Answer:
Best estimate for inventory =$70,764.85
Explanation:
The closing inventory value at retail
= (Opening inventory + Purchases - sales) all in retail prices
= $123,000 + $483,000 - 493,000.
= 113000
Closing inventory value at cost
=113,000 × (64,500 + 315,000)/(123,000 + $483,000)
=70,764.85
Best estimate for inventory =$70,764.85
Answer: Equity funds
Explanation: This type of mutual fund invest in stocks,the risk of losing your investment is high in this type of mutual fund,these funds are usually expected to grow faster than fixed income funds and money market funds.
There are different types of Equity funds which includes mid-income stocks,value stocks,high-cap stocks,growth stocks and income stocks.
The potential for Dollar appreciation is high with these types of stocks with predictable source of dividend.
Answer:
The answer is $ 257.70
Explanation:
PV= Σ of discounted payments
PV = 100(1.08^-1) + 100(1.08^-2) + 100(1.08^-2)= <u>$ 257.70</u>
Answer:
C) credit Sales Tax Payable for $21
Explanation:
Based on the information given In the same transaction, they must also CREDIT SALES TAX PAYABLE FOR $21 Calculated as:
First step is to calculate the sales tax element
Sales tax element = $371*6/106
Sales tax element= $21
Now let calculate what the Price exclusive of sales tax would be
Price exclusive of sales tax=$371-$21
Price exclusive of sales tax= $350
The correct journal entry should be:
Dr Cash $371
Cr Sales revenue $350
($371-$21)
Cr Sales tax payable $21
A sales return occurs when a customer returns merchandise for a refund. A sales allowance is when they keep the problematic item but you reduce the price for them. If customers purchase with credit and make an early payment, a sales discount is a price reduction.
A sales discount is a price decrease that the seller offers in exchange for the buyer paying the vendor in full and on time. This strategy is frequently applied when a seller needs money right away.
A sales discount is a lower price that a company offers on a good or service. Find out how to add discounts to invoices. A sales discount, usually referred to simply as a "discount," offers clients of a business a lower price on one or more of the goods or services being provided.
Learn more about sales discount here
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