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Lelu [443]
3 years ago
14

Based on the Information that follows, prepare the cost of goods sold section of a multiple-step income statement.

Business
1 answer:
Shtirlitz [24]3 years ago
7 0

Answer:

Cost of goods sold = $105,060

Explanation:

a) Data and Calculations:

Cost of goods sold section of the multi-step income statement:

Merchandise Inventory, January 1, 20--       $37,000

Purchases                                                       102,000

Purchases Returns and Allowances               (4,200)

Purchases Discounts                                       (2,040)

Freight-In                                                              800

Merchandise Inventory, December 31, 20--(28,500)

Cost of goods sold                                     $105,060

b) The cost of goods sold comprises the beginning inventory, purchases and freight-in costs incurred during the period, less purchases returns and discounts, and the ending inventory.  It represents the cost incurred directly for the goods sold.  This means that indirect costs are not included in the cost of goods sold.  Such costs are usually deducted as period costs before arriving at the net income.

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The market price of xyz corporation common stock is $55 and its quarterly dividend is $0.60. what is the stock's current yield?
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The market price of XYZ corporation common stock is $55 and its quarterly dividend is $0.60. 4.36% is the stock's current yield.

A stock's current yield is determined by dividing the annual dividend by the stock's current market price. In this example, the stock's annual dividend is found by multiplying the quarterly dividend of $0.60 by 4. This equals $2.40. So the current yield is 4.36% ($2.40 ÷ $55).

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2 years ago
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No adjusting entry required

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Explanation  

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