Answer:
The amount should Metlock report as its December 31 inventory is $286,500.
Explanation:
Ending inventory = Phusical count + goods purchased in transit FOB shipping + cost of goods sold in transit FOB destination
= 230000 + 32000+ 24500
= $286,500
Therefore, The amount should Metlock report as its December 31 inventory is $286,500.
Central Banks, Retail Banks, Commercial Banks, Shadow Banks, Investment Banks, Cooperative Banks, Credit Unions.
Answer:
10.53%
Explanation:
In this question, we use the RATE formula that is shown in the attachment. Kindly find it below:
Data provided
Present value = $34,500
Future value or Face value = $0
PMT = $4,200
NPER = 11 years × 2 = 22 years
The formula is shown below:
= Rate(NPER;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the rate of return is 10.53%
The financial statements of the Darlington Company report net sales of $500,000 and accounts receivable of $40,000 and $20,000 at the beginning of the year and end of year, respectively. What is the accounts receivable turnover for Darlington?
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