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LUCKY_DIMON [66]
3 years ago
12

The trial balance of Sheffield Corp. at the end of its fiscal year, August 31, 2020, includes these accounts: Inventory $19,500;

Purchases $156,000; Sales Revenue $193,000; Freight-In $4,350; Sales Returns and Allowances $3,200; Freight-Out $1,700; and Purchase Returns and Allowances $3,000. The ending inventory is $24,500. Prepare a cost of goods sold section for the year ending August 31 (periodic inventory).
Business
1 answer:
shepuryov [24]3 years ago
7 0

Answer:

Cost of goods sold                                                  $  152,350

Explanation:

Opening Inventory                                                      $ 19,500

Purchases                                   $ 156,000

Freight in                                     $    4,350

Purchase Returns                       <u>$ ( 3,000)</u>

Net Purchases                                                          <u> $ 157,350</u>

Cost of goods available                                           $ 176,850

Less: Ending Inventory                                           <u> $ ( 24,500) </u>

Cost of goods sold                                                  $  152,350

The sales, sales returns and allowances and freight out are related to the total sales revenue and are thus not considered in the cost of goods sold.  

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Answer and Explanation:

The classification of the funds as a short term or long term strategy as follows;

a. Line of credit = short term financing

b. Commercial paper = short term financing

c. Trade credit = short term financing

d. Bank load of 10 months = short term financing

e. Bond = long term financing  

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g. Bank load of 20 months = long term financing

In this way, the classifications of the funds has to be done

5 0
3 years ago
A country with a very low per capita GDP can have a very high growth rate because mathematically, when the________ is________, e
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Answer:

Denominator

Lower

Numerator

Explanation:

The reason is that the statement is talking about the low per capita GDP which we can see in the picture attached with this answer.

We can see that if the denominator is lower which means that either population decreases or remains constant when the GDP has increased then the the growth in the per capita GDP will be higher because minute increases in the GDP will increase the answer with significant percentages.

4 0
4 years ago
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Creative Sound Systems sold investments, land, and its own common stock for $37.0 million, $14.3 million, and $38.6 million, res
worty [1.4K]

Answer:

$18.3 million

Explanation:

Financing activities: It includes those activities which comes under the long term liabilities and shareholder equity balance. The issue of shares is an inflow of cash whereas redemption, dividend, and the purchase of treasury stock is an outflow of cash.

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8 0
3 years ago
The consumer price index is __
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Answer:

The consumer price index is a systematic calculation used to estimate price increases in a basket of goods and services that are indicative of consumption expenditure in the economy.

Explanation:

The Consumer Price Index refers to a metric used to determine the weighted average price of a set of consumer goods and services, such as food, transportation, and healthcare.  CPI is accountable for monitoring the change in retail prices of fundamental and everyday goods and services purchased by households across the world. Changes in the CPI are required to measure increases in the price of living. The CPI is one of the most commonly used indicators for the detection of inflation or deflation cycles.

7 0
3 years ago
Debra's manager publicly reprimanded her in the department meeting. during the manager's 10 minute rant, debra sat quietly. afte
pantera1 [17]

Answer:

Tend and befriend strategy

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The tend and befriend strategy involves a person reacting to a situation by seeking for support from others (befriend) or supporting others (tend).

In this scenario Debra's manager publicly reprimanded her in the department meeting.

She did not react immediately but rather sought the support of her friend. She complained for two hours with her best friend to relieve the stress.

This is an example of tend and befriend reaction to stress.

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