Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details
Purchases $510,000
Beginning Merchandise Inventory 175,000
Purchase Returns and Allowances 50,000
Purchase Discounts 12,000
Freight In 18,000
Ending Merchandise Inventory 160,000
A) $510,000
B) $481,000
C) $499,000
D) $801,000
B .Calculation of Cost of Goods Sold:
Beginning Merchandise Inventory $175,000
Purchases $510,000
Less: Purchase Returns and Allowances 50,000
Less: Purchase Discounts 12,000
Net Purchases $448,000
Plus: Freight In 18,000
Net Cost of Purchases 466,000
Cost of Goods Available for Sale $641,000
Less: Ending Inventory 160,000
Cost of Goods Sold $481,000
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Alessia has inherited 21 acres of land in Alaska. Since she has no urge to visit Alaska, she has never seen the land. Rondo and Jania have moved onto the land and erected a home. They have started using the land and have even fenced much of it in. There is no mortgage on the land, and Alessia doesn't receive a tax bill because Rondo and Jania pay the yearly taxes. After the statutory period in Alaska has run, Rondo and Jania would become the owners of the land.
Answer the following statement true (T) or false (F)
Exhibit 15-5 On January 1, 2016, Roberts Company adopts a compensatory share option plan and grants 40 executives 1,000 shares each at $30 a share. The fair value per option is $7 on the grant date. The company estimates that its annual employee turnover rate during the service period of three years will be 4%. ? Refer to Exhibit 15-5. At the end of 2017, the company estimates that the employee
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Which of the following actions determines when a corporation comes into existence?
A) The charter is obtained from the state. B) The incorporators pay fees, sign the charter, and file required documents with the state. C) The first share of stock is issued. D) The corporate bylaws are written.
In the context of creating and maintaining ethical organizations, discuss some of the results of research conducted by the Ethics Resource Center (ERC).
What will be an ideal response?