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Mariulka [41]
3 years ago
12

Dave's Duds reported cost of goods sold of $1,300,000 this year. The inventory account increased by $170,000 during the year to

an ending balance of $495,000. What was the cost of merchandise that Dave's purchased during the year?
A. $3,445,000.B. $2,750,000.C. $2,355,000.D. $3,050,000.
Business
1 answer:
ioda3 years ago
7 0

Answer:

$1,470,000

Explanation:

As we know that

Cost of goods sold = Opening inventory + Purchase - ending inventory

where,

Opening inventory would be

= $495,000 - $170,000

= $325,000

So, the purchase would be

$1,300,000 = $325,000 + Purchase - $495,000

$1,300,000 = -$170,000 + Purchase

So, the purchase would be

= $1,300,000 + $170,000

= $1,470,000

This is the answer but the same is not provided in the given options

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Typical Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2017, when the tax rate was 40%. T
Alex_Xolod [135]

Answer:

Income tax expense (Balancing figure) $13,200,000  

          To Deferred tax liability (8% × $15,000,000)  $1,200,000

          To Income tax payable ($30,000,000 × 40%)  $12,000,000

(Being the income tax expense is recorded)

Explanation:

The compound journal entry is shown below:

Income tax expense (Balancing figure) $13,200,000  

          To Deferred tax liability (8% × $15,000,000)  $1,200,000

          To Income tax payable ($30,000,000 × 40%)  $12,000,000

(Being the income tax expense is recorded)

For recording this, we debited the income tax expense as it increased the expenses and at the same time it also increased the liabilities i.e deferred tax liability and income tax payable so it would be credited

6 0
3 years ago
The Chester Company has just purchased $40,900,000 of plant and equipment that has an estimated useful life of 15 years. Suppose
Lena [83]

Answer:

(B) $38,446,000

Explanation:

Assuming a linear depreciation model, depreciation will occur at the same rate each year. Since the total after 15 years is 90% of the original value, the percentage depreciated per year is given by:

P= \frac{90\%}{15} \\P=6\%

The book value (V) of this purchase after the first year will be:

V=\$40,900,000*(1-0.06)\\V=\$38,446,000

Therefore, the answer is (B) $38,446,000

3 0
3 years ago
Bauer Software's current balance sheet shows total common equity of $5,125,000. The company has 490,000 shares of stock outstand
Alja [10]

Answer:

$17.04

Explanation:

Book value per share of equity = $5,125,000 / 490,000 = $10.46

Market price per share =  $27.50

$27.50 - $10.46 = $17.04

3 0
3 years ago
When a product is a ______, the more ______ its demand.
Dominik [7]

Answer:

oil

Explanation:

5 0
3 years ago
Read 2 more answers
Which of the following is not a reason why it is important for parties to memorialize their agreements in writing?
Vika [28.1K]

Answer:

B. singing a writing communicates the seriousness of the occasion to the singer

8 0
3 years ago
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