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
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.  

You might be interested in
How to do a balance sheet?
inna [77]
Balance sheet is a statement of all your assets, liabilities, and your capital.

List down all your assets, liabilities, and capital or equity.

Total Assets = Total Liabilities + Owner's Equity

Total Assets include: land, buildings, inventory, cash, account receivables, etc.

Total Liabilities include: accounts payable, notes payable, allowance for depreciation, etc.

Owner's equity: capital/stocks, withdrawal, additional capital, etc.
3 0
3 years ago
The management of a rental building faces a rent control situation, where it cannot charge more than $400 a month in rent on the
mestny [16]

Answer:

Bundling

Explanation:

Bundling in property rent occurs when a property owner offers rent of property with some other service that is considered service rendered to occupants of the building.

The additional service is not considered as part of rent expense.

I'm the given scenario the owner of the renting building is offering rent of property along with rent of furniture from the company as a package of $1,000.

The rent still remains $400 while the extra cost is for furniture rent.

4 0
2 years ago
Ernest is 42 years old and has been out of work for two months. he lost his position as a program manager when his company merge
jok3333 [9.3K]
<span>Ernest is experiencing the effects of loss of status following the termination.
Once he lost his job, where he was respected as a good worker, he lost that status as well. Now, he is unemployed, and even though he has enough money to sustain himself, he isn't considered part of the workforce anymore, which obviously depressed him a bit, even though he doesn't know it yet.</span>
3 0
3 years ago
A student is writing a research paper about the poetry of the Harlem Renaissance. Which style guidelines will the student most l
Feliz [49]

Answer:

B: Modern Language Association (MLA)

Explanation:

I'm taking the BIM Cumulative Exam 2022

3 0
2 years ago
Stressors and negative emotions are both
frozen [14]

its C ma dood !  kdn      

3 0
2 years ago
Other questions:
  • Edward philips signs a deed allowing the utility company to suspend power lines over his land. a utility company's right to use
    15·1 answer
  • ECONOMICS: Opportunity Costs: Suppose on Friday night you have a choice to go either to a Katy Perry concert or a Lady Gaga conc
    12·2 answers
  • The following transactions occurred during January 2021:
    12·1 answer
  • The authors argue that successful corporations assign decision rights in ways that Question 1 options: completely eliminate the
    9·2 answers
  • Which of the following effects best explains the downward slope of the aggregate demand curve? A. A multiplier effect B. An expe
    5·1 answer
  • A business charging too little for its product runs the risk of
    11·1 answer
  • Karen Meyer owns and operates Crystal Cleaning Company. Recently, Meyer withdrew $10,000 from Crystal Cleaning, and she contribu
    5·1 answer
  • You are given the following information concerning Parrothead Enterprises:
    5·1 answer
  • Acellus: into to accounting ?
    14·2 answers
  • Flexible Budgeting At the beginning of the period, the Fabricating Department budgeted direct labor of $72,000 and equipment dep
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!