Givens Corp is a merchandising company that uses the periodic inventory system. Selected account balances are listed below: Sales $500,000 Purchases 225,000 Inventory (beginning) 16,000 Inventory (ending) 30,000 Operating Expenses 148,000 Income Tax Expense 10,000 Retained Earnings (beginning) 53,000 Dividends 15,000 Refer to information for Givens Corp Calculate the cost of goods sold for Givens
Corp
a. $275,000
b. $259,000
c. $241,000
d. $211,000
d
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The loss of usefulness because of inadequacy or obsolescence is called
a. functional depreciation. b. physical depreciation. c. amortization. d. cost allocation.
Shidan Apartments purchased an apartment building to rent to university students on November 18, 2015 . The following costs were incurred during 2015, before the tenants moved in: Purchase price of the building $220,000 Purchase price of the land 100,000 Transfer taxes 10,000 Interest incurred on the mortgage loan to purchase 4,000 Attorney and real estate agent's fees 15,000 Repave the parking
lot 6,000 How much will Shidan Apartments record as an asset? a. $320,000 b. $345,000 c. $351,000 d. $355,000
Heather owns a hair accessory company. She is looking to negotiate with her fabric supplier, which provides swimsuit material scraps, to reach a mutually beneficial agreement. Heather wants the supplier to consistently provide it with high-quality fabrics at a fair price within the allotted time frames. The fabric supplier would also be able to sell its otherwise unused scraps. The fabric supplier agrees and a formal contract is arranged. In the end, Heather has negotiated a long-term contract with the fabric supplier at a fair price, and the fabric supplier is guaranteed a new stream of business from Heather. Which type of bargaining does this scenario illustrate?
A. distributive bargaining B. competitive bargaining C. compromise bargaining D. integrative bargaining
To determine the balance in an account, always subtract credits from debits
Indicate whether the statement is true or false