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
PtichkaEL [24]
3 years ago
11

A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the

year, $3,600; Freight-In, $650; Purchases, $10,700; Purchases Returns and Allowances, $1,950; Purchases Discounts, $330. The cost of merchandise purchased is equal to
A. $12,670
B. $9,070
C. $8,420
D. $17,230
Business
1 answer:
iren2701 [21]3 years ago
5 0

Answer:

Option (B) is correct.

Explanation:

Given that,

Merchandise Inventory at the beginning of the year = $3,600

Freight-In = $650

Purchases = $10,700

Purchases Returns and Allowances = $1,950

Purchases Discounts = $330

Net purchases = Purchases - Purchases Returns and Allowances - Purchases Discounts

                         = $10,700 - $1,950 - $330

                         = $8,420

Cost of merchandise purchased = Net purchases + Freight-In

                                                      = $8,420 + $650

                                                      = $9,070

You might be interested in
When creditors use the _________, they apply the finance charge only to the amount owed after you've paid your bill each month.
zhuklara [117]

Answer:

Adjusted balance method.

Explanation:

Financial charges that are been summed up at the end of the last cycle of billing or their previous balances are seen to be calculated with this method. And also, it is used in calculation of the interest which are seen to be toppled or owed by people or customers that are seen to using the savings accounts.

A lot of financial institutes rely on the service or this method in the summation of their account holders month end balances.

5 0
4 years ago
Tax that you pay when making a profit from selling a house is an example of:
UkoKoshka [18]
Tax that you pay when making a profit from selling a house is an example of: <span>A. Capital Gains Tax 
Every time you sell an asset that is not under investment category, The difference between your selling price with the initial cost when you buy that asset should be recorded as a Capital Gain.
In United states, you're inclined to pay around 28 % from the total capital gain as Capital Gain Tax</span>
4 0
4 years ago
Read 2 more answers
Classify each of the following in terms of their effect on interest rates (increase or decrease): I. Covenants on borrowing beco
kozerog [31]

Answer: I decreases; II decreases; III decreases

Explanation:

Debt Covenants becoming more restrictive means that less people want to borrow money. This shifts the demand curve to the left and this Decreases interest rates.

The Fed increasing money supply means that there is more money in the economy. This shifts the supply curve to the right thus having the effect of reducing Interests rates as there is more money available for loans.

Total Household Wealth increasing means that Households have less of an incentive to borrow money. This reduces the demand for interest rates so interest rates decrease.

5 0
3 years ago
Back2Work is considering replacing the receptionist who answers the phone with an automated answering system. Back2Work should _
aleksandr82 [10.1K]

Answer:

involve the current receptionist in the decision process.

Explanation:

When changes are to be made that will affect an employee, the best way to reduce resistance to the change is to involve the employee in the decision-making process.

By involving the employee they will get to see the benefits of the new initiative and this will also convince them that it is for the good of the business and not a ploy to replace them.

Employees have a higher buying and will drive implementation more when they were part of the process for change.

8 0
3 years ago
Read 2 more answers
Net cash provided by operating activities was $12,000. Net cash provided by investing activities was $2,000. Net cash used in fi
ser-zykov [4K]

Answer:

$25,000

Explanation:

The cash balance at the end of the year can be calculated as follows:

=> $12,000 + $2,000 + $7,000 + $4,000

7 0
3 years ago
Read 2 more answers
Other questions:
  • Two investment advisers are comparing performance. Adviser A averaged a 20% return with a portfolio beta of 1.5, and adviser B a
    7·1 answer
  • In the as/ad model, an expansionary monetary policy has the greatest effect on the price level when it
    15·1 answer
  • Which strategy are you using when you only read the title, section headings, and captions? A. guessing from context B. paraphras
    8·2 answers
  • Total revenue is defined as a. price minus quantity sold. b. price divided by quantity sold. c. price multiplied by quantity sol
    7·1 answer
  • Sherri's Tan-O-Rama is a local tanning salon. The following information reflects its number of appointments and total costs for
    10·1 answer
  • Pear makes watches. The fixed overhead costs for 2015 total $648,000. The company uses direct labor-hours for fixed overhead all
    9·1 answer
  • At what amount is a short-term notes receivable recorded on the issue date?
    13·1 answer
  • g 5. Characteristics of oligopoly An oligopolistic market structure is distinguished by several characteristics, one of which is
    5·1 answer
  • Provide an explanation of how his/her life will change economically, socially, and politically in a centrally planned economy.
    14·1 answer
  • Global Stores is downsizing and must let some employees go. Employees volunteering to leave are being offered a severance packag
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!