:

The amount of cash paid to suppliers of merchandise during the reporting period is $31

Explanation:

Inventory beginning balance is $90, ending balance is $93

Account payables beginning balance is $14, ending balance is $16

Cost of goods sold is $30

Using T accounts: Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold.

Therefore Purchases = Cost of Sales - Beginning Inventory + Ending Inventory

Purchases = 30-90+93 = 33

<h2 />

In the Accounts Payable Account

Opening balance and Credit purchases are on the credit side, while payment to suppliers and closing balance are on the debit side

Therefore: Opening balance + Purchases during the period = Payments during the period + closing balance.

Hence: 14+33= payments during the period + 16

Payments during the period = 14+33 - 16 = $31

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Departmentalization

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A rich relative has bequeathed you a growing perpetuity. the first payment will occur in a year and will be $ 3 comma 000$3,000.
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A. For knowing today's value of the bequest we need to know the period of time.
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Check My Work (1 remaining) Fraud detection is an important element of minimizing losses from fraud, and it is important that fr
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<h2>True. The early detection of fraud avoids greater loss.</h2>

Explanation:

The early detection of fraud needs to be done for the following reason:

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3 years ago
ABC Company owns 30% of the outstanding shares of Teal Company. At the beginning of the current year, the carrying value of Teal
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Answer:

$69,000

Explanation:

Percentage of shares owned by ABC in Teal's company = 30%

This is an example of equity method investment , and a portion of the attributable income at the end of the year is earned and added to the initial stock.

Attributable income is the remaining income after dividends have been settled.

<u>Workings</u>

The opening carrying value of the shares on ABC balance sheet = 60,000

Profit made at the end of the period = 40,000

Dividends paid = 10,000

Attributable income to share holders = 40000-10000 = 30,000

ABC portion of attributable profit = 30000*30% = 9,000

Carrying value at the end of the year = opening carrying value + portion of the attributable profit

=60000+9000=69000

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3 years ago
Alan krueger conducted a survey of fans at the 2001 super bowl who purchased tickets to the game for​ $325 or​ $400. krueger fou
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