1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
stepladder [879]
3 years ago
7

The trial balance of Sheffield Corp. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventor

y $18,870; Purchases $224,790; Sales Revenue $204,200; Freight-In $9,780; Sales Returns and Allowances $4,720; Freight-Out $2,740; and Purchase Returns and Allowances $5,430. The ending inventory is $20,100.Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022.
Business
1 answer:
Ivahew [28]3 years ago
6 0

Answer:

Particulars                                                                  Amount

Beginning inventory, September 1, 2013              $18,870

Purchase                                                    $ 224,790

Less: Purchase return and allowance     <em><u>$ 5,430</u></em>

Net purchase                                             $ 219,360

Add: Freight in                                           $9,780

Cost of goods purchased                                         <u>$229,140</u>

Cost of goods available for sale                              $248,010

Less: Inventory August 31,2014                                <u>$20,100</u>

Cost of goods sold                                                   <u>$227,910</u>

You might be interested in
The entry to convert from the initial value method to the equity method usually involves a debit to Investment in Subsidiary acc
Nutka1998 [239]

Answer:

Parent's beginning of the year Retained Earnings

Explanation:

"The equity method is an accounting technique used by a company to record the profits earned through its investment in another company. With the equity method of accounting, the investor company reports the revenue earned by the other company on its income statement, in an amount proportional to the percentage of its equity investment in the other company.

When the investor has a significant influence over the operating and financial results of the investee, it can directly affect the value of the investor's investment. The investor records its initial investment in the second company's stock as an asset at historical cost. Under the equity method, the investment's value is periodically adjusted to reflect the changes in value due to the investor's share in the company's income or losses. Adjustments are also made when dividends are paid out to shareholders."

Reference: Tuovila, Alicia. “Equity Method Definition.” Investopedia, Investopedia, 8 Oct. 2019

4 0
3 years ago
Manuel sued Patricia on a promissory note. Patricia admitted signing the note, but raised the defense that Manuel was not a hold
solniwko [45]

Answer:

Explanation:

Base on the scenario been described in the question, yes of cause, Manuel was the holder and Patricia agreed that she signed the note. For this reason, Manuel has the right to recover the note unless Patricia established another defense. Since no defense was given, it was not useful whether Manuel was a holder in due course, against whom certain defenses could not be given.

3 0
4 years ago
Rebecca Siddoway own and operate Country Candies. Siddoway specializes in making rich, creamy toffees that she packages in attra
Black_prince [1.1K]

The advantage to Siddoway if she decides to incorporate her business is Corporations have an enhanced ability to attract financing.

A Corporations is an organization (usually a group of people or a legal entity) authorized by the State to act as a single entity and legally recognized as such for a specific purpose. Early incorporated entities were established by charter. Most jurisdictions now permit the formation of new companies by registration.

The company is managed and supervised by its directors and officers. Directors are appointed by shareholders and are responsible for the overall management and corporate governance of the company. The directors appoint officers who are responsible for the day-to-day management and operations of the company.

A Corporations company consists of shareholders, a board of directors and officers. When incorporating a company, owners and managers must be organized and given responsibilities and rights according to the rules laid down in the state corporate law.

Learn more about Corporations brainly.com/question/13551671

#SPJ1

7 0
2 years ago
Three friends are trying to decide what to do on Saturday night. The options are to go to a party, go see a play, or hang out at
zhenek [66]

Answer:

go to party

Explanation:

Scale of preference can be described as a list of wants of individuals. They are usually arranged in order of importance or preference.

If the individuals vote  on hanging out versus going to the play :

Abdul would vote to see a play because it is his most preferred activity

Gina would vote to go hangout because it is her most preferred activity

Shaquille would vote to hangout. this is because going to the play is his second most preferred activity

so hangout would win with 2 votes to 1 in this round.

In the next round of voting, the two contenders would be hangout and going to the party.

Abdul would vote to go the party.  Going to the party is  his second most preferred activity and hangout is his least preferred activity

Gina would vote to go hangout because it is her most preferred activity

Shaquille would vote to go to the party. This is his most preferred activity.

Going to the party would win the second round of voting

6 0
3 years ago
To identify the management problem, the researcher must possess considerable skill in interacting with the DM. Which of the foll
Brrunno [24]

Answer:

d. All of the above are correct.

Explanation:

a. Access to the DM may be difficult and some organizations have complicated protocols for access to top executives.

b. The organizational stauts of the researcher or the research department may make it difficult to reach the key DM in the early stages of the project.

c. there may be more than one key DM and meeting with them collectively or individually may be

All the above-mentioned factors can complicate the interaction.

8 0
3 years ago
Read 2 more answers
Other questions:
  • Sheffield Corp. sells two types of computer hard drives. The sales mix is 30% (Q-Drive) and 70% (Q-Drive Plus). Q-Drive has vari
    15·1 answer
  • Why did many business owners want very little interference from the government?
    11·1 answer
  • A ________ is a graph of decisions and their possible consequences.a. decision structureb. corporate hierarchyc. resolution grap
    13·1 answer
  • Consider the voluntary contribution to building a fence game discussed in class. Assume that v1 = v2=100 and C=150, and select a
    9·1 answer
  • In December ,General Motors produced 7,200 customized vans at its plant in Detroit. The labor productivity at this plant is know
    12·1 answer
  • Leon Georges works in the warehouse for a manufacturer of air-purification systems. He is responsible for the transportation of
    15·1 answer
  • MY HERO ACADEMIA FANS!!!!!!
    9·2 answers
  • Country A and Country B have had an informal trading arrangement for many years wherein merchants on the border of the countries
    10·1 answer
  • Project Management Practice ProblemBragg’s Bakery is building a new automated bakery downtown Sandusky. Here are the activities
    11·1 answer
  • The introduction into your real estate market of many hud and va foreclosed properties will probably cause the value of similar
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!