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3 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]3 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

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Inspection costs at one of Ratulowski Corporation's factories are listed below: Units Produced Inspection Costs April 922 $ 17,9

baherus [9]

Answer:

Fixed costs= $9,021.27

Explanation:

Giving the following information:

April 922 $ 17,912

May 983 $ 18,300

June 928 $ 17,965

July 912 $ 17,810

August 934 $ 17,994

September 919 $ 17,880

October 936 $ 18,032

November 876 $ 17,290

December 915 $ 17,838

To calculate the variable and fixed component, we need to use the following formulas:

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (18,300 - 17,290) / (983 - 876)

Variable cost per unit= $9.4392

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 18,300 - (9.4392*983)

Fixed costs= $9,021.27

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 17,290 - (9.4392*876)

Fixed costs= $9,021.27

4 0

3 years ago

Following the 2007-2009 financial crisis, many people feared that Greece might leave the euro and resume using the drachma. If t

Nina [5.8K]

Answer:

A medium of exchange

Explanation:

A medium of exchange is a system where it is used to facilitate the sale, purchase, trading of the products & services between the parties

Since in the given situation, it is mentioned that the seller would not willing to accept the drachma in exchange of goods & services so here the drachma would not be served as a medium of exchange

hence, the same would be relevant

7 0

3 years ago

The following table contains statements that provide some analysis of policies that address smoking, lung cancer, and cigarette

liubo4ka [24]

Answer:

Positive Statements: 1st & 2nd ; Normative Statements: 3rd & 4th

Explanation:

Positive Economics is objective & facts based actual economic issue description , explaining verifiable phenomenas (causal relationships).

Normative Economics is subjective & opinion based conclusive solutions to economic issues, including 'ought to be' unverifiable suggestions.

1. Lung cancer kills millions of people each year: reflects actual objective verifiable fact about an economic (health) issue.

2. Too many people smoke: denotes another actual objective variable fact connected to (potential cause of) the above economic (health) issue.

So , these two are Positive Statements.

3. If the government were to increase taxes on cigarettes, fewer people would smoke : Is subjective opinion based probable solution to the above economic (health) issue.

4. The government should increase taxes on cigarettes : Is an 'ought to' suggestion for an economic participant (govt) to solve the above economic (health) issue.

So , these two are Normative Statements

5 0

3 years ago

On January 1, Graves Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value o

Reptile [31]

Answer:

April 1 The company issued 9,000 stocks at $11 per stock

Dr Cash account 99,000
Cr Common Stock account 99,000

June 15 Cash dividends are declared $1.50 per stock

Dr Retained Earnings account 103,500
Cr Dividends Payable account 103,500

July 10 The company paid the dividends

Dr Dividends Payable account 103.500
Cr Cash Account 103,500

December 1 The company issued 4,000 stocks at $12 per stock

Dr Cash account 48,000
Cr Common Stock account 48,000

December 31 Cash dividends are declared $1.60 per stock

Dr Retained Earnings account 116,800
Cr Dividends Payable account 116,800

6 0

3 years ago

Tim wrote a negotiable note. Subsequently, Tim's debts were discharged in bankruptcy. If a holder in due course presents the not

fomenos

Answer:

TRUE

Explanation:

Bankruptcy is a legal framework, in which borrowers who cannot pay their loans, may seek relief from all of their liabilities from individuals or other organizations. In most states, a judge's order mandates bankruptcy.

In this situation, Tim is a bankrupt person, tin wrote a negotiable note but now Tim has got relief from his liabilities, so he has not to pay against his negotiable note.

Therefore, the following situation is TRUE .

5 0

3 years ago