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lana [24]
3 years ago
11

Cash Paid for Merchandise Purchases The cost of merchandise sold for Kohl’s Corporation for a recent year was $12,265 million. T

he balance sheet showed the following current account balances (in millions): Balance, End of Year Balance, Beginning of Year Merchandise inventories $4,038 $3,814 Accounts payable 1,251 1,511 Determine the amount of cash payments for merchandise.
Business
1 answer:
rusak2 [61]3 years ago
5 0

Answer:

Cash payment for merchandise = $12,749

Explanation:

As we know that:

Opening Inventory + Purchases made during the year - Closing Inventory = Inventory sold during the year

We know, the value of opening, closing and sold inventory we this we can compute the value of inventory purchased during the year.

Putting values we have:

$3,814 + Purchases - $4,038 = $12,265

Purchases = $12,265 + $4,038 - $3,814 = $12,489

Also the equation for calculating the payments shall be:

Opening Accounts Payable + Inventory purchased - Closing Accounts Payable = Cash paid during the year for merchandise.

$1,511 + $12,489 - $1,251 = Cash paid

$12,749 = Cash paid

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Answer:

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Explanation:

7 0
2 years ago
T Company expects to incur the following per unit costs for 1,000 units of production: Direct materials of 4 pounds per unit at
Vladimir [108]

Answer:

Total overhead =  = $7,500

so here correct option is E. $7,500

Explanation:

given data

production = 1,000 units

direct labor = ¼ hour @ $24 per hour

variable overhead = 75 % of direct labor

fixed overhead = $3,000

to find out

total amount of overhead

solution

we first find Direct labor that is

Direct labor = ¼ × 24

Direct labor = $6

so

Total overhead will be here

Total overhead = Variable overhead + Fixed overhead     .................1

now put here value we get

Total overhead = ($6 ×  75% ) × 1,000 + $3,000

so

Total overhead =  = $7,500

so here correct option is E. $7,500

8 0
3 years ago
Emerald corporation's current ratio is 0.5, while ruby (emerald's competitor) company's current ratio is 1.5. Both firms want to
ruslelena [56]

Answer:

b. Only Emerald Corporation's current ratio will be increased.

Explanation:

Given that

Emerald current ratio is

= 0.5 i.e. = 0.5 ÷ 1

now in case when the current liability is doubles , so the current assets is

= 0.5 + 1 = 1.5

And, the cuurrent liabilities is

= 1 + 1

= 2

so new ratio is

= 1.5 ÷ 2

= 0.75

Now  

Ruby current ratio is

= 1.5

i.e. = 1.5 ÷ 1

Now in case when the current liability is doubled,

the current assets is

= 1.5 + 1

= 2.5

And, current liabilities is

= 1 + 1

= 2

Now new ratio is

= 2.5 ÷ 2

= 1.25

Therefore the emerald current ratio is rised from 0.5 to 0.75

And, the Ruby's ratio has decline from 1.5 to 1.25

7 0
3 years ago
Which of the following is/are true about kanban? A. The purpose of the kanban system is to ensure that parts are produced JIT to
Nutka1998 [239]

Answer:

c

Explanation:

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7 0
3 years ago
During the current year, Tachnic, Inc., made cash sales of $289,000 and credit sales of $472,000. During the year, accounts rece
guajiro [1.7K]

Answer:

(a1) $761,000

(a2) $504,000

(a3) $793,000

Explanation:

(a-1) Amount of net sales reported as revenue in the income statement:

= Cash sales + Credit sales

= $289,000 + $472,000

= $761,000

(a-2) Amount of cash received from collecting accounts receivable:

= Credit sales + Decrease in accounts receivable

= $472,000 + $32,000

= $504,000

(a-3) Amount of cash received from customers:

= Cash sales + Amount of cash received from collecting accounts receivable

= $289,000 +  $504,000

= $793,000

6 0
3 years ago
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