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
zubka84 [21]
3 years ago
14

Western company begins the year with $50,000 of inventory on hand. During 2018, western purchases additional inventory for $100,

000 cash. Sales for the year, all on account, totaled $70,000. A physical count determined the cost of inventory at the end of the year to be $110,000. Assuming western uses a periodic inventory system, the journal entry at the end of the year once the physical count occurs includes which of the following:
Credit purchases $100,000
Debit cost of goods sold $40,000
Debit inventory (ending) $110,000
Credit inventory (beginning) $50,000
Business
1 answer:
slava [35]3 years ago
8 0

Answer:

Debit cost of goods sold $40,000

Explanation:

As with the details of inventory we have:

Opening value of inventory = $50,000

Purchases = $100,000

Thus, total inventory = $150,000

On the closing date we have the balance of inventory in hand = $110,000

Therefore, cost of goods sold = Total inventory - Closing

= $150,000 - $110,000 = $40,000

Cost of goods sold is an expense, and shall be debited.

You might be interested in
The semester project came back from the copy store and the project leader has just noticed that the left side y-axis of a key Pa
storchak [24]

Answer:

Yes it can be done from using cumulative percentage line on right y-axis

Explanation:

for smallest bar= lowest percentage on right y-axis × 200/100

for 2nd smallest bar= ( next consecutive percentage- smallest percentage) × 200/100

and so on

3 0
3 years ago
It is reasonable for a company's management team to abandon efforts to win contracts to supply private-label footwear to chain r
mote1985 [20]

When the benchmarking data in the most recent FIR shows that the majority of sellers of Private-Label footwear had a margin over direct costs per pair sold that was below $5, It Is reasonable for a company's management team to abandon efforts to win Contracts to supply private-label footwear to chain retailers in a given year.

<h3>What is private label and private label retail?</h3>
  • A contract or third-party manufacturer creates a private label product, which is then marketed and sold by a retailer.
  • The retailer, decide everything about the product, including what goes inside.
  • How it is packaged, and how it looks on the label.
  • Also pay to have it made and shipped to your store.

To know more about Private label check this out:

brainly.com/question/28154878

#SPJ4

8 0
2 years ago
A group of business entrepreneurs who worried about their teenage children drinking and driving decided there must be some way t
marissa [1.9K]

Answer: A) Prototype

Explanation:

The first model shown to entrepenuers are called prototypes

proto- before

7 0
3 years ago
Pharmecology just paid an annual dividend of $2.00 per share. It’s a mature company, but future EPS and dividends are expected t
lesantik [10]

Answer:

a. Current Stock Price is $ 30.67

b. Current Stock price using forecasted real dividend and a real discount rate is $ 69.00

Explanation:

a. The question belongs to dividend discount model. It is used to calculate intrinsic price of the stock. This model assumes that price of stock or share is equal to net present value of its future dividends.

Price of Stock =  (Current year Dividend x ( 1+ growth rate)) / (nominal cost of capital - growth rate)

Current year Dividend = $ 2

Nominal Cost of Capital = 10.25 % or .1025

Growth rate = 3.50 % or 0.0350

Price of Stock = ( $2 x (1 + 0.035) / (.1025 - .035))

Price of Stock =  $ 2.07 / ( .1025 - 0.0350) = $ 30.67  

b. Price of Stock = Current year Dividend + (Dividend x( 1+ growth rate)) / (real cost of capital - growth rate)

Real Cost of Capital = [ (1 + nominal cost of Capital) / ( 1 + inflation rate)-1 ]

Inflation rate = 3.50 % or .0350

Real Cost of Capital  = [ ( 1 + .1025) / ( 1 + .0350) - 1 ] = 0.0652 or 6.50 %

Price of Stock =(Dividend x ( 1 + growth rate)) / ( Real cost of Capital - Inflation rate)

Price of Stock = ($ 2 x ( 1 + 0.0350)) / (0.0650 - 0.0350)  

Price of Stock = $ 69          

   

7 0
3 years ago
Write a program that calculates the minimum fixed monthly payment needed in order pay off a credit card balance within 12 months
salantis [7]

Answer:

monthly payment = (total amount owing+interest to be paid) / 12 months

Explanation:

Monthly repayments include the total amount owing on the credit card, plus the interest to be paid. This amount should then be divided into 12 monthly payments in order to get one constant amount to be paid each month for the 12 month period. We will assume there are no other factors affecting the amount, other than interest.  

The formula to calculate the monthly repayments in the credit card is as follows:

(total amount owing + interest) / 12 months

For example, say the amount owing was $100 and the total interest to be paid was $20; the monthly repayment would be calculated as ($100+ $20) / 12 months. This would mean the credit card holder pays $120/12 = $10 per month in order to repay the debt.

6 0
2 years ago
Other questions:
  • "Which of the following statements are TRUE regarding the rights agent? I The rights agent usually handles the mechanics of a ri
    12·1 answer
  • Nichols Enterprises has an investment in 26,000 bonds of Elliott Electronics that Nichols accounts for as a security available f
    8·1 answer
  • Increasing opportunity costs occur along the ppf because:
    10·1 answer
  • In general, trademark protection prevents another firm from using the same or a similar name, logo, or other identifying charact
    14·1 answer
  • Which of the following statements is true of globalization?
    9·1 answer
  • Adrian is part of a team that builds and assembles wind turbines. Because the turbines are so large, the team travels to the bui
    10·1 answer
  • Metropolitan Power and Light is a monopoly in the electrical generation and distribution industry. Since it does not face any co
    13·1 answer
  • A reconciliation of pretax financial statement income to taxable income is shown below for Fieval Industries for the year ended
    13·1 answer
  • California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $35 per share. Later in the year, the compa
    6·1 answer
  • A chinese student pays tuition at a u.s. university. the chinese government classifies this transaction as?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!