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notka56 [123]
3 years ago
8

EB11.

Business
1 answer:
Zarrin [17]3 years ago
3 0

Answer:

Q. Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?

February 2018 $90,000, March 2018 92,000, April 2018 101,000, May 2018 98,000, June 2018 99,500.

Answer) $440,775

Explanation:

Cash payments to be made in 2018 for the purchases given in question are:

                              Feb 2018        Mar 2018   Apr 2018   May 2018  June 2018

Cash Payments

65% of $90,000   58,500            

30% of $90,000                           27,000

5%  of $90,000                                               4,500

65% of $92,000                           59,800

30% of $92,000                                             27,600

5%  of $92,000                                                                 4,600

65% of $101,000                                             65,650

30% of $101,000                                                              30,300

5%  of $101,000                                                                                      5,050

65% of $98,000                                                               63,700

30% of $98,000                                                                                      29,400

65% of $99,500                                                                                      64,675

Total                       $58,500     $86,800   $97,750     $98,600          $99,125

Total payments in 2018=$440,775

(58,500+86,800+97,750+98,600+99,125)

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Windsor Company took a physical inventory on December 31 and determined that goods costing $191,500 were on hand. Not included i
WINSTONCH [101]

Answer:

$237,630

Explanation:

Windsor report as its December 31 inventory:

= Inventory in hand as per physical count + Goods purchased from P corporation under FOB shipping basis + Cost of goods sold to A company under FOB destination basis

= $191,500 + $24,510 + $21,620

= $237,630

Therefore, the amount to be reported by Windsor company is $237,630.

7 0
3 years ago
Which option is best described as a complementary good for computer hard drives?
Nutka1998 [239]

Answer: Computer monitor

Explanation:

A complementary good is a good that's used together with another good. A good example of a complementary good is a car and petrol since they are used together.

A complementary good for computer hard drives would be the computer monitor. The monitor simply looks like a television and it helps in showing the information which is being displayed.

8 0
3 years ago
The income tax saved by using lifo instead of fifo is equal to the​ ________ times the income tax rate.
marshall27 [118]
C. cost of the ending inventory
3 0
3 years ago
Using the percentage-of-sales method, the estimated total uncollectible accounts are $7,322. The Allowance for Uncollectible Acc
xenn [34]

Answer:

B. $9,957.

Explanation:

The computation is adjusted amount for Uncollectible account expense is shown below:

= The estimated total uncollectible accounts + debit balance of Allowance for uncollectible accounts

= $7,322 + $2,635

= $9,957

For computing the adjusted amount we added the estimated total uncollectible accounts and the debit balance of Allowance for uncollectible accounts

8 0
3 years ago
Data related to the inventories of Costco Medical Supply are presented below: Surgical Surgical Rehab Rehab Equipment Supplies E
NemiM [27]

Answer:

$85

Explanation:

Costco Medical Supply's inventory:

                   Surgical Eq - Surgical Supp - Rehab Eq - Rehab Supp

Selling price     $260                  $100           $340               $165

Cost                  $170                     $90           $250              $162

Costs to sell     $30                      $15              $25                 $10

If we apply the net realizable value rule, the value of surgical supplies would be:

NRV = $100 = $15 = $85

the NRV is also the lower of cost since $85 < $90

6 0
3 years ago
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