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Svetradugi [14.3K]
3 years ago
8

At the beginning of September 2018, Sheffield Company reported Inventory of $7800. During the month, the company made purchases

of $35000. At September 30, 2018, a physical count of inventory reported $8100 on hand. Cost of goods sold for the month is $35300. $42800. $34700. $35000.
Business
1 answer:
bulgar [2K]3 years ago
3 0

Answer:

$34,700

Explanation:

Data provided

Beginning inventory = $7,800

Purchase = $35,000

Closing inventory = $8,100

The computation of Cost of goods sold for the month is shown below:-

Cost of goods sold = Beginning inventory + Purchase - Closing inventory

= $7,800 + $35,000 - $8,100

= $42,800 - $8,100

= $34,700

Therefore for computing the cost of goods sold we simply applied the above formula.

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Answer:

A) Total revenue = 400 loaves of bread x $2 per loaf of bread = $800

B) Total economic costs = (5 units of labor x $40 per unit of labor) + (7 units of land x $60 per unit of land) + (2 units of capital x $60 per unit of capital) + (1 unit of entrepreneurial ability x $20 per unit) = $200 + $420 + $120 + $20 = $760

C) Economic profit or loss = total revenue - total economic costs = $800 - $760 = $40

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3 years ago
Why do you think there is wi-fi activity even when you are not actively using network services?
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Always streaming data
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3 years ago
During the current year, Harry, a self-employed accountant, travels from Kansas City to Miami for a seven-day business trip. Whi
irakobra [83]

Answer:

$1,200

Explanation:

during 2019, Harry can deduct:

  • 50% of the costs of meals while on he is on business trips
  • 100% of airfare and other travelling costs
  • 100% of lodging costs while doing business

Harry's deductions = (50% x $200) + (100% x $600) + (100% x $500) = $100 + $600 + $500 = $1,200

Any expenses incurred during vacation are not deductible.

4 0
3 years ago
ABC company wants to start a new project but is unable to obtain the financing under any circumstances. This firm is facing:
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5 0
3 years ago
Pacific Packaging's ROE last year was only 6%; but its management has developed a new operating plan that calls for a debt-to-ca
Flura [38]

Answer:

36%

Explanation:

For the computation of the company's return on equity first we need to follow some steps which is shown below:-

Step 1

Earnings before tax = EBIT - Interest

= $452,000 - $152,000

= $300,000

Step 2

Earnings after interest and taxes = Earnings before tax - Tax

= $300,000 - ($300,000 × 40%)

= $300,000 - $120,000

= $180,000

Step 3

Asset turnover ratio = Total revenue ÷ Total assets

3.6 = $4,000,000 ÷ Total assets

Total assets = $1,111,111.11

Step 4

Equity ratio = 1 - Debt ratio

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Step 5

Total Equity = Equity ratio × Total assets

= 0.45 × $1,111,111.11

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Return on Equity = Net income ÷ Equity

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= 0.36

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= 36%

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4 years ago
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