Answer:
a. $225, 000
b. $900, 000
c. $140, 000
Explanation:
Ralph Mini-Mart Store in Alpine:
(a) Beginning inventory: this is the value of inventory on hand at the beginning of the financial year. This is the value is the same as the value of ending inventory at the end of the previous financial year. This value includes the value of the inventory and any costs that were incurred to bring the inventory to the organization’s store house.
For Ralph Mini- Mart, beginning inventory = $225, 000 (refer to item 5)
(b) Transfers- In: this is the inventory that was purchased during the financial year. This value will include the cost of the inventory and any other costs that were incurred to bring the inventory to the store house of Ralph’s Mini – Mart. In this instance, the additional cost is the transportation cost of $30, 000 that was incurred to transport the inventory from the supplier to the warehouse.
For Ralph’s Mini – Mart, the Transfers – In = $870, 000 + $30, 000 = $900, 000 (refer to item 3 and 4)
(c) Ending balance: the ending balance is the value of inventory at the end of the financial year. This is the value of inventory that Ralph’s remains with after purchasing inventory from suppliers and selling inventory to customers. This value will take into account any inventory write- downs and obsolescence. In this instance, there has been no inventory write- downs and no inventory obsolescence or thefts.
For Ralph’s Mini – Mart, the value of ending inventory = $140, 000 (refer to item 5)
Answer:
$30,560
Explanation:
The computation of the income tax expense for the year 2016 is shown below:
= Taxable income × enacted tax rate
= $152,800 × 20%
= $30,560
Simply we multiply the taxable income with the enacted tax rate so that the correct amount of income tax expense can come
All other information which is given is not relevant. Hence, ignored it
Answer:
Overstatement of Assets and liabilities.
Explanation:
Collection of cash results in journal entry of debiting cash with corresponding credit to accounts receivable thus reducing the accounts receivable.
Erroneous credit to accounts payable instead of accounts receivable results in overstatement of assets and liabilities.
The rapid economic growth and emphasis on accumulating wealth in the 1980s was partly caused by the baby boom.
<h3>
What baby boomers mean?</h3>
Person born during a period of time in which there is a marked rise in a population's birth rate i.e., a person born during a baby boom
Following the end of World War II, the number of babies born 9 months later increased. At the end of 1964, there were approximately 76 million babies born, accounting for roughly half of the population.
Especially, a person born in the U.S. following the end of World War II (usually considered to be in the years from 1946 to 1964).
The viewer is older, an aging baby boomer whose '60s activism has been lost among the years. Baby boomers were born between 1946 and 1964. They're currently between 57-75 years old.
To learn more about baby boomers, refer to:
brainly.com/question/904290
#SPJ4
Answer:
The correct answer to the following question is option C) $1800.
Explanation:
Given information -
Product sales - 1000 units
Sales price - $10
Variable manufacturing cost - $5.50 per unit
Fixed manufacturing overhead - $1200
Variable selling and administrative costs - $.50 per unit
Fixed selling and administrative cost - $1000
Units produced - 1200 units
Manufacturing contribution per unit = Sales price per unit - Variable
manufacturing cost per unit
= $10 -$5.50
= $4.50
Manufacturing contribution margin -
Number of units sold x manufacturing contribution per unit
= 1000 x $4.50
= $4500
While the contribution margin per unit -
$4.50 - $.50
= $4
which means the total contribution margin would be 1000 x $4
= $4000
And now subtracting Fixed manufacturing overhead and Fixed selling and administrative costs from the total contribution margin to get the operating income -
$4000 - $1200 - $1000
= $1800
