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Sonbull [250]
3 years ago
13

A company's Inventory balance at the end of the year was $204,200 and $218,000 at at the beginning of the year. Its Accounts Pay

able balance at the end of the year was $102,000 and $96,200 at the beginning of the year, and its cost of goods sold for the year was $738,000. The company's total amount of cash payments for merchandise during the year equals:
Business
1 answer:
dalvyx [7]3 years ago
6 0

Answer:

$718,400

Explanation:

For computation of total amount of cash payments first we need to find out the decrease in merchandise, purchases and increases in accounts payable which is shown below:-

Decrease in merchandise = Balance at the beginning of the year - Balance at the end of the year

= $218,000 - $204,200

= $13,800

Purchases = Cost of goods sold - Decrease in merchandise

= $738,000 - $13,800

= $724,200

Increase in Accounts Payable = Accounts Payable balance at the end of the year - Accounts payable at the beginning of the year

= $102,000 - $96,200

= $5,800

Cash paid for merchandise = Purchases - Increase in Accounts Payable

= $724,200 - $5,800

= $718,400

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Answer: Decreased assets and liabilities.

Explanation:

Both assets and Liabilities decrease as a result of the April transaction because first, Cash is used to pay the Dividend which reduces the cash account and Cash is an Asset.

Liabilities also decrease because when the dividends were declared in February, Despot Inc had to create a liability in their books to cater for the payment of the dividends. Now that the dividends have been paid, that figure will be removed therefore reducing Liabilities.

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3 years ago
Choose the answer that best defines the marginal propensity to save (MPS). The share of all income earned that is devoted to sav
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Answer:

The share of each additional dollar of income earned that is devoted to saving rather than consumption.

Explanation:

The marginal propensity to save is defined as the fraction of increased income that is reserved for saving and not consumption, and it is the slope of the graph of income against savings.

For example if an individual earns an extra dollar and he has propensity to save of 0.5 that means out of the one dollar he will save 50 cents and spend the remaining 50 cents.

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3 years ago
A third method for determining the forecasted cost at completion is to re-estimate the costs for all the remaining work to be pe
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A. the FCAC is less than the TBC

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If the amount of cumulated actual costs is less than difference between the total budgeted cost and the re-estimate, then the FCAC is less than the TBC

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3 years ago
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ratelena [41]

Answer:

C) 15 months

Explanation:

As per the law, a company with two or more shareholders must hold an Annual AGM every year.  The AGM for a new company must be held within the first nines months after the financial year.

The AGM for an existing company must be held not later than six months after the end of a financial year. However, the law has set 15 months as the maximum gap of time allowed between two general meetings.

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