Answer:
Explanation:
The company must record the acquisition of that inventory, including all the expenses related to the purchase and logistics, up to have them placed in the company´s warehouse.
Therefore, the journal entry to record those transactions are:
Dr Inventory 8,200
Cr Cash 8,200
Notice that freight costs are not considered expenses in this case, as they are capitalized being part of the inventory cost.
<u>Income Statement</u>: no change
<u>Balance Sheet</u>: Inventory increased by $ 8,200
Cash decreased by $ 8,200
<u>Net change</u>: $ 0
Answer with Explanation:
The Potential amount for the Pell Grant largely depends on you family income and asset worth. The maximum Pell Grant award for the year 2019-20 is $6,195 and maximum award per term is $3,097.
We don't have to pay back the Pell Grant but under certain circumstances which are listed as under:
- Early withdrawing from the program that let you qualify for the grant.
- Enrollment status changed during the execution of program.
- Received Other Scholarships
- You qualified for Teach Grant but later you didn't met the requirements for the grant.
Answer:
$940.86
Explanation:
Since we have been given a 1% monthly interest rate,
Therefore:
let N = 12 x 3 = 36 months.
PW(1%) = $31.25( P/A,1%,36)
= $31.25 (30.1075)
= $940.86
Answer:
c. 6.0 times.
Explanation:
The computation of the inventory turnover ratio is shown below:
As we know that
Inventory turnover ratio is
= Cost of goods sold ÷ average inventory
= $604,000 ÷ ($89,000 + $128,000) ÷ 2
= $604,000 ÷ $108,500
= 5.57 times
= 6 times
Hence, the inventory turnover ratio of Swifty is 6.0 times
Therefore the correct option is c.
We simply applied the above formula so that the correct value could come
And, the same is to be considered