If we used the retail method to estimate the ending inventory first we get the given of the problem that can be used in solving.
Given
Sales - 200,000
Goods available for sale - 261,000 (cost) & 450,000 (retail)
First, we need to get the cost of retail ratio. the formula is
Cost to Retail ratio= Cost/ Retail
261,000
CRR= ------------- = 0.58
450,000
Next is to get the ending inventory by following this steps
Cost Retail
Cost of Goods Available for Sale $261,000 $450,000
- Sales $200,000
------------------
Ending Inventory $250,000
x Cost to Retail Ratio .58
------------------
Ending Inventory $145,000
So, the estimated ending inventory for the month of July is $145,000.
Answer:
9.33%
Explanation:
Calculation to determine his annualized real rate of return on this investment
Annualized real rate of return=[($7,000-$5,000/ ($5000*3) *100] -4%
Annualized real rate of return=13.33%-4%
Annualized real rate of return = 9.33%
Therefore his annualized real rate of return on this investment will be 9.33%
Answer:
<em>adjus. Bal book cash balance: $ 2,735</em>
Explanation:
<u>we do reconciliation on the bank balance:</u>
BANK
Balance 2,000
Outstanding Check -450
Deposit in transit <u> 1,000 </u>
Adjusted Balance 2,550
Now we reverse from the adjusted balance to get the unadjusted cash balance:
adjusted 2,550
Service Charge +80 *1
interest -85 *2
NSF <u> +190 </u> *1
<em>adjus. Bal 2,735</em>
<em></em>
*1 ( in the reconciliation they decrease the unadjusted balance so, we reverse to positive)
*2 in the reconciliation the interest increase the unadjusted balance, the reverse will be a negavite impact.
