Answer:
$38,400
Explanation:
<em>1. Cash Purchases:</em>
The total purchases in the month of March is of $35,000.
It is given that 70% of Purchases are for cash.
Hence, 70% of $35,000 would be;
$39,000 x 0.70
$27,300
<em>2. Credit Purchases:
</em>
Remaining Balance of Purchases from the month of February:
For the month of February Cash Purchases can be calculated as follows;
$37,000 x 0.70
$25,900
Remaining Balance to be paid in March for the month of February can be calculated as follows;
$37,000 - $25,900
$11,100
<em>3. CASH PAYMENT for PURCHASES in MARCH:</em>
Cash Purchases = $27,300
Credit Purchases = $11,100
Hence;
<em>Cash Payment for purchases in March = Cash Purchases + Credit Purchases
</em>
Cash Payment for purchases in March = $27,300 + $11,100
Cash Payment for purchases in March = $38,400
Answer:
<em>a)Corrected net income= $97,000</em>
<em>b) Total assets figure is understated.</em>
Explanation:
<em>To arrive at the net income, cost of goods sold is usually deducted from the sales revenue. An cost of sold is determined by subtracting the value of inventory. So an understated inventory would mean an overstated </em><em>cost of goods sold </em><em>and </em><em>understated net income</em>
<em>Correct net income = 90,000 + 7,000</em>
<em> = $97,000</em>
<em>Inventory is part of current assets s reported in the balance sheet . Therefore, if inventory is understated it implies that the current assets figure is understated and therefore the</em><em> total assets figure is understated.</em>
<em />
Answer:
$113.86 billion
Explanation:
Real GDP = nominal GDP/ price index
Real GDP = $14460 billion / 127 = $113.86 billion
I hope my answer helps you
I just recently learned this myself due to buying an old farm house that was built in the 1970's. Asbestos is commonly found in buildings and structures built before 1981 and is a very harmful thing if inhaled into the body.
Answer:
- <u>Sale, March 14 (1,380 units) cost of goods sold = $117,200</u>
- <u>Sale, August 31 (1,550 units ) cost of goods = $96,100</u>
- <u>Ending inventory = 1,800 units</u>
<u>Explanation</u>:
a. Cost Of Goods Sold Using LIFO
<u>1. Sale, March 14 (1,380 units)</u>
- from May 1 purchase)
1,130 units at $90= 1130*90= $101,700
+
from January 30 purchase
250 units from 2,150 units at $62 = $15,500
Total= 15,500+101,700= $117,200
<u>2. Sale, August 31 (1,550 units )</u>
- from January 30 purchase
1,550 units from 1900 units leftover
1550 at $62 = 1550*62= $96,100
b. Ending inventory
350 units leftover from January 30 purchase + 1,450 units of Beginning inventory, January 1 = 1,800 units
