1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 201
Maksim231197 [3]

Answer:

The answers are:

  1. $80,000
  2. $80,000

Explanation:

The nominal GDP includes all the production of final and legal products and services. The real GDP is the nominal GDP adjusted to inflation.

Peg's contribution to nominal GDP in 2015 was $80,000 (4,000 nail sets x $20 per nail set). If 2015 was the base year, in this case real GDP is the same as nominal GDP.

3 0
3 years ago
Read 2 more answers
sabrina company recorded an adjusting entry for salaries owed to employees at the end of the year. as a result of this entry, sa
mafiozo [28]

Sabrina Company recorded an adjusting entry for salaries owed to employees at the end of the year. As a result of this entry, Sabrina Company's equity decreases and liabilities increase.

<h3>What is equity?</h3>

Equity in finance refers to ownership of assets that may be accompanied with debts or other liabilities. Liabilities are subtracted from asset value to calculate equity for accounting reasons.

<h3>What is liabilities?</h3>

A liability is an obligation that a person or business has, typically financial in nature. Over time, liabilities are resolved by the transmission of economic advantages like cash, products, or services.

To learn more about liabilities visit:

brainly.com/question/15006644

#SPJ4

4 0
1 year ago
Which of the following people are structurally unemployed? Select all answer options that apply. Choose one or more: A. A worker
a_sh-v [17]

Answer:

Structural unemployment is present in case of A, B, C, and D.

Explanation:

Structural unemployment refers to the situation when the workers are unemployed because of the mismatch between the skills they possess and the skills the employers are looking for.  

Unemployment caused by drought cannot be classified as structural unemployment. The rest of the examples involves cases of structural unemployment.

8 0
3 years ago
Kurt's entertainment has a receivables turnover rate of 14.8, a payables turnover rate of 10.4 and an inventory turnover rate of
ruslelena [56]

The firm’s operating cycle is equivalent to the sum of the total number of days of a cycle of the receivables turnover and the inventory turnover.

Receivables turnover = 365 days / 14.8 = 24.66 days

Inventory turnover = 365 days / 22.6 = 16.15 days

Operating cycle = 24.66 days + 16.15 days = 40.81 days

<span>Answer: 40.81 days</span>

3 0
3 years ago
The relationship between employer and employee can be thought of in terms of a(n) ____, a description of what an employee expect
nydimaria [60]

Answer:

The answer is: psychological contract

Explanation:

Psychological contracts are the expectations or promises exchanged between the parties; employer, employee, or even fellow employees, in an employment relationship. They are not written contracts, but they often implicit or understood between the parties. For example, an employee expects that if he or she works really hard, eventually he or she will receive a promotion or a salary raise.

8 0
3 years ago
Other questions:
  • Little's law states that the average number of people in a waiting line is the average customer arrival rate multiplied by the:
    11·1 answer
  • A firm has 5,000,000 shares of common stock outstanding, each with a market price of $8.00 per share. It has 25,000 bonds outsta
    14·1 answer
  • The stock of raw materials, inputs, and component parts that an organization has on hand at a particular time is called ________
    14·2 answers
  • A company must perform a maintenance project consisting of seven activities. The activities, their predecessors, and their respe
    9·2 answers
  • The last stage of the new-product development process is
    11·1 answer
  • A law firm would be considered a A. Service company B. Manufacturer C. Merchandise company D. None of the above
    14·1 answer
  • Equipment is a(n)_________ (asset/liability/expense) account. It is reported on the___________ (left/right) side of the accounti
    6·1 answer
  • Over lunch, Daniel and Haley are discussing their managers. Daniel describes his boss as extremely motivating. Daniel feels much
    11·1 answer
  • Beginning in 2001, one of the goals of the war in afghanistan was to use force to seize oil supplies. contain the spread of comm
    14·1 answer
  • brown industries operates a defined benefit pension plan. information received from the actuary and the trustee related to the y
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!