All categories

2 years ago

Use the following information about the current year's operations of a company to calculate the cash paid for merchandise.

Business

1 answer:

Deffense [45]2 years ago

6 0

Answer:

$727,000

Explanation:

Calculation of cash paid for merchandise

Cost of goods sold

$735,000

Add:

Merchandise inventory, December 31

$82,400

Less:

Merchandise inventory, January 1

($84,700)

Purchases during the period

$732,700

Add:

Accounts payable, January 1

$54,500

Less:

Accounts payable, December 31

($60,200)

Cash paid for merchandise

$727,000

You might be interested in

The following totals for the month of April were taken from the payroll register of Durbin Company. Salaries $12,000 Social secu

Katarina [22]

Answer:

debit to payroll tax for $798

Explanation:

From the given information:

The following totals for the month of April were taken from the payroll register of Durbin Company.

Salaries $12,000

Social security and Medicare taxes withheld 550

Employees federal income taxes withheld 2500

Medical insurance deductions 450

Federal unemployment taxes 32

State unemployment taxes 216

The objective is to determine the journal entry to record the payroll tax expense on April 30

Let;s recall that for taxes charged in employers; the following taxes will be considered:

Social security and Medicare taxes

Federal unemployment taxes

State unemployment taxes

Thus;

The journal entry to record the payroll tax expense on April 30 can be prepared as:

Account Debit Credit

Payroll tax expense 798

Social security and Medicare taxes 550

Federal unemployment taxes 32

State unemployment taxes 216

Hence;

The journal entry to record the payroll tax expense on April 30 would include a debit to payroll tax for $798

4 0

3 years ago

In an e-business innovation cycle, after an organization scans the environment for new emerging and enabling technologies, the n

borishaifa [10]

Answer:

In an e-business innovation cycle, after an organization scans the environment for new emerging and enabling technologies, the next step is to match the most promising new technologies with current economic opportunities.

6 0

3 years ago

Read 2 more answers

The Baldwin company will sell 100 units (x1000) of capacity from their Buddy product line. Each unit of capacity is worth $6 plu

stiv31 [10]

Answer:

Amount received = $2,210,000

Explanation:

given data

sell = 100 units (x 1000)

capacity = $6 + $4 per automation rating

sell capacity = 35%

to find out

how much they receive when the capacity is sold

solution

we consider here Automation rating is 7.0

we get here first Cost per unit that is here as

Cost per unit = 6 + 4 × 7

Cost per unit = 34

and capacity worth will be here as

capacity worth = Cost per unit × sell units

capacity worth = 34 × 100000

capacity worth = 3,400,000

so that here Amount received will be as

Amount received = capacity worth × ( 1 - sell capacity )

Amount received = 3400000 × ( 1 - 35% )

Amount received = $2,210,000

6 0

2 years ago

How does the budget process make fiscal policy difficult to implement? (lo32-3)?

Keith_Richards [23]

The budget process makes fiscal policy difficult to implement because
---The budget process begins a year and a half before the budget is implemented, and this will make it difficult to know what type of fiscal policy will be needed because it requires us to predict the problem and opportunities that arise during the operation.
---Many budget decisions are made for political reasons , because many politicians was appointed by interest groups that controlled by big companies.
---Nearly two-thirds of the budget is mandated by federal programs and cannot be easily changed, even if it could be changed, the cost could outweihgt the benefit.

7 0

3 years ago

Pina Colada Corp. had 150 units in beginning inventory at a total cost of $16,500. The company purchased 300 units at a total co

ICE Princess25 [194]

Answer:

FIFO = $17,000

LIFO = $9,350

Average-cost = $14,450

Explanation:

Initial inventory: 150 units, at a total cost of $16,500 ($110 per unit).

Purchases: 300 units, at a total cost of $60,000 ($200 per unit).

Final inventory: 85 units.

Unit sold: 150+300-85=365 units

FIFO (first in, first out)

In this method, we considered that the units that were first in the inventory were sold first.

Initial inventory: 150 u. x $110 per unit = $16,500 $16,500

Variations: 300u. x $200 per unit = $60,000 $76,500

-150 u. x $110 per unit = -$16.500 $60,000

-215 u. x $200 per unit = -$43,000 $17,000

Final inventory 85 u. x $200 per unit = $17,000

LIFO (last in, first out)

In this method, we considered that the first units that leave the inventory are the last that have arrived.

Initial inventory: 150 u. x $110 per unit = $16,500 $16,500

Variations: 300u. x $200 per unit = $60,000 $76,500

-300 u. x $200 per unit = -$60,000 $16,500

-65 u. x $110 per unit = -$7,150 $ 9,350

Final inventory 85 u. x $110 per unit = $9,350

Average cost

In this method, every unit that left the inventory is valuated with an average-cost per unit of the inventory.

Initial inventory: 150 u. x $110 per unit = $16,500 $16,500

Variations: 300u. x $200 per unit = $60,000 $76,500

-365 u. x $170* per unit = -$62,050 $14,450

Final inventory 85 u. x $170 per unit = $14,450

*average cost = (150*110+300*200)/(150+300)=76500/450=$170

5 0

3 years ago

Read 2 more answers