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nydimaria [60]
3 years ago
5

A company using the periodic inventory system has inventory costing $210 on hand at the beginning of a period. During the period

, merchandise costing $635 is purchased. At year-end, inventory costing $160 is on hand. The cost of goods sold for the year is _______.
Business
1 answer:
Delvig [45]3 years ago
5 0

Answer:

$685

Explanation:

Data provided in the question:

Cost of inventory at the beginning of the year = $210

Cost of merchandise purchased = $635

Inventory at the end of the year = $160

Now,

cost of goods sold for the year

= Beginning inventory + Cost of merchandise purchased - Ending inventory

or

Cost of goods sold for the year = $210 + $635 - $160

or

Cost of goods sold for the year = $685

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Evergreen Corporation distributes land with a fair market value of $200,000 to its sole shareholder. Evergreen's tax basis in th
Lady_Fox [76]

Answer:

True

Explanation:

As for calculating the gain or loss on distribution of any asset, in any case the company shall consider the fair market value at the time of distribution, and accordingly, the gain or loss shall be:

Fair market value - Tax basis of such asset.

Here, in the given instance

Fair market value of land = $200,000

Tax basis of land = $50,000

Thus, gain on distribution = $200,000 - $50,000 = $150,000

This will not be different in any case, whether the earnings are positive or negative.

Therefore, the statement is True

4 0
3 years ago
The sources of economic growth are​ _______. A. work hours growth and labor productivity growth B. democracy and labor productiv
Luden [163]

Answer:

A. work hours growth and labor productivity growth

Explanation:

An economy is a function of how money, means of production and resources (raw materials) are carefully used to facilitate the demands and supply of goods and services to meet the unending needs or requirements of the consumers.

Hence, a region's or country's economy is largely dependent on how resources are being allocated and utilized, how many goods and services are to be produced, what should be produced, for whom they are to be produced for and how much money are to be spent by the consumers to acquire these goods and services.

Basically, there are four (4) main types of economy and these are;

I. Mixed economy.

II. Free market economy.

III. Traditional economy.

IV. Command economy.

Generally, the sources of economic growth of a country are​ work hours growth and labor productivity growth.

Labor (working) is simply the human capital or workers who are saddled with the responsibility of overseeing and managing all the aspects of production.

7 0
2 years ago
The petty cash fund of $200 for Tomkins Company appeared as follows on December 31, 2014
Ilya [14]

Answer:

Explanation:

1.

Petty Cash (200-50.6)  Dr.$149.4

Cash            Cr.$149.4

Freight In   Dr. $58.4

Postage      Dr.$40

Balloons Expense      Dr.$20

Meals Expense        Dr.$25

Cash                         Cr.$143.4  

2. Petty Cash  Dr.$50

   Bank/Cash   Cr.$50

8 0
2 years ago
When the pizzeria makes 100 pizzas per day, it earns an economic ______ of ______?
Alex17521 [72]
<span>When the pizzeria makes 100 pizzas per day, it earns an economic incentive of 10% of sales from corporate. This is be cause corporate knows general advertising can only do so much. Local franchises need to take up some of the slack, post their own signs, and do some the legwork to get people in the door. If they can get at least 100 pizzas sold per day it's an obvious sign to corporate thay they must be putting in the extra effort. Extra effort means more money for corporate so they provide extra incentive to motivate the masses :)</span>
5 0
3 years ago
Automatic stabilizers are government programs that:
zepelin [54]
Automatic stabilizers are government programs that <span>exaggerate the ups and downs in aggregate demand without legislative action. By reducing the ups and downs to help the demand and supply of products, the government tries to create balance within the economy. Automatic stabilizers work so that the government doesn't have to intervene each time something is needed to help the demand.</span>
6 0
3 years ago
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