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
Olin [163]
4 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]4 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

You might be interested in
Colgate-Palmolive Company reports the following balances in its retained earnings. ($ millions) 2010 2009 Retained earnings $14,
ahrayia [7]

Answer:  $1,031 million

Explanation:

Given that,

Retained earnings(2010) = $14,329 million

Retained earnings(2009) = $13,157 million

Net income(2010) = $2,203 million

Amount of dividends = Retained earnings(2009) + Net income(2010) - Retained earnings(2010)

                                   = $13,157 million + $2,203 million - $14,329 million

                                   = $1,031 million

Therefore, amount of dividends did Colgate-Palmolive pay to its shareholders in 2010 is $1,031 million.

3 0
3 years ago
Read 2 more answers
Exchange rates have an impact on which of the following
Reika [66]
The price of imported goods
5 0
3 years ago
Read 2 more answers
Torque roz, an automobile company, uses a unique tire design on its vehicles. a rival company was found copying the exact design
Kitty [74]
Torque toz's unique tire design is a registered trademark
5 0
3 years ago
A company paid jen rogers, its sole stockholder, a total of $22,000 in dividends during the current year. the entry needed to cl
Natasha_Volkova [10]

Answer:

Retained earnings......................Dr          $22,000

              Dividend expense                                       $22,000

Explanation:

There are two accounts, temporary and permanent accounts. Temporary accounts such as dividends and revenue need to be closed and charged against permanent accounts at the end of reporting period. This is done to estimate the total earnings of the firm during the period.

Dividends are charged to permanent account, retained earnings. Following is the closing entry:

Particulars                                Debit                Credit

Retained earnings                   $22,000

       Dividend expense                                     $22,000

(Dividends expenses closed

by charging to retained earnings)

8 0
3 years ago
A nonprofit organization has generated a following of people who have created websites about the organization. Most of these sit
balandron [24]

Answer: b) By redirecting the URLs, those URLs will no longer rank independently on search engines, moving other (potentially negative) sites up higher in the rankings

Explanation:

The Non-profit Organization is shooting itself in the foot by purchasing the more positive sites and then setting them up in such a way that they will be redirected to their home page.

This is because when sites merely redirect, they lose their independence ranking. As this happens their place will be taken on search engines.

Seeing as the Nonprofit did this more with positive sites, there is a high chance that the sites that will replace those positive sites will be negative sites meaning that when people search for the Organization, they might see more negative information.

5 0
4 years ago
Other questions:
  • Eliza has just opened a new business near campus that is a combination of a laundromat, a nail salon, and a tanning studio. Ther
    5·1 answer
  • Deadweight loss is
    9·1 answer
  • Mini-CasePepe Pieman believes that pizza is a much more versatile meal than most people realize. As the national marketing manag
    10·1 answer
  • Assume that you are participating in your employers direct deposit program. On payday, the employer deposits your _____ into you
    13·2 answers
  • Six months before filing for bankruptcy, shirley sold her new car to her brother, claude, for $100 so that her creditors could n
    6·1 answer
  • Prepaid insurance $ 2,300; Inventory $ 1,800; Cash $ 2,500; Equipment $ 6,700; Accounts receivable $ 1,500; Trademarks $ 5,600;
    8·1 answer
  • Name An institution that uses opi to measure headline inflation​
    9·1 answer
  • Blue Co. recorded a right-of-use asset of $210,000 in a 10-year operating lease. Payments of $37,167 are made annually at the en
    5·1 answer
  • Discuss libraries/modules in python. How do you use libraries/modules of interests in your project? how open source community/cu
    6·1 answer
  • What are the 4 main areas of marketing?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!