1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Radda [10]
3 years ago
14

QS 5-3 Merchandise accounts and computations LO C2 Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning invent

ory 5,000 Ending Inventory 1,700 Expenses 1,450 Net Purchases 3,900 Net Sales 9,500 Krug Service Company Expenses $ 12,500 Revenues 14,000 Cash 700 Prepaid rent 800 Accounts payable 200 Equipment 1,300 Required: a. Compute the goods available for sale, and the cost of goods sold and gross profit for the merchandiser. Hint: Not all information may be necessary. b. Use the above information from a service company and from a merchandiser to compute net income.
Business
1 answer:
irakobra [83]3 years ago
6 0

Answer:

a.  $8,900

b.  $7,200

c.  $2,300

d.  $850

Explanation:

<u>Goods Available For Sale Calculation :</u>

Beginning inventory             5,000

Add Net Purchases               3,900

Goods Available For Sale     8,900

<u>Cost of Goods Sold Calculation :</u>

Goods Available For Sale     8,900

Less Ending Inventory          (1,700)

Cost of Goods Sold               7,200

<u>Gross Profit Calculation :</u>

Net Sales                               9,500

Less Cost of Goods Sold     (7,200)

Gross Profit                            2,300

<u>Net Income Calculation :</u>

Gross Profit                            2,300

Less Expenses                      (1,450)

Net Income                               850

You might be interested in
One of the necessary steps in the financial planning process is a forecast of financial statements under each alternative versio
Natalija [7]

Answer:

A) True

Explanation:

When you are elaborating a financial plan your ultimate goal is to determine in what projects or activities should your company invest its resources. In order to decide which alternative better suits your company, you must be able to compare how your company will be affected by the different options available. The only way to compare this is by forecasting different financial statements for every possible alternative that your company might choose.

6 0
3 years ago
If businesses are producing at capacity, and the nation is experiencing almost full employment (a very low rate of unemployment
Ivanshal [37]

Answer:

The correct answer to the following question is D) interest rates would be increased  by the government when there is almost full employment in the economy.

Explanation:

When in the economy, business are producing close to productivity and in the nation there is almost full employment , then it can be said that the economy is booming . Which means there is good amount of money supply in the economy and people are spending robustly and that means the demand is high , which ultimately tells that the prices of goods and services are high.

So to cut the prices, government will increase the interest rate which will lead to the increase in cost of borrowing, and that will cause decrease in money supply and demand will ultimately fall, which leads to decrease in prices of goods and services.

3 0
3 years ago
Lincoln electric believes in a highly motivated and highly skilled workforce. they choose to pay their employees based on produc
mafiozo [28]
They use a <span>Straight Piecework Plan </span>as an incentive to their employees.
The Straight Piece-Work System is the simplest  incentive approach in which the rate in keeping with unit of output is fixed, and the income of the employee are computed with the aid of multiplying his total output by rate per unit. We can also define this as the system or plan in which the employers or workers are paid according to the number of units produced during a defined time period at fixed rate.
6 0
3 years ago
For an advertising promotion, an auto dealer hands out 1000 lottery tickets with a prize of a new car worth $25,000. for someone
Mekhanik [1.2K]
There is 1000 tickets and you have one so you have 1 in a 1000 chance
6 0
3 years ago
Floyd and Gert enter into a contract by which Floyd promises to deliver fertilizer to Gert. Floyd subsequently transfers this du
Lerok [7]

Answer: an obligor

Explanation:

From the question, we are informed that Floyd and Gert enter into a contract by which Floyd promises to deliver fertilizer to Gert and that Floyd subsequently transfers this duty to Hazel.

In this case, Floyd is an obligor. An obligor os defined as an individual who by contract or due to a legal procedure, undertakes an obligation for another individual.

7 0
3 years ago
Other questions:
  • Happy Monkey Manufacturing currently has 20,000 shares of common stock outstanding. Its management believes that its current sto
    7·1 answer
  • Parenthetical citations are _____.
    6·1 answer
  • What are three ways computers store information?
    8·2 answers
  • Steven, who is Wesley's guardian, convinces Wesley to buy a certain parcel of land owned by Steven's brother-in-law at a price g
    11·1 answer
  • A situation in which the design or operation of a control does not allow management or employees, in the normal course of perfor
    6·1 answer
  • Paula owns a variety store in a tourist town. The store recently went online, and the response has been remarkable. The store’s
    8·1 answer
  • John was driving his car in a careless way, failing to drive as a reasonably prudent person would under the driving conditions.
    8·1 answer
  • A purchase of supplies on account is recorded in the a.revenue journal b.general journal c.cash payments journal d.purchases jou
    12·1 answer
  • How can you identify the campaigns and email sends most likely to get results for your business?
    9·1 answer
  • Harwood Company uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginn
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!