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Mariulka [41]
3 years ago
11

The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory,

7/1/2020 33,900 Sales revenue 399,000 Sales returns 13,900 Purchases 259,000 Purchase discounts 7,900 Purchase returns 11,900 Freight-in 20,800 In addition, you determine that the June 30, 2021, inventory balance is $41,900. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021.
Business
1 answer:
34kurt3 years ago
5 0

Answer:

$252,000

Explanation:

Calculation for the cost of goods sold for the Askew Company for the year ending June 30, 2021.

First step is to calculate the Net Purchase

Purchases 259,000

Less Purchase discounts (7,900)

Less Purchase returns (11,900)

Add Freight-in 20,800

Net purchase 260,000

Now let calculate the cost of goods sold

Inventory, 7/1/2020 33,900

Add 260,000

Less inventory balance ($41,900)

Cost of goods sold $252,000

Therefore the cost of goods sold for the Askew Company for the year ending June 30, 2021 will be $252,000

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Answer:

The first type of convergent boundary is Oceanic-Continetal Convergence. This type of convergent boundary happens where an oceanic plate and a continental plate push together causing the oceanic plate to be forced under the continental plate into the mantle because the oceanic plate is thinner. This is called a subduction.

Explanation:

4 0
3 years ago
Bond issuance: 20% of total funds, requires 15% interest per year Bank loan: 60% of total funds, requires 9.5% interest per year
Anettt [7]

Answer: 28.57%

Explanation:

Average return given the variables will be;

Average rate of return = \frac{Annual net income}{Average investment}

Average rate of return = \frac{1,000,000}{\frac{7,000,000}{2} }

Average rate of return  = 1,000,000/3,500,000

Average rate of return = 28.57%

4 0
3 years ago
Bonnie manages the distribution network for her company, which manufactures mountain bikes. Her company’s bikes are sold across
valentina_108 [34]

A long distribution channel Bonnie should incorporate for her company

Option B

<u>Explanation: </u>

A distribution channel is an organization or intermediary network that moves a product or a service until it meets the last customer. Wholesalers, dealers, suppliers and even Web can be part of the distribution channels.

In long channels, product flows from producers to final customers are carried out via multiple levels of distribution in which each level is generally made up of more than one location.

In general distribution channels are divided into two systems which are: direct customer shipping and indirect shipping, which involves an intermediary level or two, including distributor/retailer warehouses in which goods from those intermediaries can be delivered to consumers differently.

5 0
3 years ago
A licensee who assists one or more parties through a transaction without being an agent for any party to the transaction is a(n)
tino4ka555 [31]

A licensee who assists one or more parties through a transaction without being an agent for any party to the transaction is a <u>Statutory broker.</u>

<h3>What is a Statutory broker?</h3><h3 />

A statutory broker refers to a broker or a salesperson that is able to assist the parties in a transaction even though they are not an agent for either of the parties in the transaction.

Statutory brokers have regulations that they must follow however and in certain states, they need to be residents of a state.

Find out more on brokers at brainly.com/question/17085854

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7 0
2 years ago
On May 20, the board of directors for Auction declared a cash dividend of 50 cents per share payable to stockholders of record o
AleksandrR [38]

Answer:

May 20

No Entry

June 14

Dr. Dividends               $255,000

Cr. Dividend Payable  $255,000

July 14

Dr. Dividend Payable  $255,000

Cr. Cash                       $255,000

July 31

Dr. Retained Earnings $255,000

Cr. Dividend                 $255,000

Explanation:

Dividend = $0.5 x 510,000 = $255,000

May 20

Dividend is declared, No entry is required

June 14

Dividend to be recorded on this date. As  dividend is not paid yet so it will be recorded as payable and on the other hand dividend account is debited to make a contra capital account of dividend.

July 14

Dividend is paid as cash is paid so, it will be credited and the liability is reduced so, it will be debited.

July 31

At the end of the period we have to adjust the Dividend Contra capital account in retained earning to make the dividend account zero.

8 0
3 years ago
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