1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
MAXImum [283]
2 years ago
10

Assume that we use a perpetual inventory system and that five identical units are purchased separately at the following four dat

es and costs: April 5 at $10, April 10 at $12, April 15 at $14, and April 20 at $16 April 20 $17. One unit is then sold on April 25. The company uses the first-in, first-out (FIFO) inventory costing method. Identify whether each of the items purchased will be sent to cost of goods sold on the income statement or reported in inventory on the balance sheet using the drop-down list.
Business
1 answer:
swat322 years ago
5 0

Answer:

The cost of goods sold (income statement) should include 1 unit purchased on April 5 at $10.

The merchandise inventory account (balance sheet) should include the 4 units purchased later including their purchase date and specific cost:

  • 1 unit purchased on April 10 at $12
  • 1 unit purchased on April 15 at $14
  • 1 unit purchased on April 20 at $16  
  • 1 unit purchased on April 20 at $17
You might be interested in
Marcie and her husband, Franklin, each own 50 shares of Chestnut, Inc. Sally, Marcie's old high school friend, owns the remainin
RSB [31]

Answer:

$38,000 Dividend

Explanation:

Based on the information given the tax treatment of the redemption to Marcie will be $38,000 dividend reason been that her husband shares was been attributed to her, and Since she owns 60 shares her remaining 10 shares including that of her husband 50 shares of Chestnut's will be 110 shares calculated as 150 shares - 40 shares outstanding.

Therefore when we look at this 60 shares/110 shares is greater than 50% which means that Marcie fails the 50% test which makes the redemption to be treated as a dividend.

Hence, the tax treatment of the basis of the shares redeemed will be $38,000 Dividend.

8 0
3 years ago
About this app<br> What is the benefit of this app
Andrej [43]

Answer:

its fun to answer other people's questions when you know the answer and when you don't you can use Google and still get points for it. that's always fun is feeling smart. or you get help from others on questions you can either type up your question or take a picture of it!! there's many benefits.

Explanation:

unlike other apps like Socratic it only knows some answers in math class and history, but here there's smart people out there that are able to answer almost any questions for you, there's always someone in the world that knows on here!

7 0
3 years ago
Read 2 more answers
Use the table to answer the question.
jarptica [38.1K]

The growth rate of Nominal  GDP from 2007 to 2008 is 100%.

Nominal GDP is the gross domestic product of a country that is calculated using current year prices. It included real GDP and inflation.

Growth rate in GDP = (nominal GDP in 2008 / nominal GDP in 2007) - 1

Nominal GDP in 2007 = (60 x 100) + (15 x 20)

= $6000 + $300

= $6,300

Nominal GDP in 2008 = (60 x 200) + (12 x 50)

$12,000 + 600

= $12,600

Growth rate = ($12,600 / 6,300) - 1 = 100%

Please find attached an image of the table used in answering this question. To learn more about GDP, please check: brainly.com/question/25780486

5 0
2 years ago
An example of a loan that tends to have a lower interest rate is a(n) __________ loan.
Setler79 [48]
The answer is : A. Home loan

Home loan only have about 4 -5 % interest rate. Compared to other options :

- Credit Card Loan : about 15 %  of interest rate
- Paycheck Loan : also about 15 % of interest rate
- Unsecured Loan : usually above 20 % interest rates


6 0
2 years ago
Read 2 more answers
The following 3 questions are based on this information. Kings Department Store has 625 rubies, 800 diamonds, and 700 emeralds f
ExtremeBDS [4]

Answer:

129 bracelets and 59 necklaces.

Explanation:

Kings departments store wants to maximize profit by making a combination of its two products necklaces and bracelets. The King store should use a strategy so that it can generate maximum profit with its available rubies, diamonds and emeralds.  

$250a + $500b = Maximum Profit

For rubies : 2a + 5b = 625

For Diamonds : 3a + 7b = 800

For Emeralds: 4a + 3b = 700

Solving the equation we get maximum profit value of $61,750.The King departments stores should make 129 bracelets and 59 necklaces which will bring maximum profit to the store.

7 0
3 years ago
Other questions:
  • Tiffany owns a health club and contracts to buy a set of weights from Dylan for $10,000. Dylan is hurting financially, so he cha
    12·2 answers
  • Vivian, as a vice-president of marketing, is far removed from the research and development department. However, she keeps a clos
    12·1 answer
  • On a pay stub what is the difference between “net pay” and YTD net <br> pay
    13·2 answers
  • Patterson Corporation began the year with retained earnings of $325,000. During the year, the company issued $500,000 of common
    8·1 answer
  • When team members experience conflict because they are trying to make sense of competing ideas about how the team should work, t
    11·1 answer
  • South Korea has developed amazingly, with huge corporations making vast amounts of money and giving everyone there a high standa
    5·1 answer
  • CircuitTown commenced a gift card program in January 2018 and sold $12,900 of gift cards in January, $19,950 in February, and $1
    9·1 answer
  • Who will bear the incidence of the tax? suppose the government imposes a tax on three products with differing demand elasticitie
    14·1 answer
  • Adam, Ben and Erica are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balance
    11·1 answer
  • In the business cycle, which term best fits the labeled point on the graph?
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!