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Amanda [17]
2 years ago
10

The June 30, 2021, year-end trial balance for Askew company contained the following information: Account Debit Credit Inventory,

7/1/2020 32,000 Sales revenue 380,000 Sales returns 12,000 Purchases 240,000 Purchase discounts 6,000 Purchase returns 10,000 Freight-in 17,000 In addition, you determine that the June 30, 2021, inventory balance is $40,000. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021.
Business
1 answer:
user100 [1]2 years ago
4 0

The cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.

Using this formula

Cost of goods sold=Beginning Inventory+ Net purchases- Ending Inventory

Where:

Beginning Inventory=$32,000

Net purchases=($240,000-$6,000-$10,000+$17,000)=$241,000

Ending Inventory=$40,000

Let plug in the formula

Cost of goods sold=$32,000+$241,000-$40,000

Cost of goods sold=$233,000

Inconclusion the cost of goods sold for the Askew Company for the year ending June 30, 2021 is $233,000.

Learn more here:

brainly.com/question/15708509

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During 2021, its first year of operations, Pave Construction provides services on account of $152,000. By the end of 2021, cash
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Dr Bad Debt Expense $ 13.800  

Cr Allowance for Uncollectible Accounts  $ 13.800

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Dr Allowance for Uncollectible Accounts $ 12.420  

Cr Accounts Receivable   $ 12.420

  • 2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022

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Cr Allowance for Uncollectible Accounts  $ 1.380

  • 3-a. Assume the same facts as above but assume actual write-offs in 2022 were $18,630. Record the write-off of accounts receivable in 2022.

Dr Allowance for Uncollectible Accounts $ 18.630  

Cr Accounts Receivable   $ 18.630

  • 3-b. Assume the same facts as above but assume actual write-offs in 2022 were $18,630. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022

Final Balance 2022  

Cr Allowance for Uncollectible Accounts  $ 7.176

Explanation:

Initial Balance  

Dr Accounts Receivable   $ 152.000

Cash collections on these accounts total $106,000  

Dr CASH $ 106.000  

Cr Accounts Receivable   $ 106.000

New Balance

Dr Accounts Receivable   $ 46.000

Pave estimates that 30% of the uncollected accounts will be uncollectible.  

Dr Bad Debt Expense $ 13.800  

Cr Allowance for Uncollectible Accounts  $ 13.800

 

FINAL BALANCE 2021  

Dr Accounts Receivable   $ 46.000

Cr Allowance for Uncollectible Accounts  $ 13.800

In 2022, the company writes off uncollectible accounts of $12,420  

Dr Allowance for Uncollectible Accounts $ 12.420  

Cr Accounts Receivable   $ 12.420

Final Balance 2022  

Dr Accounts Receivable  $ 33.580  

Cr Allowance for Uncollectible Accounts  $ 1.380

2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022    

Dr Bad Debt Expense $ 10.074  

Cr Allowance for Uncollectible Accounts  $ 10.074

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Record the write-off of accounts receivable in 2022.  

Dr Allowance for Uncollectible Accounts $ 18.630  

Cr Accounts Receivable   $ 18.630

3-b. Assume the same facts as above but assume actual write-offs in 2022 were $18,630.  

Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022  

Final Balance 2022  

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Cr Allowance for Uncollectible Accounts  $ 7.176

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Interest rates : 4%​, 6 % and 7 %

Total interest = $191

Now,

Let the amount invested at 4% interest be 'x'

the amount invested at 6% interest be 'y'

the amount invested at 7% interest be 'z'

Therefore,

According to the question:

x + y + z = $3,100     ...........(1)

z = 3x    ...............(2)

0.04x + 0.06y + 0.07z = $191 ...........(3)

From (1) and (2), we  have

x + y + 3x = $3,100

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4x + y = $3,100

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y = $3,100 - 4x         ,..........(4)

from  2, 3 and 4, we have

0.04x + 0.06( $3,100 - 4x ) + 0.07(3x) = $191

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⇒ 0.01x = 5

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x = $500

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from (2)

z = 3 × 500

or

z = $1,500

From (4)

y = $3,100 - 4(500)    

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y = $1,100

Hence,

Amanda invested

the amount invested at 4% interest is $5,00

the amount invested at 6% interest is $1,100

the amount invested at 7% interest is $1,500

7 0
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