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nydimaria [60]
3 years ago
10

The following information is available for Miguel Company at December 31, 2020: beginning inventory $160,000; ending inventory $

240,000; cost of goods sold $1,050,000; and sales $1,800,000. Everett’s inventory turnover in 2020 is
Business
1 answer:
rodikova [14]3 years ago
7 0

Answer:

5.25

Explanation:

Inventory turnover = Cost of goods sold / Average inventory

Cost of goods sold = $1,050,000

Average inventory = (Beginning Inventory + Ending Inventory) /2

Average inventory = ($160,000 + $240,000) / 2 = $200,000

Next, use the average inventory value in the turnover formula above;

Inventory turnover = 1,050,000 / 200,000

= 5.25

Therefore, Everett's inventory turnover in 2020 is 5.25 times.

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A ________ may be desirable as a market entry strategy if one company does not have the necessary financial
Maurinko [17]

Answer:

Joint Venture

Explanation:

A joint venture is an arrangement of business in which two or more companies invest their Human or capital resources for a common goal (e.g. profit earning). It is an easy way to enter into a new market without any significant investment. One company does not have sufficient fund and operating in the target market. Other company want to capture the market. They both will join together by Joint venture for their mutual benefit.

4 0
3 years ago
In accounting for uncollectible receivables, the balance in Allowance for Doubtful Accounts will directly impact the amount of t
andriy [413]

Answer:

c. the analysis of receivables method.

Explanation:

In accounting for uncollectible receivables, the balance in Allowance for Doubtful Accounts will directly impact the amount of the adjustment when applying the analysis of receivables method.

The uncollectible account for receivables includes loans, credit sales or other debts that the business isn't expecting payment for and they are recorded as bad debt expense on the balance sheet.

The allowance for doubtful account method is used to account for the bad debt expense, and recorded before the bad debt occurs.

Basically, there are two (2) main methods of determining uncollectible accounts for receivables under the allowance method, these are;

1. The analysis of receivables method.

2. The percentage of sales method.

In this scenario, we are more concerned with this;

The analysis of receivables method is used to determine uncollectible account for receivables based on the age of respective accounts receivable.

4 0
3 years ago
Tropical Tours reported revenue of $411,000 for its year ended December 31, 2021. Accounts receivable at December 31, 2020 and 2
myrzilka [38]

Answer:

$406,300

Explanation:

The computation of the cash collection is shown below:

Cash Collected From Customers is

= Ending account receivable  +Revenue For the Year - opening account receivable  

= $31,400 + $411,000 - $36,100

= $406,300

4 0
2 years ago
Patty is a poor college student struggling to work and keep up with her studies. Fred, her uncle, promises to pay Patty support
Arturiano [62]

Answer:

If patty sues, the likely result is:

D. Patty may win under the doctrine of promissory estoppel.

Explanation:

Here, in the given question it is mentioned that Patty is a student who is poor and he is struggling to work and also keep up with her studies inspite of the difficulties.

Her uncle, Fred, promises patty that he will help him in this situation and help her with an amount of $200 per month for the next six months.

Although her uncle, Fred didn't ask her to but patty by herself quits her job so that she gives her maximum time and attention to her studies for the six months in which her uncle was going to help her.

According to what hr uncle promised he gave her the amount which he promised to but this was done for a month and then without saying anything or giving any reason he stopped giving her the amount he promised to.

So, now in this scenario if patty sues the likely result would be:

d. Patty may win under the doctrine of promissory estoppel.

4 0
3 years ago
Which of the following is the most appropriate topic to address in a college application essay?
Aleksandr [31]

Answer:

C

Explanation:

because I feel that many individuals would select the most basic option, such as A or B.

5 0
2 years ago
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