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Debora [2.8K]
4 years ago
13

Your business has two branch stores. The recent physical inventory reports that the merchandise value for each store is: Store A

$454,385, and Store B $586,855. The merchandise book value for each store is: Store A $495,275, and Store B $615,225. What is the dollar amount of shrinkage for each store?
Business
1 answer:
miv72 [106K]4 years ago
6 0

Answer: Shrinkage for Store A ($40,890), Store B ($28,370)

Given:

Merchandise Value of Stores A and B

<span>A1 $454,385, and  B1 $586,855</span>

Book Value of Stores

<span>A2 $495,275, and  B2 $615,225</span>

Shrinkage<span> refers to the loss of inventory from whatever source.   </span>

Shrinkage for each store is computed as:

Book Value – Merchandise Value

Shrinkage for Store A

A2-A1

495,275-454,385

$40,890

 

Shrinkage for Store B

B2-B1

615,225-586,855

<span>$28,370</span>

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Answer: B. must pay a commission of $24,000 to the listing agent.

Explanation:

An exclusive listing agreement is a contractual agreement whereby a listing broker acts as the agent and in this case, the seller will pay a commission to the listing broker.

Since the homeowner has already signed an exclusive-listing agreement, which requires payment of 6% commission to the real estate agent but later finds a couple who purchases it for $400,000. In this case, the homeowner must still funlfil the terms of the contact and pay the listing agent the percentage that was agreed as commission and this will be:

= 6% × $400000.

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Therefore, $24000 must be paid to the listing agent.

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3 years ago
What do economists mean by​ scarcity? A. Economists mean that trade is not possible. B. Economists mean that unlimited wants exc
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4 years ago
Hannah Roberts owns and operates Hannah's Pool Service Company. On January 1, Hannah Roberts, Capital had a balance of $309,170.
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Answer:

                  Hannah's Pool Service Company

Statement of owner equity for the year ended December 31

               Particulars                                Amount

Capital (January 1)                                              $309,170

Investment during the year       $22,040

Net Income                                 $55,080

Withdrawals during the year     (-<u>$39,010</u>)

Increase in the owner equity                              <u>$38,110</u>

Capital (December 31)                                       <u>$347.280</u>

<u>Workings</u>

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=$22040+$55080 -$39010

=$38110

b. Capital (December 31) = Capital on January 1 + Increase in owner equity

=$309170 +$38110

=$347280

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