How long is the grace period for plus loans

Cave Hardware's forecasted sales for April; May; June; and July are $ 200,000; $ 210,000; $ 150,000; and $ 240,000; respe

Dafna1 [17]

Answer:

The balance of account payable for month of June would be $94,128

Explanation:

Here for taking out the amount account payable for month of June , we will need to have Purchases for the month of June and as it is told that 74% of the inventory purchased would be paid in the following month, it means that the inventory that was purchased in May , 74% of it would be paid in June , so therefore the 74% of purchases would be the account payable for month of June.

First we would have to take out purchases and for that we will use equation of -

Cost of goods sold + ending inventory - opening inventory (for June)

COST OF GOODS SOLD =

$150,000 X 80%

= $120,000

ENDING INVENTORY =

$75,000 + 10% OF COST OF GOODS SOLD OF JULY

= $75,000 + 10% X [ 80% X $240,000 ]

= $75,000 + 10% X 192,000

= $75,000 + $19,200

= $94,200

OPENING INVENTORY =

$75,000 + $120,000 X 10%

= $75,000 + $12,000

= $87,000

Now putting all these values in equations top take out purchases-

=$120,000 + $94,200 - $87,000

= $127,200

PURCHASES = $127,200

ACCOUNT PAYABLE = PURCHASES X 74%

= $127,200 X 74%

= $94,128

3 0

3 years ago

Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation fo

Kazeer [188]

Answer:

2016 = -$67,000

2017 = $393,000

Explanation:

The income statements for company for each of its first two years under variable costing is shown below:-

Dowell Company

Income statement

Variable costing

Particulars 2016 2017

Sales $966,000 $1,886,000

Less: Variable cost

Direct material $84,000 $164,000

(21,000 × $4) (41,000 × $4)

Direct labor $168,000 $328,000

(21,000 × $8) (41,000 × $8)

Variable overhead $189,000 $369,000

(21,000 × $9) (41,000 × $9)

Variable selling and

administrative expenses $42,000 $82,000

(21,000 × $2) (41,000 × $2)

Total variable cost $483,000 $943,000

Contribution margin $483,000 $943,000

(Sales - Contribution margin)

Less:

Fixed expenses

Fixed overhead $310,000 $310,000

Fixed selling and

administrative expenses $240,000 $240,000

Total of fixed expenses $550,000 $550,000

Net income (loss) -$67,000 $393,000

To determine the net income (loss) we simply deduct the contribution margin from total of fixed assets.

8 0

3 years ago

Chenrezic Music Stores, a chain of stores selling musical instruments, is trying to improve its customer service. While examinin

GalinKa [24]

Answer: Affinity pattern

Explanation:

Data mining is when patterns are being discovered in large data. From the question, we are informed that Chenrezic Music Stores, a chain of stores selling musical instruments, is trying to improve its customer service.

We are further told that while examining its checkout data, it learned that people who buy guitar covers also buy guitar straps and vice versa. In this

This shows that data mining has helped to find better ways to improve customer service has also led to the discovery of affinity pattern.

4 0

3 years ago

what are some advice you would tell a friend or family member about managing their own money? is the advice that follow yourself

Jobisdone [24]

Answer: I would speak to my friend or family member about the importance of saving.

Explanation:

The conversation would be about how to save since many times people tend to buy and spend on many things and do not think long term. They think that money will always be there and that the bad times will never come. When we think of saving as something fundamental, we are thinking of our future, of having security.

is the advice that follow yourself?

This kind of advice and talk about money is something I apply to myself and have done for many years. I understand the importance of saving and try to be someone who puts what he preaches into practice.

why or why not?

For many years I have thought about the importance of saving. Before he was a person who spent and did not think about the future. Nowadays I put this advice into practice as I know how important it is to have money saved, which can be used for any emergency that arises. Saving money is something for wise people, it helps to have something to lean on. I always carry this financial advice with me, apply it to the measure and try to teach it to the people around me

8 0

3 years ago

What is the APR (interest rate) on this card for Purchases made during the first six months that a cardholder has this card?

AlekseyPX

Answer:

B

Explanation:

Hopefully this helps.

8 0

4 years ago

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