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xxTIMURxx [149]
3 years ago
6

Ivanhoe, Inc. estimates the cost of its physical inventory at March 31 for use in an interim financial statement. The rate of ma

rkup on cost is 20%. The following account balances are available: Inventory, March 1 $540000 Purchases 420000 Purchase returns 10000 Sales during March 720000 The estimate of the cost of inventory at March 31 would be
Business
1 answer:
NARA [144]3 years ago
4 0

Answer:

$350,000

Explanation:

Cost of goods sold = $720,000 / 1.20

Cost of goods sold = $600,000

Estimated cost of inventory = Inventory, March 1 + (Purchases - Purchases Return) -  Cost of goods sold

Estimated cost of inventory = $540,000 + ($420,000 - $10,000) - $600,000

Estimated cost of inventory = $540,000 + $410,000 - $600,000

Estimated cost of inventory = $350,000

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Ivenika [448]

Answer:

D. decreasing returns to scale.

The answer and procedures of the exercise are attached in the image below.

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

6 0
3 years ago
When he finishes entering his transactions, Malcolm realizes that his balance is incorrect. Assuming that Malcolm had no beginni
yulyashka [42]

Incomplete question. The full question read;

Malcolm has several receipts from recent transactions that he entered into his records. The receipts include an ATM receipt for an $80.00 deposit, a grocery store receipt for $25.50, and a paycheck deposit slip for $650.00.

When he finishes entering his transactions, Malcolm realizes that his balance is incorrect. Assuming that Malcolm had no beginning balance, what should his correct balance be?

Answer:

<u>$704.50</u>

Explanation:

First, we need to note which transactions are credit transactions, and which is a debit transaction. <em>Remember</em>, a<u> credit transaction</u> basically means a transaction that brings money into your account, while the latter is a transaction that takes money out of your account.

Malcolm's credit transactions:

  • ATM receipt for an $80.00 deposit
  • paycheck deposit slip for $650.00

Total: <u>$730.</u>

Malcolm's debit transactions:

  • grocery store receipt for $25.50

Total: $25.50

Substracting total debit transactions from credit transactions, Malcolm's correct balance would be = $704.50 ($730-$25.50).

8 0
3 years ago
Jacob has built up a wide network of contacts, clients, and local business neighbors since moving to Central City five years ago
Nata [24]

Answer:

The answer is network.

Explanation:

Network is a way of interacting with others to exchange some information or establish social contacts. Since Jacob has built up a wide range of contacts, clients, and local business neighbors over the years as mentioned in the statement, he will generally leverage on the network he has developed with these individuals as he intend to move to another phase of his career.

7 0
3 years ago
Read 2 more answers
John Grey owns Grey's Snow Plowing. In October, he collects $12,000 cash for 6 commercial accounts for which he will provide sno
mote1985 [20]

Answer:

The correct answer is Debit Unearned Plowing Revenue

Explanation:

Earlier the journal entry would be recorded as:

Cash A/c.................................................Dr    $4,000

    Unearned Plowing Revenue A/c..............Cr   $4,000

But the correct entry that should be recorded is:

Cash A/c.................................................Dr    $4,000

    Plowing Revenue Earned A/c..............Cr   $4,000

So, in order to pass the adjusting entry, we should debit the Unearned Plowing Revenue in order to reconcile or nill the same account by debiting.

4 0
3 years ago
Tom​ girard, director of retail​ operations, indicates that he is able to keep​ "hands-on" with the​ staff, and he is always awa
romanna [79]

Based on the scenario above, it is suggested that Girard practices the management by walking around. The MBWA or the management by walking around is a style where the management uses this with their managers wandering in the workplaces to check their employees.

6 0
3 years ago
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