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
MrMuchimi
3 years ago
13

Marcos Industries uses the retail method of inventory costing. The retail value of the inventory is $478,000. If the ratio of co

st to retail price is 60%, what is the amount of inventory to be reported on the financial statements?
(A) $286,800
(B) cannot be determined from the information given.
(C) $478,000
(D) $192,200
Business
1 answer:
dybincka [34]3 years ago
7 0

Answer:

The correct answer is A.

Explanation:

Giving the following information:

The retail value of the inventory is $478,000. The ratio of cost to retail price is 60%. What is the amount of inventory to be reported on the financial statements?

Inventory= 478,000*0.60= $286,800

You might be interested in
Salon Company originally issued 4,000 shares of $10 par value common stock for $120,000 ($30 per share). Salon subsequently purc
katen-ka-za [31]

Answer:

(D)  Credit to Paid-In Capital from Treasury Stock for $800.

Explanation:

Please see attachment

6 0
3 years ago
In need of extra​ cash, Troy and Lily decide to withdraw ​$2 comma 100 from their traditional IRA. They are both 40 years old. T
krek1111 [17]

Answer:

Calculate the tax consequence of withdrawal from retirement account.

T and L are 40 years old and decide to withdraw $2,100 from their IRA. They lie in a 35% marginal tax bracket.

Analysis

They are withdrawing some amount from their retirement fund. They have to pay the tax and penalty for early withdrawals from the retirement fund. The withdrawal amount is $2,100 so they have to pay tax on it. The tax rate will be 35% which is their marginal tax bracket.

Calculation of tax consequences if withdrawal amount is $2,100:

Ordinary income tax amount calculates by multiplying the withdrawal amount with the ordinary tax rate.

= $2100 × 35%

= $735

The withdrawal amount attracts the 10% penalty. So, the penalty amount is calculated as follows: Penalty on withdrawn funds calculates by multiplying the withdrawn funds with the percentage of penalty.

= $2100 × 10%

= $210

(NOTE: - T and L have to pay ordinary income tax along with the penalty on their withdrawal because they are withdrawing funds from their IRA before age 59.5.)

Total expenses include the tax amount and penalty charge on withdrawal amount. So, it is calculated as follows:

Total expenses =$735 + $210

Total expenses = $945

Conclusion

Therefore, T and L would incur a tax of $945 on their withdrawal. This $945 is the sum of income tax amount and penalty on withdrawal balance.

8 0
3 years ago
Gary and Wilma Johnson plan to open a bus tour business, taking people from their small city to historic sites along the East Co
Komok [63]
The answer to the given question above would be option D. Profit Margin. On the given scenario above, since they will be offering different kinds of services at once, what they should pay attention to is the profit margin or the net margin. Profit margin serves as the measurement of profitability. This is expressed in percentage and shows how much the return sales are that are generated by the company based on the amount they have initially invested. 
4 0
3 years ago
Read 2 more answers
If an advertiser places a TV commercial using a​ lonely, lost puppy to sell its​ products, then that advertiser is said to be ut
ryzh [129]

Answer:

correct answer is Sadvertising

Explanation:

these type of advertiser is said to be Sadvertising because it is that type of advertising by which advertiser creator is use some certain type of strategy by which they play on peoples emotion and feeling of sadness.

nowadays emotional advertising become popular in the recent year,  

many firms work for creating strong emotional ties about their product

they think ad. with emotional reaction is viewed  more likely to be shared  

so here the correct answer is Sadvertising

5 0
3 years ago
Lauren\'s salary decreases from $37,000 to $30,000. she decides to reduce the number of outfits she purchases each year from 20
ella [17]

Income elasticity of demand= 1/7000*100%=0.01

4 0
3 years ago
Read 2 more answers
Other questions:
  • Dale works with a publishing company. Everytime he writes a good article he gets lots of fab mail expressing support to him. In
    9·2 answers
  • Mr. Etemadi has prepared the following list of statements about service companies and merchandisers.
    12·1 answer
  • The Dealey Electric Group produces light bulbs that are used in refrigerator manufacturing. Currently, only three other companie
    9·1 answer
  • Which organization requires a 90 day supply of oil (links to an external site.)links to an external site. (known as the strategi
    12·1 answer
  • Which federal law allows an insurer to obtain an inspection report on a potential insured?
    5·1 answer
  • Why is it important to compute real GDP?
    6·1 answer
  • When auto manufacturer BMW purchased the RollsminusRoyce brand​ name, BMW had to hire and train a new staff of assembly workers.
    11·1 answer
  • Individuals who pay less of their own health care costs may have an incentive to use health care resources more frequently and t
    6·1 answer
  • A​ ________ is a document manufacturing production personnel use to request that the itemized materials be sent from the storero
    5·1 answer
  • Assume the equilibrium price for a good is $10. If the market price is $5, a:_____________
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!