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Marizza181 [45]
3 years ago
12

Reyes Company had a gross profit of $720,000, total purchases of $840,000, and an ending inventory of $480,000 in its first year

of operations as a retailer. Reyes's sales in its first year must have been:a. $1,080,000.b. $1,320,000.c. $360,000.d. $1,200,000.
Business
1 answer:
notsponge [240]3 years ago
4 0

Answer:

The correct answer is A: $1,080,000

Explanation:

Giving the following information:

Reyes Company had a gross profit of $720,000, total purchases of $840,000, and an ending inventory of $480,000 in its first year of operations as a retailer.

Assuming there was any beginning inventory:

Sales= gross profit + (purchase - ending inventory)

Sales= 720,000 + (840,000 - 480,000)= $1,080,000

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Read 2 more answers
Bellue Incorporated manufactures a single product. Variable costing net operating income was $92,400 last year and its inventory
s2008m [1.1K]

Answer:

6,000

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The variable costing net operating income is $92,400

The inventory is 3100 units

The fixed manufacturing overhead cost is $1

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= 9200-1 x3200

= 9200- 3200

= 6000

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7 0
3 years ago
Urban Window Company had gross wages of $320,000 during the week ended July 15. The number of wages subject to social security t
marshall27 [118]

Answer:

wages expense  320,000 debit

              cash                                     218,400 credit

              FICA tax payable                     2,160 credit

             SUTA tax payable                       240 credit

              Social security payable        24,000 credit

             wages income tax payable   75,200 credit

--to record July 15th payment to employees wages--

payroll tax expenses   26,400  debit

FICA tax payable                     2,160 credit

SUTA tax payable                       240 credit

Social security payable        24,000 credit

---to record the payroll tax for the week ended July 15th--

Explanation:

We multiply the wages subjet to taxation by each rate:

social security:

320,000 x 7.5% = 24,000

SUTA

40,000 x 5.4% = 2,160

FICA

40,000 x 0.6% =    240

For this three concepts, the employee will have liability for the same amount for payroll taxes

Income tax 75,200

net wages: 320,000 - 24,000 - 2,160 - 240 - 75,200 = 218,400

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3 years ago
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