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4 years ago

an item selling for 46.40 was mark to obtain a gross profit of 45% on cost find the cost of this item

Business

1 answer:

Mila [183]4 years ago

4 0

Answer:

Explanation:

Using Formula

Cost + (Cost*Margin) = Selling Price

Cost is not known...

Cost (1 + Margin) = Selling Price

Cost = Selling Price / 1 + Margin

Here, Margin is 0.45 of cost and selling price is 46.4

Cost = 44.4 / 1.45

Cost = 32

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he initials GAAP stand for a. Generally Accepted Accounting Principles b. Generally Accepted Accounting Practices c. General Acc

Bess [88]

Answer:

Correct option is (a)

Explanation:

GAAP is the abbreviation for Generally Accepted Accounting Principles. These are guiding principles that help in recording accounting transactions. These are developed over the course of time and includes comprehensive guidelines used by accountants over the years in preparing financial statements.

GAAP ensures reliability and comparability of financial statements.

5 0

3 years ago

13.. Francisco leased equipment from Julio on December 31, 2021. The lease is a 10-year lease with annual payments of $150,000 d

tatuchka [14]

Answer:

$800,239.40

Explanation:

Calculation for the balance in Francisco lease liability at December 31, 2022

First step is to find the Liability for the year end 31st December 2021

Using this formula

Liability as on 31st December 2021=Initial Value of the Liability - Annual Payment

Let plug in the formula

31st December 2021 Liability =$1,013,854-$150,000

Liability as of 31st December 2021=$863,854

Second step is to find Interest for the Year 2022

Interest =$863,854×10%

Interest =$86,385.40

Third step is to less the interest amount from the Annual payment

Annual Payment $150,000- Interest $86,385.40

=$63,614.60

Last step is to find the balance in the lease liability at December 31, 2022

Lease liability balance = $863,854 -$63,614.60

Lease liability balance=$800,239.40

Therefore What should be the balance in Francisco lease liability at December 31, 2022 will be $800,239.40

5 0

3 years ago

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,770 and two j

maxonik [38]

Answer:

Explanation:

WORK IN PROCESS INVENTORY

May 1 balance 3770 May 31 Finished Goods 9234

31-May Material 11470

31-May labour 13870

31-May Overheads 9431.6

may 31 Balance 29307.6

JOB COST SHEET

Job no. Beg. WIP Material Labour Overheads Total

430 1340 3850 3400 2312 10902

431 0 4680 8170 5555.6 18405.6

TOTAL 1340 8530 11570 7867.6 29307.6

Note: Total cost of Job 429 transferred to Finished goods:

Beginning cost 2430

Add: Material 2940

Add: Labour 2300

Add: Overheads (2300*68%) 1564

Total cost of Job 429 9234

4 0

3 years ago

Pes

lakkis [162]

Answer:

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Explanation:

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8 0

3 years ago

Stockholders, employees and environmentalists are examples of stakeholders whose interests

Gelneren [198K]

Stockholders, employees and environmentalists are examples of stakeholders whose interests and needs often conflict.

<h3>Who is a stakeholder?</h3>

A stakeholder can be defined as an independent individual, organization or social group that has an interest in a particular business organization (company), and as such they can either affect or be affected by the decisions taken in the business.

This ultimately implies that, stockholders, employees, investors, and environmentalists are examples of stakeholders whose interests and needs often conflict.

Read more on stakeholders here: brainly.com/question/15532995

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7 0

2 years ago

an item selling for 46.40 was mark to obtain a gross profit of 45% on cost find the cost of this item​

an item selling for 46.40 was mark to obtain a gross profit of 45% on cost find the cost of this item