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irinina [24]
3 years ago
14

SCC Co. reported the following for the current year:

Business
1 answer:
Juli2301 [7.4K]3 years ago
5 0

Answer:

a. The inventory turnover is 8.00 times

b. The days’ sales in inventory is 68 days

Explanation:

a. In order to calculate the inventory turnover we would have to use the following formula:

inventory turnover=cost of goods sold/average inventory

inventory turnover=$ 48,800/($3,100+$ 9,100)/2

inventory turnover=8.00 times

b.  In order to calculate thedays’ sales in inventory we would have to use the following formula:

days’ sales in inventory=(Ending invenory/cost of goods sold)*365

days’ sales in inventory=($9,100/$48,800)*365

days’ sales in inventory=68 days

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If a bank uses $100,000 to purchase a building for $80,000 and equipment for $10,000, the balance sheet at the end of the transa
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3 years ago
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6 0
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Which of the following statements are true about the chart of accounts? (You may select more than one answer. Single click the b
Anna71 [15]

Answer:

The following statements are true about the chart of accounts:

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c. The chart of accounts should be ordered in a logical sequence based on type of account.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Which of the following statements are true about the chart of accounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

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d. The chart of accounts can be ordered in any sequence because they are not formal financial systems.

The explanation of the answer is now provided as follows:

A chart of accounts can be described as a list of financial accounts that an accountant sets up for an organization and makes available to the bookkeeper for inputting transactions into the general ledger.

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