Answer:
Cost of goods sold as per average cost method = $92,458.5
Explanation:
As for the information provided as follows:
Opening Inventory 265 units @ $153 each = $40,545
Purchase 465 units @ $173 each = $80,445
Purchase 165 units @ $213 each = $35,145
Total data 895 units = $156,135
Average cost per unit = $156,135/895 = $174.45
In average cost method simple average is performed, whereas in weighted average weights are assigned.
Sale is of 530 units
Cost of goods sold as per average cost method = $174.45 
530 = $92,458.5
Answer:
False
Explanation:
A sole proprietorship is owned and managed by a single person. The owner is responsible for all the decisions and actions of his or her business. The owner may hire workers to assist in running the business. The workers remain workers and not partners in the business.
The law does not distinguish between the business and the owner. Any liabilities arising from the business are considered to be the owner's liability. In this wedding situation, the sole proprietor is solely responsible for the mistakes of his assistant.
Answer:
The price earnings ratio for Beta corporation is 8 times
Explanation:
The formula for price-earnings ratio is the stock market price divided by the stock earnings per share.
The stock market price has been given as $52 per share
the earnings per share=net income-preferred dividends/weighted average number of shares
net income is $325,000
preferred dividends is $0
weighted average number of shares is 50,000
earnings per share=($325,000-$0)/50,000=$6.5
price earnings ratio=$52/$6.5= 8 times
Answer:
Debit Credit
Trade payable $300
Cash $300
Explanation:
First we have to reverse the wrong journal entry which has been made by the inexperienced bookkeeper in the Adams Company accounts:
Debit Credit
Trade payable $300
Cash $300
Now we have to record the correct journal entry in the accounts of Adam Company in respect of account settlement with supplier which is given as follow:
Debit Credit
Trade payable $300
Cash $300
Answer:
No options presented but the entry below should be right.
$2,600 worth of merchandise was purchased but $600 was returned so Net accounts receivable:
= 2,600 - 600
= $2,000
Company paid the full amount on July 12 which is within the 10 days required for a discount so they get a 3% discount:
= 2,000 * ( 1 - 3%)
= $1,940
Date Account details Debit Credit
July 12 Accounts Payable $2,000
Cash $1,940
Merchandise inventory $60
