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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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5 0
3 years ago
Rottino Company purchased a new machine on October 1, 2020, at a cost of $150,000. The company estimated that the machine will h
Amanda [17]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Purchasing cost= $150,000.

The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for 10,000 working hours during its 5-year life.

1) Straight-line:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (150,000 - 12,000)/5= 27,600

<u>2020:</u>

Annual depreciation= (27,600/365)*92 days= $6,956.71

2) Units of activity:

Annual depreciation= [(original cost - salvage value)/useful life of production in units]*units produced

Annual depreciation= [(150,000 - 12,000)/10,000]*1.700= $23,460

3) Double-declining balance:

Annual depreciation= 2*[(book value)/estimated life (years)]

Annual depreciation= 2*27,600= 55,200

<u>2020:</u>

Annual depreciation= 55,200/365*92= 13,913.42

<u>2021:</u>

Annual depreciation= [138,000 - 13,913.42)/5]*2= 49,634.63

5 0
3 years ago
___________ is the ability of a product to satisfy a customer
soldier1979 [14.2K]
The answer to this question is: Quality
6 0
3 years ago
Read 2 more answers
Addams Corporation paid cash dividends totaling $75,000 during its most recent fiscal year. How should this information be repor
Mazyrski [523]

Answer:

The answer is E. In financing activities as a use of funds.

Explanation:

In cash flow, to be a source of fund means there is cash inflow i.e cash is coming in to the business and to be a use of fund means there is cash outflow i.e cash is going out of the business the business.

Also in cash flow, we have three sections - operation, investing and financing sections.

For cash flow from operating activities, use of fund or source of fund about how a business carries its normal activities are important here.

Cash flow from investing activities is about long term Investment the company is engaging on e.g sale or Purchase of machinery.

Cash flow from financing activities is about how the company is funding the business or how the firm is repaying its shareholders for using their fund e.g payment of dividends(use of fund i.e cash outflow)

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3 years ago
What is the act of gathering information relative to a company's action and the factors that affect the space in which the compa
ch4aika [34]
The answer is Market Research .
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