What function of money is highlighted when sally pays her cell phone bill with cash?

You have the following information for Waterway Industries for the month ended October 31, 2022. Waterway uses a periodic method

Sidana [21]

Answer:

Waterway Industries

A) The weighted-average cost is $28.527

B) Ending Inventory, cost of goods sold, gross profit:

(1) LIFO (2) FIFO (3) Average-cost

Ending Inventory: $2,660 $3,060 $2,853

Cost of goods sold: $7,895 $7,495 $7,702

Gross profit: $3,780 $4,180 $3,973

Explanation:

a) Data and Calculations:

Date Description Units Unit Cost Selling Price Total

Oct. 1 Beginning inventory 70 $26 $1,820

Oct. 9 Purchase 125 28 3,500

Oct. 11 Sale (95) 40 $3,800

Oct. 17 Purchase 95 29 2,755

Oct. 22 Sale (70) 45 3,150

Oct. 25 Purchase 80 31 2,480

Oct. 29 Sale (105) 45 4,725

Oct. 31 Ending inventory 100

Total: Goods available 370 $10,555

Goods sold 270 $11,675

Weighted-average cost = Cost of goods available/Units available

= $10,555/370 = $28.527 per unit

Periodic method:

LIFO:

Ending inventory:

Oct. 1 Beginning inventory 70 $26 $1,820

Oct. 9 Purchase 30 28 840

Total Ending inventory = 100 $2,660

Cost of goods sold = Cost of goods available - Ending inventory

= $10,555 - $2,660 = $7,895

Sales Revenue $11,675

Cost of goods sold 7,895

Gross profit $3,780

FIFO:

Ending inventory:

Oct. 17 Purchase 20 29 $580

Oct. 25 Purchase 80 31 2,480

Total Ending inventory = 100 $3,060

Cost of goods sold = Cost of goods available - Ending inventory

= $10,555 - $3,060 = $7,495

Sales Revenue $11,675

Cost of goods sold 7,495

Gross profit $4,180

Average-cost:

Ending Inventory = $2,853 ($28.527 * 100)

Cost of goods sold = Cost of goods available - Ending inventory

= $10,555 - $2,853 = $7,702

Sales Revenue $11,675

Cost of goods sold 7,702

Gross profit $3,973

7 0

3 years ago

Assume that the United States has a comparative advantage in aircraft manufacture and India has a comparative advantage in produ

AlekseyPX

Answer:

1. Explain who in the United States would gain?

The government of the United States will gain from the Import duties that will be charged on the Indian textiles.

2. Who might lose from dismantling trade barriers between the United States and India?

The USA will lose if trade barriers are dismantled.

The United States will lose from dismantling trade barriers because the Indian textile will be massively imported in the country thereby crippling the growth of the local textile manufacturing companies in the United States. India has a comparative advantage over the USA in the manufacturing of textiles, which are in constant demand compared to that of the aircraft which are rarely demanded.

Explanation:

1. The government of the United States will gain from the Import duties that will be charged on the Indian textiles. The government will make huge revenues from the import duties since India will manufacture the textiles at the cheapest costs per unit and influx the USA with affordable and quality clothing.

2. The USA will lose if trade barriers are dismantled.

The United States will lose from dismantling trade barriers because the Indian textile will be massively imported in the country thereby crippling the growth of the local textile manufacturing companies in the United States. India has a comparative advantage over the USA in the manufacturing of textiles, which are in constant demand compared to that of the aircraft which are rarely demanded.

5 0

4 years ago

Rhett made his annual gambling trip to Uwin Casino. On this trip Rhett won $250 at the slots and $1,200 at poker. Also this year

timurjin [86]

Answer:

$1,450

Explanation:

Rhett made his annual gambling trip to Uwin Casino. On this trip Rhett won $250 at the slots and $1,200 at poker.

Also this year, Rhett made several trips to the racetrack, but he lost $700 on his various wagers.

The amount must Rhett include in his gross income includes that on this trip Rhett won $250 at the slots and $1,200 at poker which is $1,450

The internal Revenue Service requires that ''You must report all gambling winnings as "Other Income". When you have gambling winnings, you may be required to pay an estimated tax on that additional income.

6 0

4 years ago

Presented below are various account balances of K.D. Lang Inc.

yulyashka [42]

Answer:

a. Contra Liability and expense account

b. Long-term liability

c. Long-term and current liability

d. current liability

e. Long-term liability

f. Current asset

g. Current liability

h. current liability

i. current liability

Explanation:

Req. A, B and C

A. Contra liability is a credit liability account for that has an explicit debit liability account. In that case, unamortized premium on bonds payable is a liability for which there is a premium, which is a debit liability. $3,000 is an expense, so it is an expense account.

B. Since the current year is 2017 and the maturity date is 2021, it is a long-term liability.

C. As $200,000 will be matured at the end of the year, it is a current liability. $800,000 is a long-term liability.

Req. D, E and F

D. Due to income tax purpose, employees' wages will be withhold for a specific time, it is a current liability.

E(1,2). Since the notes payable will be matured in 2020, it is a long-term liability. (as operating cycle is more than one year, it is a long-term liability. Whatever assets are used, they are long-term liabilities.

F. Accounts receivable is a current asset account. Therefore, if the balance is credit due to returns, it will not change the account.

Req. G, H and I

G. Since the bonds payable is matured at the end of this period, the entire amount will be current liability.

H. Bank Overdraft is a current liability account whatever the scenario pretends.

I. Since customers paid and goods have not been provided to them, it is a liability for the company. As it is related to products, it is a current liability.

6 0

4 years ago

Aardvark Enterprises has agreed to be acquired by Lawson Products in exchange for $23,000 worth of Lawson Products stock. Lawson

Brut [27]

Answer:

$57,100

Explanation:

Aardvak enterprises has agreed to be exchanged by Lawson's products

The exchange is $23,000 worth of Lawson's product stock

Lawson's has an 1,300 shares as outstanding at a price of $15 per share

Aardvak has 1,900 shares outstanding with a market value of $18 per share

The incremental value of the acquisition is $3,400

Therefore, the value of Lawson's product after the merger can be calculated as follows

= (1,300 × $15) + (1,900×$18 )+ $3,400

= $19,500+$34,200+$3,400

= $57,100

Hence the value of Lawson's product after the merger is $57,100

7 0

3 years ago