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Troyanec [42]
3 years ago
8

During 2016, Handy Appliances made and sold coffee makers. At the beginning of the year the company had 37 units, 14,382 units w

ere sold during the year, and 14,385 units were made during the year. Each coffee maker costs $8.42 to produce and each coffee maker is sold for $15.50. At the end of the year, what amount will Handy report on its balance sheet for finished goods inventory?
A : $527.00
B : $286.28
C : $25.26
D : $336.80
Business
1 answer:
scoray [572]3 years ago
5 0

Answer:

option D

Explanation:

given,

unit at beginning = 37 unit

unit sold in year = 14,382 units

unit made this year = 14,385 units

coffee maker costs =  $8.42

coffee maker is sold = $15.50

finished good inventory = ?

now,

inventory = unit at beginning - unit sold in year +  unit made this year

inventory = 14,385 + 37 - 14,382

                = 40 units

amount balanced = 40 × $8.42

                             = $ 336. 80

hence, the correct answer is option D

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The following information is available for Blossom Company:
Aleonysh [2.5K]

Answer:

Total Assets = $124,510

Total Liabilities = $38,320

Total Stockholders' equity = $86,190

Explanation:

Blossom Company

Balance sheet

As at December 31, 2022

Assets

<em>Current assets</em>

Cash                                       $6,390

Accounts receivable                2,100

Supplies                                   3,800

Inventory                                  2,920

Total current asset                                 $15,210

<em>Non-current asset</em>

Equipment (net)                                      109,300

Total assets                                             124,510

Liabilities and Stockholders' Equity

<em>Current liabilities</em>

Accounts payable                   $4,500

Interest payable                            670

Unearned service revenue          820

Salaries and wages payable        830

Total current liabilities                           $6,820

<em>Long-term liabilities</em>

Notes payable                                           31,500

Total liabilities                                        $38,320

<em>Stockholders' equity</em>

Common stock                                         58,900

Retained earnings (Balancing amount)  27,290

Total stockholders' equity                     $86190

Total liabilities and stockholders' equity $124,510

8 0
3 years ago
When U.S. goods become more expensive relative to foreign goods, exports will __________ and imports will __________.
ipn [44]

Answer:

fall, rise

Explanation:

US goods will become less expensive

3 0
3 years ago
On January 3, 2018, Austin Corp. purchased 25% of the voting common stock of Gainsville Co., paying $2,500,000. Austin decided t
monitta

Answer:

The total amount of excess amortization for Austin’s 25% investment in Gainsville is $30,000.

Explanation:

total proportions from building, equipment and franchises

= building proportion over 10 years + equipment proportion over 5 years + franchises proportion over 8 years

= ($ 500,000 - $ 400,000)/(10) + (1,300,000 - 1,000,000)/(5) + ($ 400,000-$0)/(8)

= $100,000/10 + $300,000/5 + $400,000/8

= $10,000 + $60,000 + $50,000

=$120,000

Excess Amortization = 25%(total proportions from building, equipment and franchises)

                                  = 25%($120,000)

                                  = $30,000

Therefore, the total amount of excess amortization for Austin’s 25% investment in Gainsville is $30,000.

3 0
3 years ago
Helen, who is single, is considering purchasing a residence that will provide an $18,000 tax deduction for property taxes and mo
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Answer:

amount of tax saving is $4320

Explanation:

given data

tax deduction = $18000

marginal tax rate = 24%

effective tax rate = 20%

to find out

amount of tax saving

solution

we know tax saving formula that is

tax saving = tax deduction × marginal tax  ........................1

so now put here all value in equation 1

tax saving = tax deduction × marginal tax

tax saving = 18000 × 24%

tax saving = 18000 × 0.24

tax saving = 4320

so amount of tax saving is $4320

4 0
2 years ago
According to the invisible hand concept, the best way for a society to encourage the creation of jobs and the production of the
shtirl [24]

Answer:

The correct answer is "Allow entrepreneurs personal freedom to follow their self-interest"

Explanation:

According to the invisible hand concept, the best way for a society to encourage the creation of jobs and the production of the products most wanted by consumers would be to allow entrepreneurs personal freedom to follow their self interest.

4 0
3 years ago
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