Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case.
(a) Credit balance of $300 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $8,500.
(b) Credit balance of $500 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 2% of credit sales, which totaled $1,000,000 for the year.

Answers

Answer 1

Answer:

a. Credit balance in the Allowance for Doubtful Accounts and already balance in Allowance account = $300

Estimated Doubtful accounts and balance maintained with Allowance for Doubtful Accounts= $8,500

Amount added to the Allowance for Doubtful Accounts = $8,500 - $300

Amount added to the Allowance for Doubtful Accounts = $8,200

Ending balance maintained with Allowance for Doubtful Accounts = $8,500

b. Credit balance in the Allowance for Doubtful Accounts and already balance in Allowance account = $500

Estimated Doubtful accounts and balance maintained with Allowance for Doubtful Accounts = $1,000,000 * 2% = $20,000

Ending balance maintained with Allowance for Doubtful Accounts = $20,000 + $500 = $20,500


Related Questions

EcoFabrics has budgeted overhead costs of $1,162,350. It has allocated overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 553,500 for the current year. The company has decided to experiment with activity-based costing and has created two activity cost pools and related activity cost drivers. These two cost pools are cutting (cost driver is machine hours) and design (cost driver is number of setups). Overhead allocated to the cutting cost pool is $442,800 and $719,550 is allocated to the design cost pool. Additional information related to these pools is as follows.
Wool Cotton Total
Machine hours 123,000 123,000 246,000
Number of setups 1,230 615 1,845
1. Calculate the overhead rate using activity based costing. (Round answers to 2 decimal places, e.g. 12.25.)
2. Determine the amount of overhead allocated to the wool product line and the cotton product line using activity-based costing.
3. Calculate the overhead rate using traditional approach. (Round answer to 2 decimal places, e.g. 12.25.)
4. What amount of overhead would be allocated to the wool and cotton product lines using the traditional approach, assuming direct labor hours were incurred evenly between the wool and cotton?

Answers

Answer:

EcoFabrics

1. Overhead Rates using activity-based costing:

Cutting = $1.80 per machine hour

Design = $390 per setup

2. Allocation of overhead:

                                  Wool                            Cotton

Cutting                  $221,400                     $221,400

Design                    479,700                       239,850

Total allocated      $701,100                      $461,250

3. Overhead rate using the traditional approach:

Predetermined overhead rate = $2.10

4. Allocation of overhead:

                               Wool            Cotton

Total allocated   $581,175        $581,175

Explanation:

a) Data and Calculations:

Budgeted overhead costs = $1,162,350

Estimated direct labor hours = 553,500

Activity Cost      Cost Drivers   Overhead Costs   Wool   Cotton     Total

Pools                  

Cutting               Machine hours     $442,800   123,000 123,000 246,000

Design                Number of setups  719,550        1,230         615      1,845

1. Overhead Rates using activity-based costing:

Cutting = $1.80 ($442,800/246,000) per machine hour

Design = $390 ($719,550/1,845) per setup

2. Allocation of overhead:

                               Wool                                     Cotton

Cutting                  $221,400 ($1.80 * 123,000)  $221,400 ($1.80 * 123,000)

Design                    479,700 ($390 * 1,230)        239,850 ($390 * 615)

Total allocated      $701,100                               $461,250

3. Overhead rate using the traditional approach:

Predetermined overhead rate = $2.10 ($1,162,350/553,500)

4. Allocation of overhead:

                               Wool                                     Cotton

Total allocated   $581,175 ($1,162,350 * 50%)   $581,175 ($1,162,350 * 50%)

Zachary Electronics currently produces the shipping containers it uses to deliver the electronics products it sells. The monthly cost of producing 9,100 containers follows. Unit-level materials $ 6,400 Unit-level labor 6,400 Unit-level overhead 3,800 Product-level costs* 8,400 Allocated facility-level costs 28,000 *One-third of these costs can be avoided by purchasing the containers. Russo Container Company has offered to sell comparable containers to Zachary for $2.70 each. Required Calculate the total relevant cost. Should Zachary continue to make the containers

Answers

Answer:

Zachary Electronics

Zachary should continue to make the containers.  It is cheaper to make than to buy from Russo Container Company.

Explanation:

a) Data and Calculations:

Production units = 9,100 containers

Unit-level materials                $ 6,400

Unit-level labor                          6,400

Unit-level overhead                  3,800

Total unit-level costs            $16,600

Product-level costs*                 8,400

Allocated facility-level costs  28,000

Relevant or avoidable costs:

Unit-level materials                $ 6,400

Unit-level labor                          6,400

Unit-level overhead                  3,800

Total unit-level costs            $16,600

Product-level costs*                 2,800 ($8,400 * 1/3)

Total relevant costs =          $19,400 (to make)

Relevant cost to buy:

Offer from Russo Container company = $2.70 per container

Total cost from outside supplier = $24,500 ($2.70 * 9,100)

On April 1, a company established a $150 petty cash fund. On April 15, the petty cash fund contains $5 in cash and the following paid petty cash receipts: Petty Cash Receipts Amount Advertising Expense $29.00 Gasoline Expense38.00 Miscellaneous Expense 50.00 Office Supplies 25.00 Prepare the general journal entries to (1) establish the petty cash fund, to (2) reimburse the fund, and to (3) increase its amount to $200 on April 15.

Answers

1. General journal entries to establish the petty cash fund

   Date  Account titles               Debit     Credit

 April 1  Petty cash                       $150

                  Cash                                           $150

2. General journal entries to reimburse the fund

   Date   Account titles                Debit     Credit

April 15 Advertising Expense      $29.00

             Gasoline Expense           $38.00

             Miscellaneous Expense  $50.00

             Office Supplies                $25.00

             Cash over and short        $3

                    Cash ($150-$5)                          $145

3. General journal entries to increase its amount to $200 on April 15.

   Date  Account title    s               Debit     Credit

April 15  Petty cash ($200-$150)    $50

                  Cash                                              $50

See related question here https://brainly.com/question/24003416

the financial statements for banana company include the following items: 20x9 20x8 cash $51,500 $50,000 short-term investments 25,000 15,000 net accounts receivable 53,000 50,000 merchandise inventory 163,000 50,000 total assets 532,000 554,000 accounts payable 131,500 124,000 salaries payable 25,000 13,000 long-term note payable 59,000 53,000 compute the current ratio for 20x8. group of answer choices

Answers

Answer:

1000,$5000maaf kalo salah

XYZ expects to sell 28,000 pools in 2019. It budgets the beginning inventory of Direct Materials, Work-in-process, and Finished goods to be 26,000; 0; 1,300 units; AND ending inventory to be 26,000; 0; 2,800 units. How many pools need to be produced

Answers

Answer:

the  no of pools need to be produced is 29,500 units

Explanation:

The computation of the no of pools need to be produced is given below:

= Ending finished goods inventory units + number of units sold - beginning finished goods inventory units

= 2800 + 28000 - 1300

= 29500 units.

Hence, the  no of pools need to be produced is 29,500 units

Blade Breeze Company manufactures ceiling fans and uses an activity-based costing system. Each ceiling fan has 20 separate parts. The direct materials cost is $70, and each ceiling fan requires 2.50 hours of machine time to manufacture. Additional information is as follows:
Activity Allocation Base Predetermined Overhead Allocation Rate
Materials handling Number of parts $ 0.08
Machining Machine hours 7.20
Assembling Number of parts 0.35
Packaging Number of finished units 2.80
What is the cost of machining per ceiling fan? (Round any intermediate calculations and your final answer to the nearest cent.)
A) $18.00
B) $70.00
C) $144.00
D) $196.00

Answers

Answer:

Machining= $18

Explanation:

Giving the following information:

Each ceiling fan requires 2.50 hours of machine time to manufacture.

Machining Machine hours 7.20

To calculate the cost of machining per ceiling fan, we need to use the following formula:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Machining= 2.5*7.2

Machining= $18

There are two preferred methods to accessing the database. One is to have newly instantiated object call the data access object. The other is to let the controller access the data access object.

a. True
b. False

Answers

I believe that it is true. So it is A

Your team is working hard to develop a strategy to serve a new client. Which of the following actions is most important to ensuring an effective strategy is chosen?

a. Suggest that each proposed strategy be evaluated against a set of key objectives.
b. Invite the client into a meeting to shape the strategy.
c. Conduct a benchmarking survey of similar clients to determine best strategy.
d. Ask the team member with the most industry-related experience to lead the process.

Answers

Answer:

b. Invite the client into a meeting to shape the strategy.

Explanation:

It is very important when we invited the client for meeting so that we are able to share the strategy as the open and loose could be discussed in a proper way and in easy way also the suggestions are also welcome. In addition to this, the strategy should be taken place as per the preferences, requirements and choices of the clients

Therefore the option b is correct

Purple Cab Company had 70,000 shares of common stock outstanding on January 1, 2021. On April 1, 2021, the company issued 40,000 shares of common stock. The company had outstanding fully vested incentive stock options for 7,000 shares exercisable at $12 that had not been exercised by its executives. The average market price of common stock was $14. The company reported net income in the amount of $289,915 for 2021. What is the basic earnings per share (rounded)

Answers

Answer:

Purple Cab Company

The basic earnings per share is:

= $2.64 per share.

Explanation:

a) Data and Calculations:

January 1, 2021, Outstanding common stock shares = 70,000

April 1, 2021, Issue of new common stock shares = 40,000

December, 31, 2021, Outstanding common stock shares = 110,000

Outstanding fully vested incentive stock options = 7,000

Exercise price of options = $12

Common stock market price = $14

Reported net income = $289,915

The basic earnings per share = $ (Net income/Outstanding common stock)

= $289,915/110,000

= $2.64 per share

b) The basic earnings per share does not include the fully vested incentive stock options.  It is only when calculating the diluted earnings per share that the stock options will be included.

Stock Z is trading at $50 today. In one year, the value will go either up to $62.50 or down to $40. A call option on Z with exactly one year to expiration has a strike price of $55. Inflation is high, so the interest rate is 10% per year. Find the delta of the call option using binomial approach. a. 0.25 b. 0.67 c. 1.05 d. 0.33

Answers

Answer:

0.33

Explanation:

Delta = (Cu – Cd)/(Su – Sd)Cu

= 62.50 – 55 = 7.50

Cd = 0

Delta = (7.50 – 0)/(62.50 – 40)

= 0.33

Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (5,200 bars) are as follows:
Ingredient Quantity Price
Cocoa 400lbs. $1.25per lb.
Sugar 80lbs. $0.40per lb.
Milk 120gal. $2.50per gal.
Determine the standard direct materials cost per bar of chocolate. Round to two decimal places.

Answers

Answer:

$0.16

Explanation:

Particulars       Quantity   Price    Amount

Cocoa                  400       $1.25      $500

Sugar                   80         $0.40     $32

Milk                      120        $2.50     $300

Total                                                  $832

Standard direct materials cost per bar = Total amount / Number of bar

Standard direct materials cost per bar = $832 / 5,200 bars

Standard direct materials cost per bar = $0.16

The accounting records of Jamaican Importers, Inc., at January 1, 2021, included the following: Assets: Investment in IBM common shares $ 1,345,000 Less: Fair value adjustment (145,000) $ 1,200,000 No changes occurred during 2021 in the investment portfolio.
Prepare appropriate adjusting entry(s) at December 31, 2021, assuming the fair value of the IBM common shares was:_____.
1, $ 1,175,000
2, $ 1,275,000
3, $ 1,375,00

Answers

Answer: See explanation

Explanation:

The appropriate adjusting entry(s) at December 31, 2021, given the fair value of the IBM common shares are represented below:

1. 31, December 2021

Dr Unrealized holding gain or loss - NI $25,000

Cr To Fair value adjustment $25,000

(To record adjustment to fair value)

2. 31, December 2021

Dr Fair value adjustment $75,000

Cr To Unrealized holding gain or loss - NI $75,000

(To record adjustment to fair value)

3. 31, December 2021

Dr Fair value adjustment $175,000

Cr To Unrealized holding gain or loss - NI $175,000

(To record adjustment to fair value)

Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2020 profit of $300,000, assuming a single sole proprietor with no other earned income.

Answers

Answer: $25,802.70

Explanation:

Social security

Social security rates in 2020 for a single sole proprietor is 12.40% on the first $137,700:

= 12.40% * 300,000

= $17,074.80

Medicare Tax

First you need to remove a deduction of 7.65% from the income:

= 300,000 * (1 - 7.65%)

= $277,050

Medicare tax is 2.90% of this adjusted amount in addition to 0.9% for any amount above $200,000:

= (2.90% * 277,050) + (0.9% * (277,050 - 200,000))

= 8,034.45 + 693.45

= $8,727.90

Total Social security and Medicare:

= 17,074.80 + 8,727.9

= $25,802.70

Spartan Corporation estimates that it will incur $200,000 of total manufacturing overhead cost at an estimated activity level of 10,000 direct labor-hours. What is the amount of manufacturing overhead that would be applied to a job that required 200 direct labor-hours?
a. $2,000.
b. $4,000.
c. $6,000.
d. $10,000.

Answers

Answer:

Spartan Corporation

The amount of manufacturing overhead that would be applied to a job that required 200 direct labor-hours is:

b. $4,000.

Explanation:

a) Data and Calculations:

Estimated manufacturing overhead = $200,000

Estimated activity level = 10,000 direct labor-hours

Predetermined overhead rate = $20 ($200,000/10,000) per direct labor-hour

Applied overhead to a job that required 200 direct labor-hours = $4,000 (200 * $20)

A single commercial bank must meet a 25 percent reserve requirement. If the bank has no excess reserves initially and $5,000 of cash is deposited in the bank, it can increase its loans by a maximum of Group of answer choices $5,000. $1,250. $120,000. $3,750.

Answers

Answer:

$3,750

Explanation:

Calculation to determine what it can increase its loans by

Using this formula

Loan increase=Excess reserves-(Reserve requirement percentage* Excess reserves)

Let plug in the formula

Loan increase=$5000-($25%*$5000)

Loan increase=$5,000-$1,250

Loan increase=3,750

Therefore it can increase its loans by a maximum of $3,750

A buyer’s agent represents the buyer, and the seller’s agent represents the broker true or false?

Answers

Answer: False

Explanation:

seller is not represent broker

TB MC Qu. 08-156 Fortune Drilling Company acquires... Fortune Drilling Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to access the deposit, which is estimated to contain 2,000,000 tons and is expected to take 5 years to extract. What journal entry would be needed to record the expense for the first year assuming 418,000 tons were mined

Answers

Answer:

Fortune Drilling Company

Journal Entry:

Debit Depletion Expense $1,350,000

Credit Accumulated Depletion $1,350,000

To record the first year's expense.

Explanation:

a) Data and Calculations:

Acquisition cost of mineral deposit = $5,900,000

Additional costs incurred = $600,000

Total costs of mine = $6,500,000

Estimated mineral deposit = 2,000,000 tons

Estimated years of extraction = 5 years

First year's extraction quantity = 418,000

Expenses for the first year = 418,000/2,000,000 * $6,500,000

= $1,350,000

Analysis:

Depletion Expense $1,350,000 Accumulated Depletion $1,350,000

Budgeted Actual Overhead cost $909,000 $884,000 Machine hours 55,000 46,000 Direct labor hours 101,000 98,000 Overhead is applied on the basis of direct labor hours. (a) Compute the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 12.25.)

Answers

Answer:

Missing word "(b) Determine the amount of overhead applied for the year?"

1. Predetermined overhead rate = Budgeted overhead / Budgeted direct labor hours

Predetermined overhead rate = $909,000 / 101,000

Predetermined overhead rate = $9 per DLH

2. Overhead applied = Actual hours * Overhead rate

Overhead applied = 98,000 * $9 per DLH

Overhead applied = $882,000

The cost of equity is ________. the interest associated with debt the rate of return required by investors to incentivize them to invest in a company the weighted average cost of capital equal to the amount of asset turnover

Answers

Answer:

If an = 3n - 2 , find a2

Explanation:

If an = 3n - 2 , find a2If an = 3n - 2 , find a2

An owner can lease her building for $160,000 per year for three years. The explicit cost of maintaining the building is $55,000, and the implicit cost is $70,000. All revenues are received, and costs borne, at the end of each year. If the interest rate is 5 percent, determine the present value of the stream of:_______.
a. Accounting profits.
b. Economic profits.

Answers

Answer:

a. Accounting profits.

Account profit = Revenue - explicit cost

= 160,000 - 55,000

= $105,000

Present value of $105,000 per year for 3 years is:

= 105,000 * Present value interest factor of an Annuity, 3 years, 5%

= 105,000 * 2.7232

= $285,936

b. Economic profit

Economic profit = Revenue - explicit cost - implicit cost

= 160,000 - 55,000 - 70,000

= $35,000

Present value of $35,000 per year for 3 years:

= 35,000 * Present value interest factor of an Annuity, 3 years, 5%

= 35,000 * 2.7232

= $95,312

Note: The profits were treated as annuities as they were constant.

Janice has been invited to appear on a home improvement show for the remodel of her summerhouse in Maine. Janice asks Mary to wallpaper her house in anticipation of the home improvement, and requests expensive custom wallpaper and a very intricate design application, for which the wallpaper would cost $5000, plus labor. Mary, excited for a very large job for her solo business, orders the intricate wallpaper and blocks off her calendar for the amount of time it will take to complete the job. After the paper has been ordered, Mary asks some friends to be available to complete the job in time for the show. Janice is informed that she will not be on the show and notifies Mary that she will not need the wallpaper.
a. Does Mary have a case for re-imbursement?
b. Under what legal theory might she prevail and what are her damages, if any?
c. What ethical theories might be applicable?

Answers

Answer:

sorry I don't know.

Explanation:

Yes, Mary has a legal cause of reimbursement Under the legal theory of ethical violation.

What is ethical violation?

A documented company's code of ethics, mission, vision, values, and culture are violated when something is spoken, published, or done that does so. Additionally, we are aware that moral transgressions laugh in the face of accepted social norms.

Most business professionals' ethical conduct is governed by codes of conduct. Business infractions including discrimination, safety issues, or poor working conditions are most frequently observed.

Additionally, fraud, theft, and conflicts of interest. Many of these cross the line into illegal territory that is dealt with outside the corporation and are not merely morally bad.

Customers may be charged for services they did not receive when there is improper or fraudulent billing. This occurs most frequently in professions where the person who pays the bill is different from the person who received the services.

Due to the frequency of this particular ethical breach, many insurance companies have started providing consumers with a list of services that may fall under this category, enticing them to report any irregularities.

Learn more about ethical violation, here

https://brainly.com/question/26382838

#SPJ5

What is the answer to this question? B or C?​

Answers

Answer:B

Explanation: everything had a code of ethics.

A company must repay the bank $10,000 cash in three years for a loan. The loan agreement specifies 8% interest compounded annually. The present value factor for three years at 8% is 0.7938. How much cash did the company receive from the bank on the day they borrowed this money?
A. $12,400.
B. $9,200.
C. $7,938.
D. $7,600.
E. $10,000.

Answers

Answer: C. $7,938

Explanation:

This is a straightforward question. From the question, we are informed that a company must repay the bank $10,000 cash in three years for a loan and that the loan agreement specifies 8% interest compounded annually and we are given the present value factor for three years at 8% is 0.7938.

Therefore, the amount of cash that the company receive from the bank on the day they borrowed this money will be:

= $10000 × Present value factor at 8%

= $10000 × 0.7938

= $7938

You made an investment of $15,000 into an account that paid you an annual interest rate of 3.8 percent for the first 8 years and 8.2 percent for the next 10 years. What was your annual rate of return over the entire 18 years

Answers

Answer: 6.22%

Explanation:

To find the annual rate of return, find the geometric mean of the returns:

= ¹⁸√ (1 + 3.8%)⁸ * (1 + 8.2%)¹⁰ - 1

= ¹⁸√ 2.9638173484126186153 - 1

= 1.0622187633434 - 1

= 6.22%

Bob has saved $30 per week to buy a new Blu-ray player. He compares two different models: a Panaview that is priced at $130 and a Zony model that is priced at $140. Bob decides to purchase the Zony Blu-ray player for $140. Identify what role money plays in each of the following parts of the story.

a. Sean can easily determine that the Panaview model has a lower price than the Zony model.
b. Sean saved $30 per week.
c. Sean pays $140 for the Blu-ray player.

Answers

Answer and Explanation:

The categorization is as follows:

a. It is a unit of account as it determined the panaview model along with the zony model plus the comparison is also there

b. It is the store of value because the saving should be the similar value over the time

c. It is the medium of exchange as he has purchased the player where the money is exchanged with the product

In this way it should be categorized    

[ Shareholders - Employees - Managers - Officers - Board of Directors ]
(a) Who manages the big picture and strategies for corporations, and who manages the day to day affairs of a corporation?
(b) How are each put in their position?

Answers

A)board of directors
B)you can appoint new company shareholders at any point after incorporation.

what is GDP of a country

Answers

Answer:

Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.

Explanation:

GDP is an acronym for Gross Domestic Products (GDP) and it can be defined as a measure of the total market value of all finished goods and services made within a country during a specific period.

Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.

On a related note, Gross Domestic Products (GDP) is a measure of the production levels of any nation.

Basically, the four (4) major expenditure categories of GDP are;

I. Consumption (C).

II. Investment (I).

III. Government purchases (G).

IV. Net exports (N).

In conclusion, GDP is a measure of the total amount of finished goods and services produced by a country.

Positive Messages and the Writing Process
Organizations exchange information internally and externally. External messages go to customers, vendors, the government, and other business partners. Internal messages travel upward to supervisors, downward to employees, and horizontally among workers. Understanding the different types of business messages and following the 3-x-3 writing process will help you write more effective professional messages. Match the message content area with the correct types of messages.
1. Sales pitches, requests for favors
2. Replies, goodwill messages, direct claims
3. Bad news, refusals
a. persuasive
b. positive
c. negative
Consider the scenario about a positive message:
Gilberto is composing an e-mail that explains the terms of a recent business transaction. He has determined the purpose of the message, analyzed his audience, and determined its reactions.
According to the 3-x-3 writing process, what actions make up his next steps?
a. Make a list of points to cover.
b. Plan for feedback.
c. Check for mechanical problems.
d. Collect information.
e. Compose the first draft.
While most business communication is now done electronically, there remain situations in which a business letter is most appropriate.
Messages delivered through business letters are less likely to reach_____than messages delivered through_____. Thus, business letters are more_____.

Answers

Answer: See explanation

Explanation:

1a. Sales pitches, requests for favors: In this case, persuasive message should be used to convince the receiver to agree with the sender's viewpoint.

b. Replies, goodwill messages, direct claims: The positive message should be used as the main idea can be communicated directly before any other supporting information are provided.

c. Bad news, refusals: This scenario involves a negative messages and should therefore be written in an indirect manner. It should also be noted that a supporting message us given before the main message us written.

2. According to the 3-x-3 writing process, the actions that make up Gilberto next steps include

a. Make a list of points to cover.

d. Collect information.

e. Compose the first draft.

3. Messages delivered through business letters are less likely to reach (unintended recipients) than messages delivered through (email). Thus, business letters are more (confidential).

Mitch and Jennifer have adjusted gross income of $125,000 and they have not planned for their children's education. Their children are ages 17 and 18 and the parents anticipate paying $20,000 per year, per children for education expenses. Which of the following is the most appropriate recommendation to pay for the children's education?
A) 529 Savings Plan
B) PLUS Loan
C) Pell Grant
D) Coverdell ESA

Answers

Answer: B) PLUS Loan

Explanation:

Seeing as they did not plan ahead and the children are about to start school, the best option they have is a loan. In light of that, they should go for a Parent Loan for Undergraduate Students (PLUS) loan.

A PLUS loan is provided by the Federal government to parents to help them pay for the tuition fees of their children at undergraduate level. It has a lower interest rate but is only given to people whose credit history are not to bad.

Use the following information about the current year's operations of a company to calculate the cash paid for merchandise.
Cost of goods sold……………………………….. $ 735,000
Merchandise inventory, January 1………………. 84,700
Merchandise inventory, December 31…………… 82,400
Accounts payable, January 1……………………. 54,500
Accounts payable, December 31……………….. 60,200

Answers

Answer:

$727,000

Explanation:

Calculation of cash paid for merchandise

Cost of goods sold

$735,000

Add:

Merchandise inventory, December 31

$82,400

Less:

Merchandise inventory, January 1

($84,700)

Purchases during the period

$732,700

Add:

Accounts payable, January 1

$54,500

Less:

Accounts payable, December 31

($60,200)

Cash paid for merchandise

$727,000

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