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
Butoxors [25]
3 years ago
7

a. The Gap purchased inventories totaling $10,438 million during fiscal 2015. Use the financial statement effects template to re

cord cost of goods sold for The Gap's fiscal year ended 2015. (Assume accounts payable is used only for recording purchases of inventories and all inventories are purchased on credit.) b. What amount did the company pay to suppliers during the year
Business
1 answer:
BartSMP [9]3 years ago
6 0

Question Completion:

The GAP is a global clothing retailer for men, women, children, and babies. The following information is taken from The Gap's fiscal 2015 annual report.

Selected Balance Sheet Data ($ millions)

                         2015   2014

Inventories       $1,901 $1,861

Accounts Payable 1,140   1,145

Answer:

The Gap

a) Cost of Goods Sold: $10,398

The cost of goods sold increases the Expenses and reduces the Net Income in the Income Statement.

b) The cash paid to suppliers is $10,443.

             

Explanation:

Data and Calculations:

Accounts Payable

Beginning balance   $1,145

Purchases               10,438

Payment                  10,443*

Ending balance         1,140

*Payment = Beginning balance Plus Purchases Minus Ending balance.

Cost of Goods Sold:

Beginning Inventories  $1,861

Purchases                    10,438

Ending Inventories        (1,901)

Cost of goods sold    $10,398

You might be interested in
The website healthingdiningfinder.com is a great resource for diners looking to make healthy eating decisions when dining out.
nika2105 [10]

That statement is true

Healthy dining finder is a website that could be used as a guide for its users to find healthier options for dining. In order to use its service, users just need to input their state address, ZIP or their city and the website would automatically provide results on the nearest location of restaurants that provide healthier eating option.

5 0
3 years ago
Wages are an example of<br> that are involved in running a business.
lisov135 [29]

Answer:

brainliest pls

Explanation:

Wages are part of the expenses that are involved in running a business, and add value to the employee in honor of his principal protected note or net investment.

6 0
2 years ago
Both, current assets and non-current assets should be reassessed in order to determine the market value of a business. Group of
Igoryamba

It is True, that both, current assets and non-current assets should be reassessed in order to determine the market value of a business.

<h3><u>What are current assets and non-current assets?</u></h3>
  • Short-term assets, or those that can be swiftly sold and utilised for a company's urgent requirements, are known as current assets. Non-current Assets are long-term and have an operational life of over a year.
  • Cash, marketable securities, inventories, and accounts receivable are a few examples of current assets. Long-term investments, real estate, PP&E, and trademarks are a few examples of noncurrent assets.
  • Noncurrent assets are often valued at cost minus depreciation whereas current assets are frequently valued at market pricing.
  • Profits from the sale of assets held for more than a year are subject to capital gains tax (noncurrent assets).

To view more questions on market value, refer to : brainly.com/question/15148120

#SPJ4

7 0
1 year ago
Head-First Company plans to sell 5,800 bicycle helmets at $76 each in the coming year. Unit variable cost is $44 (includes direc
Romashka [77]

Answer:

1. 4,350 helmets

Explanation:

1. The computation of the number of helmets is shown below:

= (Total fixed cost + operating income) ÷ (Contribution margin per unit)

where,  

Contribution margin per unit = Selling price per unit - Variable cost per unit

= $76 - $44

= $32

So, it would be

= ($49,600 + $89,600) ÷ ($32)

= ($139,200) ÷ ($32)

= 4,350 helmets

2. The contribution margin income statement is presented below:

Sales (4,350 × $76)                                          $330,600

Less: Variable cost  (4,350 × $44)                  ($191,400)

Contribution margin                                        $139,200

Less: Total Fixed cost                                     ($49,600)

Operating income                                            $89,600

8 0
3 years ago
From the list choose the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed o
qwelly [4]

Answer:

Matching with the Best Word, Phrase, Name, etc:

1.        J.  Affirmative action

2.       B.  Requires that men and women be given equal pay for equal work in the same establishment

3.        M.  A process of negotiation between firms and labor unions regarding wages, compensation, working conditions, and other factors affecting workers

4.       C.  May increase demand for unionized labor

5.       L.  Relations Act of 1935. A law granting workers the right to unionize

6.       G.  Companies in many states could legally refuse to hire a black worker regardless of the credentials or experience of that worker supplied of labor and lower quantity demanded of labor

7.       A.  Legislative proposal providing path to legal residency to qualifying immigrants who entered the United States as minors (before the age of 16)

8.       I.  Lead to a decline of labor unions in the United States

9.       K.  Lead to a decline of labor unions in the United States

10.      D.  A law requiring companies to pay equal wage to all their workers regardless of race, age or sex

Explanation:

The DREAM Act, Relations Act of 1935, Equal Pay Act of 1963, Civil Rights Act of 1964, and Affirmative action are some of the government-sponsored programs to ensure that some level of equity applies to individual cases.

 

8 0
3 years ago
Other questions:
  • Troy starts a job right out of college. He feels lucky to have found a position in the financial industry. Troy knows that he ne
    15·1 answer
  • The ________ is a sequence of activities that determine the earliest date by which a project can be completed.
    7·2 answers
  • While walking along the river, Joshua thought of a brilliant idea for getting into the yacht business. Which idea-getieruur
    14·1 answer
  • Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost $77 each. During June,
    8·1 answer
  • Stephen Hemmerling was a driver for the Happy Cab Co. Hemmerling paid certain fixed expenses and abided by a variety of rules re
    14·1 answer
  • You expect KT industries​ (KTI) will have earnings per share of $ 6 this year and expect that they will pay out $ 2.25 of these
    6·1 answer
  • Steady-state means:
    10·1 answer
  • Oracle, a firm that sells commercial ERP and database products, provides Linux for free, selling high-margin Linux support contr
    6·1 answer
  • Item1 1 points eBookAskReferencesItem 1 TB MC Qu. 06-91 The following information... The following information is taken from Rea
    8·1 answer
  • what attracts you to jpmorgan chase, and specifically, an opportunity in the corporate analyst development program?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!