What do you call a bar of soap that doesn't clean worksheet answer key?

On November 1 of year 0, Jaxon borrowed $50,000 from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid

Stels [109]

Answer:

a. $750

b. $750

Explanation:

The first thing to do is calculate the monthly interest as follows:

Monthly interest = Total interest ÷ 12 = $4,500 ÷ 12 = $375

The rent for two months in year 0 (November and December) = $375 × 2 = $750.

Prepaid expenses (January to October of year 1) = $4,500 - $750 = $3,750.

Decision:

Prepaid expenses is not deductible under either cash accounting method or accrual accounting method for tax purposes.

Therefore, Jaxon can deduct only $750 two months (November and December) relevant for year 0 under both cash accounting method and accrual accounting method.

The prepaid expenses of $3,750 is not deductible in year 0 but can only be deducted in year 1.

4 0

3 years ago

Mercer Inc. is a retailer operating in British Columbia. Mercer uses the perpetual inventory method. All sales returns from cust

astraxan [27]

Answer:

Date Description Quantity Unit Cost Total Cost

Jan 1 Beginning inventory 280 $14 $ 3920

Jan 5 Purchase 392 $17 $ 6644

Jan 8 Sale 308 $28 $ 8624

Jan 10 Sale return 28 $28 $ 784

Jan 15 Purchase 154 $20 $ 3080

Jan 16 Purchase return 14 $20 $ 280

Jan 20 Sale 252 $31 $ 7812

Jan 25 Purchase 56 $22 $ 1232

Total Units 868 at $ 14596

Average Cost = $ 16.82

Moving Average Cost Method

Date Description Quantity Unit Cost Balance

Jan 1 Beginning inventory 280 $14 $ 3920

Jan 5 Purchase 392 $17 $ 6644

Units 672 $ 10564 15.72

Jan 8 Sale 308 $28 $ 8624

Units 364 15.72 5722.17

Jan 10 Sale return 28 $28 $ 784

Jan 15 Purchase 154 $20 $3080

Units 546 9586.17 17.55

Jan 16 Purchase return 14 $20 $280

Jan 20 Sale 252 $31 $7812

Units 280 17.55 4914

Jan 25 Purchase 56 $22 $1232

Units 336 6146 $ 18.29

Moving-average cost Ending Inventory= $ 6164

Ending Units 336

FIFO Ending Inventory = $ 6454

56 units at $22 = $ 1232

154 units at $20 = $ 3080

126 units at $17 = $ 2142

LIFO Ending Inventory = $ 4872

280 units at $14 = $ 3920

56 units at $17 = $ 952

Gross Profit Inventory = $ 16.82 * 336= $ 5651.52

Moving Average Cost = 336* 18.29= $ 6146

FIFO Cost of Goods Sold= Total Sales - Ending Inventory FIFO

=8624-784+ 7812- 6454

=15652- 6454= $ 9198

LIFO Cost of Goods Sold= Total Sales - Ending Inventory LIFO

= 15652- 4872=$ 10780

Gross Profit Cost of Goods Sold= Total Sales - Ending Inventory Gross Profit =15652- 5651.52= $ 10,000.48

Moving-average cost Cost of Goods Sold= Sales - Ending Inventory=

15652-$ 6164= $ 9488

Gross Profit:

1) LIFO= 4872

2) FIFO= 6454

3) Moving Average 6164

5 0

3 years ago

Assume a $1,000 Treasury bill is quoted to pay 8% and matures in 3 months. 1. How much interest would an investor receive? (10 p

antiseptic1488 [7]

Answer:

i dont know

Explanation:

5 0

3 years ago

Crane Company reported the following year-end information: beginning work in process inventory, $130000; cost of goods manufactu

Mekhanik [1.2K]

Answer:

$844,000

Explanation:

From the question, we can let:

CGS = cost of goods sold = ?

BWIP = beginning work in process inventory = $130,000

CGM = cost of goods manufactured = $866,000

BFGI = beginning finished goods inventory = $192,000

EWIP = ending work in process inventory = $170,000

EFGI = ending finished goods inventory = $214,000

In accounting, CGS is calculated by deducting EFGI from the addition of BFGI and CGM as follows:

CGS = BFGI + CGM - EFGI

= ($192,000 + $866,000) - $214,000

= $1,058,000 - $214,000

= $844,000

Therefore, Crane Company's cost of goods sold for the year is $844,000.

Note:

Both BWIP and EWIP have already been used under Manufacturing Accounts to obtain CGM. Therefore, they cannot be used again to calculate the CGS.

I wish you the best.

5 0

4 years ago

Jackson goes to the Jewelry Mart to buy an engagement ring for his significant other. The salesperson shows Jackson a beautiful

Aneli [31]

Answer:

Jackson will likely try to give the diamond back, and if the Jewerly refuses to give him back his money, he will likely lose if he sues them, because the saleperson only expressed an opinion, not a factual statement, and it was up to Jackson whether to believe him or not.

6 0

3 years ago