Answer:
$60000
Explanation:
Given: Sales = $300000.
Cost of goods available for sale= $270000.
The gross profit ratio= 30%
First finding the gross profit out of total sales.
Gross profit= 
Gross profit= 
∴ Cost of goods sold= 
Cost of goods sold= 
Cost of goods sold= 
Hence, cost of goods sold=
Now, finding estimated cost of the ending inventory.
Cost of ending inventory= 
⇒ Cost of ending inventory= 
∴ Cost of ending inventory= 
Hence, estimated cost of the ending inventory under the gross profit method would be $60000.
Answer:
A, B and D
Explanation:
Under OSHA laws, employers must provide a safe workplace for the employees. All the danger areas must be indicated with either painting or signage. Using guard rails is an excellent way of demarcating danger zones. They keep employees away from dangerous spots. In this case, an employer should use guard rails in the following circumstances.
1.Around every floor hole into which a worker can accidentally walk. The guard rails will form a barrier that will prevent accidental falls into the hole.
2.Around every open-sided platform, floor, or runaway that is 4 feet or higher off the ground or next level. The guard rails form a wall that prevents employees in raised levels from falling to the ground.
3. Regardless of height, if a worker can fall into dangerous machines or equipment. In case of an incident, the guard rails will stop an employee from falling into dangerous machines or equipment.
Answer: See explanation
Explanation:
a. Determine the net income for July using the cash basis of accounting.
Revenue = $3800 + $1100 + $5100 = $10000
Less: Expense = $1200
Net Income = $10000 - $1200 = $8800
b. Determine the net income for July using the accrual basis of accounting.
Revenue = $8600 + $3800 = $12400
Less: Expense = $1300
Net income = $12400 - $1300 = $11100
Answer:
the common fixed expense is $300,000
Explanation:
The computation of the common fixed expense is shown below:
Common Fixed Expenes = Office Administrative Assistant + Office Administrative Assistant + President's Salary
= $70,000 + $47,000 + $183,000
= $300,000
hence, the common fixed expense is $300,000
