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Olin [163]
3 years ago
12

Cinnamon Buns Co. (CBC) started 2021 with $61,500 of merchandise on hand. During 2021, $299,000 in merchandise was purchased on

account with credit terms of 2/10, n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $18,500. Merchandise with an invoice amount of $7,800 was returned for credit. Cost of goods sold for the year was $335,000. CBC uses a perpetual inventory system.
Assuming CBC uses the gross method to record purchases, ending inventory would be:
Business
1 answer:
Elenna [48]3 years ago
6 0

Answer:

$30,220

Explanation:

Inventory purchased               $299,000

Discount (299,000*2%)                  ($5,980)

Freight Charges                           $18,500

Inventory returned                        ($7,800)

Net purchases                            $303,720

Cost of goods sold=opening inventory+purchases-ending inventory

$335,000=$61,500+$303,720-ending inventory

Ending inventory=61,500+303,720-335,000

Ending inventory=$30,220

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So the same is to be considered

3 0
3 years ago
Tại sao sản lượng bằng thu nhập
Artist 52 [7]

Answer:

Khi một lượng sản lượng cụ thể được sản xuất, một lượng thu nhập giống hệt nhau được tạo ra bởi vì sản lượng đó thuộc về một người nào đó. Do đó, chúng ta có nhận dạng rằng đầu ra bằng thu nhập (trong đó danh tính là một phương trình luôn đúng bất kể giá trị của bất kỳ biến nào).

Explanation:

When a particular quantity of output is produced, an identical quantity of income is generated because the output belongs to someone. Thus we have the identity that output equals income (where an identity is an equation that is always true regardless of the values of any variables).

7 0
3 years ago
Feiler Corporation has total current assets of $493,000, total current liabilities of $357,000, total stockholders' equity of $1
Citrus2011 [14]

Answer:

The answer is C.

Explanation:

Current ratio shows the liquidity of of a company. This ratio tells us how a company or business is able to meet its short obligation.

This ration is very important to lenders because they use it to know of you will be able to meet the interest payment and principal

The formula for current ratio is:

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3 0
3 years ago
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feedback

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3 years ago
Mustang Corporation had 100,000 shares of $2 par value common stock outstanding. On December 31, 2018, the company's board of di
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Answer:

<u>December 31, 2018</u>

Debit : Dividend $40,000

Credit : Shareholders for dividends $40,000

Explanation:

When dividends are declared, we Debit an Equity Element - Dividend and Credit the Liability - Shareholders for dividends.

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3 years ago
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