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IgorLugansk [536]
2 years ago
15

Purchased goods for $4,100 from Diamond Inc. with terms 2/10, n/30. 5 Returned goods costing $1,100 to Diamond Inc. for credit o

n account. 6 Purchased goods from Club Corp. for $1,000 with terms 2/10, n/30. 11 Paid the balance owed to Diamond Inc. 22 Paid Club Corp. in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30.
Business
1 answer:
bazaltina [42]2 years ago
4 0

Answer: $3,940

Explanation:

Purchase from Diamond

The company received a discount of 2% because they paid within 10 days as per the terms of the sale.

Cost of inventory from Diamond:

= (Cost of goods - Returns) * (1 - 2%)

= (4,100 - 1,100) * 98%

= $2,940

Purchase from Club

Discount period expired so the full $1,000 is paid.

Total inventory cost:

= 2,940 + 1,000

= $3,940

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Valet Corporation began operations in 2021. An analysis of Valet's debt securities portfolio acquired in 2021 shows the followin
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Answer:

$20,000

Explanation:

Calculation for What amount should Valet report in its 2021 income statement for unrealized holding loss

Using this formula

2021 income statement for unrealized holding loss=Aggregate cost -Aggregate Fair value

Let plug in the formula

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Therefore the amount that Valet should report in its 2021 income statement for unrealized holding loss is $20,000

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2 years ago
The capital gains yield equals _________
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Answer:

Appreciation in Investment Value = Percentage rise in value of investment

Explanation:

Capital Gain yield equals the appreciation in an investment's price. It is measured as percentage change over the original investment acquisition value.

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= ( Rise in Value of Investment / Original Value of investment ) x 100

Eg : If a security purchased for 100 is now for 125 ;

Capital Gain Yield = (25 / 100) x 100

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3 years ago
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Answer and Explanation:

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c. The journal entry is shown below:

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For recording this we debited the depletion expense as it increased the expense and credited the accumulated depletion as it reduced the assets

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