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Serjik [45]
3 years ago
11

A company's Inventory balance at the end of the year was $188,000 and $200,000 at the beginning of the year. Its Accounts Payabl

e balance at the end of the year was $84,000 and $80,000 at the beginning of the year, and its cost of goods sold for the year was $720,000. The company's total amount of cash payments for merchandise during the year equals:
Business
1 answer:
Aloiza [94]3 years ago
7 0

Answer:

$704,000

Explanation:

As we know that

Costs of goods sold = Beginning inventory + purchase made - ending inventory

$720,000 = $200,000 + purchase made - $188,000

So, the purchase would be

= $708,000

Now the cash payment would be

= Beginning balance of accounts payable + purchase - ending balance of accounts payable

= $80,000 + $708,000 - $84,000

= $704,000

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When the government imposes price floors or price​ ceilings, A. some people​ win, some people​ lose, and there is a loss of econ
xxTIMURxx [149]

Answer:

The answer is: A) some people​ win, some people​ lose, and there is a loss of economic efficiency.

Explanation:

When the government imposes a price ceiling, some consumers win since they buy cheaper products (lower than equilibrium price) but suppliers lose. Inf the government decides a price floor is better, then customers will lose and some suppliers will win (prices are higher than equilibrium price).

Both price ceilings and price floors cause deadweight loss, decreasing economic efficiency.

5 0
3 years ago
Anne LLC purchased computer equipment (five-year property) on August 29 for $30,000 and used the half-year convention to depreci
notsponge [240]

Answer:

$1,728

Explanation:

To reach maximum depreciation expense we simply first compute the depreciation which is shown below:-

Depreciation = Purchased computer × Depreciation Rate

= $30,000 × 11.52%

= $3,456

Refer to the MACRS Table 1

Maximum depreciation expense = Depreciation × Half year convention

= $3,456 × 50%

= $1,728

Here we considered half year convention of equipment.

6 0
3 years ago
Universal Containers wants to provide a more consistent service experience to its customers and is evaluating the Service Cloud
LuckyWell [14K]

Answer:

B. Publisher Actions used in the macros must be on the page layout.

C. The macros widget or utility must be added to the console

D. The run Macros permission must be granted to users.

Explanation:

The macros are a function which specifies how an input function should be mapped in the computer software to produce defined output. Macros are used to make tasks less repetitive. The macros can be used in service cloud. To use macros in service cloud the macros permission must be granted to all users, the macros widget must be added to the console and the macros must be on the page layout.

7 0
3 years ago
Which of the following are required by the Sarbanes-Oxley Act?
Taya2010 [7]

Answer:

a. a report on internal control

Explanation:

the sarbanes-oxley act was passed in 2002. This law serves to help protect investors and the public from fraud while giving financial reports by corporations. It was sponsored by Senator Paul Sarbanes and Representative Michael Oxley. This legislation is to help improve the reliability of corporations financial reporting as well as to help improve the confidence of shareholders and investors.

<u>This</u><u> </u><u>act</u><u> </u><u>requires</u><u> </u><u>a</u><u> </u><u>repo</u><u>rt</u><u> </u><u>on</u><u> </u><u>interna</u><u>l</u><u> </u><u>control</u><u>.</u>

5 0
3 years ago
Following is selected financial information from General Mills, Inc., for its fiscal year ended May 29, 2016 ($ millions):
mojhsa [17]

Answer:

General Mills, Inc.

1. Income Statement for the fiscal year ended May 29, 2016:

Revenue                    $16,563.1

Cost of goods sold   $10,733.6

Gross profit                $5,829.5

Total expenses          $4,092.7

Net Income                 $1,736.8

2. General Mills, Inc. Balance Sheet for the fiscal year ended May 29, 2016:

Cash                             $763.7

Non-cash assets      20,948.6

Total assets             $21,712.3

Total liabilities          16,405.2

Stockholders' equity 5,307.1

Total Liab. + equity $21,712.3

3. General Mills, Inc. Statement of Cash Flows for the fiscal year ended May 29, 2016:

Cash from operating activities    $2,629.8

Cash from investing activities             93.4

Cash from financing activities*     (2,293.7)

Net Cash Flows                               $429.5

Cash, beginning year                        334.2

Cash, ending year                           $763.7

Explanation:

a) Interestly, General Mills, Inc.'s income statement shows the financial performance (profit points) of the company when revenue is compared with the cost of goods sold and the expenses.  The first profit point is the gross profit, which is the difference between revenue and cost of goods sold.   The second profit point is the net income, which is the difference between the gross profit and the expenses incurred for the period in running the business.

b) On the other hand, General Mills, Inc.'s balance sheet shows the financial position of the company.  They show what the business owns (assets) and what it owes (liabilities) outsiders and the owners of the company (equity).

c) While, General Mills, Inc.'s statement of cash flows shows the cash flows from operating, financing, and investing activities of the company, and the net cash flows for the period, which can be reconciled to the beginning cash to obtain the ending cash balance.

6 0
3 years ago
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