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
trapecia [35]
3 years ago
11

A firm's database showed that the average value of all inventory items for the year was $7,650. The cost of goods sold was repor

ted at $76,500. Because the company closes for two weeks each year, its business year is reduced in length. How many weeks of supply were held in inventory? Group of answer choices
Business
1 answer:
Zinaida [17]3 years ago
8 0

Answer:

We know the average inventory was 7,650 and the cost of goods sold through  out the yer were 76,500.There are about 52 weeks in a year. If the company closes for 2 weeks, then they are in business for 50 weeks a year.

If we divide the cost of goods sold by the number of weeks that the company is open, we get what is the cost of goods sold each week.

76,500/50= 1,530

The company has 1,530 of cost of goods sold each week. And their average inventory is of 7650 so if we divide average inventory by the cost of goods sold each week, we will get how many weeks of supply is held in inventory.

7650/1530=5

The company holds 5 weeks of supply in inventory.

Explanation:

You might be interested in
Please somebody help me
OLEGan [10]

1.Ph.D

2. training

3. bachelors degree

8 0
3 years ago
Adriana is not keen on collecting facts and information while solving problems. she is spontaneous in decision making and usuall
V125BC [204]
Her decision is known as a "satisfice" decision
4 0
3 years ago
Which of the following can explain the upward slope of the short-run aggregate supply curve? a. nominal wages are slow to adjust
Goryan [66]

Answer: A - nominal wages are slow to adjust to changing economic conditions 

Explanation:

In the short run, the costs of many of the factors used in the production process are fixed.  For example labours wage is fixed for a number of years because of labour contracts. Also the raw materials used in the production process have long term agreements that fix their prices.

As a result of factors of production been fixed in the short run, when general price level rises and the cost of production remains constant, profit also rises.

Firms take advantage of this rise in price and increase production and the quantity of aggregate supply increases. This is why the short run aggregate supply curve is upward sloping.

7 0
3 years ago
During January, Luxury Cruise Lines incurs employee salaries of $2.1 million. Withholdings in January are $160,650 for the emplo
almond37 [142]

Answer:

a. The journal entries for the employee salary expense, withholdings, and salaries payable are the following:

                                                       Debit                           Credit

Salaries expenses account    $2,100,000

    Federal Income tax payable                                       $315,000

    State income tax payable                                           $131,250

   FICA social security tax payable                                 $160,650

   Blue shield payable                                                       $21,000

  Cash account                                                               $1.472.1000

b. The journal entries for the employer-provided fringe benefits is the following:

                                                                           Debit                           Credit

Salaries expenses (Fringe benefit account)    $63,000

    Blue shield payable                                                                      $63,000

c. The journal entries for the employer payroll taxes is the following:

                                                       Debit                           Credit

Payroll Tax expense account    $290,850

    FICA Social security tax payable                                   $160,650

    Unemployment tax payable                                          $130,200

Explanation:

a. The journal entries for the employee salary expense, withholdings, and salaries payable are the following:

                                                       Debit                           Credit

Salaries expenses account    $2,100,000

    Federal Income tax payable                                       $315,000

    State income tax payable                                           $131,250

   FICA social security tax payable                                 $160,650

   Blue shield payable                                                       $21,000

  Cash account                                                               $1.472.1000

b. The journal entries for the employer-provided fringe benefits is the following:

                                                                           Debit                           Credit

Salaries expenses (Fringe benefit account)    $63,000

    Blue shield payable                                                                      $63,000

c. The journal entries for the employer payroll taxes is the following:

                                                       Debit                           Credit

Payroll Tax expense account    $290,850

    FICA Social security tax payable                                   $160,650

    Unemployment tax payable                                          $130,200

3 0
3 years ago
At December 31, 2020, Desert Company reports the following balances for its liability accounts:   7% note payable issued 10/1/20
LekaFEV [45]

Answer:

Desert Company

The amount of notes payable that should be recorded as a current liability will be $520,000.

Explanation:

The 8% notes payable had been refinanced to a long-term notes payable.  But, the 7% notes payable was still being negotiated for refinancing.  Since the refinancing had not been agreed, the notes payable would still have a balance of $520,000.  However, a note in accounts could state the fact that the notes payable was being negotiated for refinancing.

5 0
3 years ago
Other questions:
  • A bond traded at 102½ means that: Multiple Choice The bond pays 2.5% interest. The bond traded at 102.5% of its par value. The m
    13·1 answer
  • Absorption and variable costing. (CMA) Miami, Inc., planned and actually manufactured 250,000 units of its single product in 201
    11·1 answer
  • The balance of the Allowance for Doubtful Accounts account at January1 of the current year was $6,800. During the year, accounts
    10·1 answer
  • A local political party made phone calls to assess likely voter turnout. The only question asked in the telephone interview was
    6·2 answers
  • Career fulfillment means
    9·1 answer
  • The function f(x) = 2,000(1 + )12t models the balance in a savings account.
    9·2 answers
  • Finance professionals make decisions that fall into three distinctive areas: corporate finance, capital markets, and investments
    7·1 answer
  • Two-Asset Portfolio Stock A has an expected return of 12% and a standard deviation of 35%. Stock B has an expected return of 17%
    11·1 answer
  • In the United States, ________ laws prohibit collusion between rivals. a. competitive arbitration
    7·1 answer
  • The failure of a licensee to comply with the rbs program requirements shall be grounds for.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!