The following information for Year 2 is taken from the accounts of Tuttle Company. The company uses the periodic inventory system.Inventory, December 31, Year 1$9400? Purchases 41,400? Purchase returns and allowances 740? Purchase discounts 540? Freight on goods purchased under terms FOB shipping point 1740? Freight on goods sold under terms FOB destination 940? Cost of goods sold 29,800? Based on this information, what is the inventory at December 31, Year 2?
A. $21,460
B. $12,340
C. $28,860
D. $19,120
Answer: A
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Royal Company purchased a dump truck at the beginning of 2012 at a cost of $60,000 . The truck had an estimated life of 6 years and an estimated residual value of $24,000 . On January 1, 2014, the company made major repairs of $20,000 to the truck that extended the life 1 year. Thus, starting with 2014, the truck has a remaining life of 5 years and a new salvage value of $8,000 . Royal uses the
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A teller's check is a:
A. check drawn by a bank on an individual's funds. B. draft drawn by a bank on any other financial institutions other than a bank. C. draft drawn by a bank on another bank or payable at or through a bank. D. draft on which the drawer or drawee are the same bank.
Factory overhead includes:
a. Wages of office clerk. b. Sales manager's salary. c. Supervisor's salary. d. Tax accountant's salary.