A single working person may claim themselves as a dependent,Is it true or false

Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sol

Levart [38]

Answer:

Ending inventory is $424,045

Cost of goods sold is $889,955

Explanation:

Retail Inventory method is used to estimate the value of inventory using retail price of the unit of inventory.

As per given data

Cost Retail

Beginning inventory $370,000 $515,000

Net purchases $890,000 $ 1,280,000

Freight-in $54,000

Net markups $55,000

Net markdowns $25,000

Net sales $1,235,000

Cost of Purchase = 890,000 + 54,000 = $944,000

Retail Price of Purchases = Net Purchases Retail + ( Net Markup ) = $1280,000 + ( 55,000 - 25,000 ) = 1,310,000

Cost to retail Percentage = ( $944,000 / $1,310,000 ) x 100 = 72.06%

Closing Inventory = Purchases + Net Markup - Sales = $1,280,000 + ( $944,000 / $1,310,000 ) - $1,235,000 = $75,000

Retail Cost

Beginning inventory $515,000 $370,000

Net purchases $75,000 $54,045 ( $75,000 x 72.06% )

Ending Inventory $590,000 $424,045

Closing Inventory = Opening + Purchases - Closing = $370,000 + ( 890,000 + 54,000 ) - 424,045 = $889,955

7 0

3 years ago

Bonds are a far more important source of financing than are stocks B. Financial intermediaries such as banks are the least impor

Anna71 [15]

Answer:

Bonds are a far more important source of financing than are stocks

Explanation:

There is so much of risk associated with the issue of stock. Though it is essential for any business to issue some stock, but bonds are always favorable as they have a defined maturity, defined amount associated, and defined interest payment.

There is no direct payment of interest in bonds but the expense is to be recorded in books as per the matching and accrual principle.

The discounted value of interest to be paid on maturity is recorded.

Further, there is a tax benefit on bond payments.

5 0

3 years ago

At a price of _____, books will be both supplied and demanded. $10 $20 $30

dezoksy [38]

well if im right it should be 20$.

4 0

3 years ago

Based on the given information, what will be the working capital of the company?

Romashka-Z-Leto [24]

Answer:

$37,000

Explanation:

Working capital indicates the difference between a company's current assets and its current liabilities.

Current assets include such as cash at hand, bank balances, cash equivalents, and inventories. Current liabilities are accounts payable, bills, and short term debts.

in this case,

Current assets include

Inventory $50,000

Cash at Bank $ 5,000

prepaid rent $5,000

Total current assets $60,000

current liabilities

Notes Payable $20,000

tax payable $3,000

Total current liabilities  $23,000

Working capital

= $60,000 - $23,000

= $37,000

7 0

2 years ago

A Nasdaq-listed stock currently shows an inside market of 15.50 - 15.75, 10 x 10. A broker-dealer that is not a market maker in

tresset_1 [31]

Answer:

cross trade

Explanation:

In simple words, A cross trade can be understood as a transaction when purchase and sell requests for the identical instrument are balanced alone without transaction being recorded on the market. Whenever a stockbroker performs matching buy and sell transactions for about the exact securities across several customer accounts plus reports these on an interchange, this is known like a cross transaction.

8 0

3 years ago