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ankoles [38]
3 years ago
5

Gross Profit Method

Business
1 answer:
AveGali [126]3 years ago
5 0

Answer:

The answer is $119,000

Explanation:

cost of merchandise sold = Sales - Gross profit.

To find gross profit:

Gross profit rate x sales

0.42 x $1,450,000

= $609,000.

Now to calculate Cost of Sales:

Cost of Sales = Sales - gross profit

$1,450,000 - $609,000

$841,000

Now to calculate Estimated ending merchandise inventory:

Beginning merchandise inventory + purchases - cost of sales

=$100,000 + $860,000 - $841,000

=$119,000

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As part of the initial investment, Jackson contributes accounts receivable that had a balance of $32,290 in the accounts of a so
yuradex [85]

Answer: $30,923

Explanation:

From the question, we are told that as part of an initial investment, Jackson contributes accounts receivable that had a balance of $32,290 in the accounts of a sole proprietorship. Out of the amount, $1,367 is deemed completely worthless and for the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $848.

The amount debited to accounts Receivable for the new partnership will be the difference between the account receivable balance and the amount that was deemed worthless. This will be:

= $32,290 - $1,367

= $30,923

Therefore, the amount debited to Accounts Receivable for the new partnership will be $30,923

3 0
3 years ago
Rachel is saving her entertainment money for a summer trip to Europe, but she wants to spend time with her friends this Saturday
Vanyuwa [196]

Answer:

I'd say B,

Explanation:

becuase you dont need any money to hike and she wants to save it.

3 0
3 years ago
Preparing Journal Entries for Process Costing SystemDuring its first month of operation, Portia Company purchased $90,000 of mat
babunello [35]

Answer:

a.

Date                   Account Title                                     Debit                   Credit

XX-XX-XXXX     Raw materials inventory              $90,000

                           Accounts Payable                                                    $90,000

b.

Date                   Account Title                                     Debit                   Credit

XX-XX-XXXX     Work in Process Inventory           $64,000

                           Raw materials inventory                                          $64,000

c.

Date                   Account Title                                     Debit                   Credit

XX-XX-XXXX     Work in Process inventory            $30,000

                           Wages Payable                                                         $30,000

d.

Date                   Account Title                                     Debit                   Credit

XX-XX-XXXX     Work in Process Inventory             $20,000

                           Manufacturing overhead                                         $20,000

7 0
2 years ago
What is the amount of earnest money deposit paid by the purchaser called?
sesenic [268]
Determined by negotiation is the amount of earnest money deposit paid by the purchaser.
6 0
3 years ago
The aggregate supply curve Multiple Choice is explained by the interest rate, real-balances, and foreign purchases effects. gets
vladimir2022 [97]

Answer:

. shows the various amounts of real output that businesses will produce at each price level

Explanation:

Aggregate supply can be regarded as " domestic final supply" in domain of economics, it is the overall supply of services/ goods that is been produced at a particular overall price within an economy at a given period. It should be noted that aggregate supply shows the various amounts of real output that businesses will produce at each price level

3 0
2 years ago
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