Answer:
Cash balance is $85,000
Explanation:
In determining the cash balance of the period, we must know how much is the inflow and outflow of the cash for the period and add it or deduct to the beginning balance. It is simply, beginning balance plus inflows less outflows. February is the first month of the operation of Schwenn Enterprises, that only means the possible beginning balance of the cash is the cash investment. So to further discuss it clearly, let’s do the computation.
Beginning balance on February $100,000
Add: inflow
Cash sales $20,000
Less: outflow
payment on expenses $35,000
CASH BALANCE AT FEBRUARY 28 $85,000
Bobo's demand curve is elastic hence his purchasing ability is easily influenced by a slight change in the price of the product
After crime scene is cleared with all finger prints taken.
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
The following two errors were made in the physical inventory counts: 1. 2018 ending inventory was understated by $8,000. 2. 2019 ending inventory was overstated by $4,000.
We were not provided with the relevant information to recalculate the cost of goods sold, but, I can provide the formula to solve the problem.
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
1- COGS= beginning finished inventory + cost of goods manufactured - (ending finished inventory + 8,000)
2- COGS= beginning finished inventory + cost of goods manufactured - (ending finished inventory - 4,000)
