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Inga [223]
2 years ago
12

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Co

st Retail Merchandise inventory, January 1, 2021 $ 290,000 $ 290,000 Purchases 622,000 920,000 Freight-in 18,000 Net markups 30,000 Net markdowns 5,000 Net sales 900,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided
Business
1 answer:
valentinak56 [21]2 years ago
3 0

Answer:

Estimated ending inventory at retail $335,000

Estimated ending inventory at cost $251,250

Explanation:

Calculation to determine the December 31, 2021, inventory by applying the conventional retail method using the information provided

COST RETAIL

Merchandise inventory, January 1, 2021

$290,000 $ 290,000

Purchases $622,000 $920,000

Freight-in 18,000 $0

Net markups$0 30,000

Total $930,000 $1,240,000

Less Net markdowns $0 $5,000

Goods available for sale $930,000 $1,235,000

($930,000-$0=$930,000)

($1,240,000-$5,000=$1,235,000)

Cost-to-retail percentage 75%

($930,000/$1,235,000)

Less Net sales $0 $900,000

Estimated ending inventory at retail $335,000

($1,235,000-$900,000)

Estimated ending inventory at cost $251,250

($335,000 x 75%)

Therefore the December 31, 2021, inventory by applying the conventional retail method using the information provided will be:

Estimated ending inventory at retail $335,000

Estimated ending inventory at cost $251,250

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On June 13, the board of directors of Siewert Inc. declared a 2-for-1 stock split on its 60 million, $1.00 par, common shares, t
Verizon [17]

Answer:

1. Dr Stock dividends $60 million

Cr Common stock $60 million

2. $1

Explanation:

Preparation of the journal entry that summarizes the declaration and distribution of the stock split

Journal Entries for Siewert Inc

(In millions)

1. Based on the information given we were told that On June 13, the board of directors of the company declared a 2-for-1 stock split on its 60 million which means that the Journal entry will be recorded as :

Dr Stock dividends $60 million

Cr Common stock $60 million

(To record issue of stock dividend)

2. The Par value per share after split =$1 reason been that split are often in form of stock dividend.

8 0
3 years ago
What is the most popular ownership structure within the u.S.?
Shkiper50 [21]

Answer: As far as business is concerned, the most popular ownership structure in the U.S. is SOLE PROPRIETORSHIP.

Explanation:

Sole proprietorship is the form of business that is owned by a single person, it is easy to form and the business owner exercises total control over their business.

The business owner is solely liable for losses made in the business, and also enjoys all the profits of the business alone.

Usually this kind of business will mostly end with the death of the business owner.

3 0
3 years ago
PAC money is directed primarily toward: a. liberal candidates regardless of whether they are incumbents or challengers b. congre
pogonyaev

Answer:

E) Congressional incumbents

Explanation:

PAC money is directed primarily toward congressional incumbents, and this can easily be verified on the web. For example, both Nancy Pelosi, a democrat, and Brian Fritzpatrick, a republican, are among the top incumbents by number of money received from PACs, thus, party affiliation is not as important as it is incumbent status.

This is probably because incumbents are more likely to win elections, whether in the senate, the house, or even, the presidency.

7 0
3 years ago
Divine Apparel has 3,100 shares of common stock outstanding. On October 1, the company declares a $0.75 per share dividend to st
Naya [18.7K]

Answer:

1.

                                                                              Debit                         Credit

Retained Earnings ($0.75*3,100)                         $2,325

Dividend payable                                                                                    $2,325

2. "No Journal Entry Required"

3.

                                                                              Debit                         Credit

Dividend payable                                                 $2,325

Cash                                                                                                        $2,325

Explanation:

The following journal entries will be required to be made

1. Recording declaration of dividend

The Divine Apparel shall record the the following journal entry on October 1 in respect of dividend declared by it.

                                                                              Debit                         Credit

Retained Earnings ($0.75*3,100)                         $2,325

Dividend payable                                                                                    $2,325

2.Record the entry on date of record

"No Journal Entry Required"

3.Record the payment of cash dividends

The Divine Apparel shall record the the following journal entry on October 31 in respect of dividend paid by it.

                                                                              Debit                         Credit

Dividend payable                                                 $2,325

Cash                                                                                                        $2,325

7 0
3 years ago
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $457,760 $563,0
Len [333]

Answer:

<h2>Shanika Company </h2>

Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6:

Materials:

Beginning Inventory              $457,760

Purchases                                 850,190

Cost of materials available $1,307,950

Less Ending Inventory            563,040

Cost of materials used                          $744,910

Beginning Work in process                    823,970

Direct Labor                                            867,080

Factory Overhead                                  298,430

Less Ending Work in process               (765,730)

Cost of goods manufactured          $1,968,660

Explanation:

1) Data and Calculations:

a) Shanika Company for 20Y6:

Inventories          January 1     December 31

Materials               $457,760      $563,040

Work in process     823,970         765,730

Finished goods       791,920         782,630

Advertising expense $382,300

Depreciation expense-office equipment 54,050

Depreciation expense-factory equipment 72,630

Direct labor 867,080

Heat, light, and power-factory 28,720

Indirect labor 101,350

Materials purchased 850,190

Office salaries expense 296,720

Property taxes-factory 23,650

Property taxes-headquarters building 48,980

Rent expense-factory 39,980

Sales 3,980,690

Sales salaries expense 488,720

Supplies-factory 19,710

Miscellaneous costs-factory 12,390

b) Factory Overhead:

Depreciation expense       $72,630

Heat, light, and power         28,720

Indirect labor                       101,350  

Property taxes-factory        23,650

Rent expense-factory         39,980

Supplies-factory                    19,710

Miscellaneous costs            12,390

Total Factory overhead $298,430

c) The cost of goods manufactured is made up of the costs of materials, direct labor, work in process, and manufacturing overhead.

4 0
3 years ago
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