Answer:
a. Cash paid to suppliers of merchandise during the reporting period: $44.1 million
b. A summary entry that represents the net effect of merchandise purchases during the reporting period as below:
Dr Cost of goods sold 44,000,000
Dr Inventory 6,700,000
Cr Account Payable 6,600,00
Cr Cash 44,100,000
Explanation:
We have the total amount goods buying from the supplier in the period = Cost of good sold in the period + Difference in the inventory balance of the period = $44 million + $6.7 million = $50.7 million
Thus, the additional amount owed supplier in the period is $50.7 million.
Account Payable increased by 6.6 million, it means that only 44.1 million ( that is, 50.7 million - 6.6 million) is paid during the period.
Thus, the summary will represents: Increase in COGS 44 million ( given); Increase in Inventory 6.7 million (given); Increase in account payable 6.6 million ( given) and Decrease in Cash 44.1 million ( calculated above).
I think A. 25%
Note I am not 100% sure
Answer:
Earning per share is 2.44 dollars.
Explanation:
The earning per share is a financial ratio determine by dividing total profit after tax made by a company in a period with total number of outstanding shares.
The earning per share is calculated below
EPS = $ 415,000/ 170,000 = 2.44 $
This ratio is widely used in stock market and valuation of business.
Answer:
b. Has unlimited liability for its partners.
Explanation:
Both partnerships and sole proprietorships are very common forms of business, are relatively easy to create, and they are both pass through entities, but they also have a commons disadvantage: their owners are personally for the business' obligations. That means taht if things go wrong, their owners will have to use their other personal assets to covers for any liabilities.
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