Cost of goods sold for Abe Distributors was $550,330 for the year. If the beginning inventory at cost was $118,700 and the ending inventory at cost was $303,400, find the inventory turnover at cost. (Round your answer to the nearest tenth.) a. 2.6 b. 2.7 c. 4.8 d. 5.1

Q: Which of the following journal entries correctly records the current month's activity where $88,000…

A: Direct material is the one which is used directly in the production of the goods. However, indirect…

Q: What are the partnership's earnings for 2015?

A: Marco's earnings = ending capital - beginning capital+ withdraw - additions =…

Q: Oriole Company is considering a capital investment of $196,000 in additional productive facilities.…

A: Cash flow states the cash inflow and cash outflow of the company. It is represented in the cash flow…

Q: On January 1, 2018, the Moody Company entered into a transaction for 100% of the outstanding common…

A: The consolidated common stock is the par value of the common stock issued by the parent entity.

Q: Direct material costs are recorded: O Indirectly to Goods in Process account. O Indirectly to a…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: Montoya Tutoring Service completed the following transactions: Mar. 1 Bought equipment for $5,798…

A: Journal entry: It refers to the recording of company's financial transactions that are entered into,…

Q: Francis Company's selected accounts balances on December 31, 2015 are as follows: Cash 60,000…

A: The total amount of equity can be calculated by two methods. first is by deducting total liabilities…

Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $39,000, 10%,…

A: A bond is issued by the company for raising finance for the business working. It is considered a…

Q: Romeo is trying to decide whether to accept a salary of P40,000 or a salary of P25,000 plus a bonus…

A: The net income is calculated as difference between total revenue and expenses of the current period.…

Q: X sold her principal residence for 5M when the market value was 6M. The house was purchased 4 years…

A: Capital gains arise when it is an appreciation in the value of capital assets. The gain realized on…

Q: . Compute the cost of the ending inventory under the FIFO method. Round the cost-to-retail ratio to…

A: Introduction:- FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Q: Baguio Corp. incurred P350,000 of research and development costs to develop a product for whicha…

A: Patent is very important aspect.Its a government authority or we can say a licence conferring a…

Q: Max, Alfred and Waters shared profits and losses 20%, 40%, and 40% respectively and their…

A: In the books land should be recorded in the fair value so option C is correct.

Q: Required information [The following information applies to the questions displayed below.] The…

A: Raw material used for production = Opening raw material + Purchases- indirect material - Closing raw…

Q: sider the cash flow data in the table below for two competing investment projects. At i= 10%, which…

A: To make Decision which project is more Benifical we Have to compute Net Present value of both…

Q: Why is it critical to have internal controls in place when it comes to managing and handling cash?…

A: Internal controls are the controls that are set to maintain the integrity and make financials as per…

Q: How much would be the loss on derecognition to be recogniz

A: To answer this question, firstly we need to calculate the Total Acquisition cost of the Machine:…

Q: The following account balances are taken from the December 31, 2020, financial statements of ABZ…

A: In the given question, advertising service is provided on account. Therefore, both advertising…

Q: In one month, a c credit accounts a recorded in the s OA. $250, OB. $320, OC. $180, OD. $70,0

A: Cash Flow Statement- A cash flow statement is an important component of the company's financial…

Q: Willard Company established a $440 petty cash fund on September 9, 2020, On September 30, the fund…

A: A record is usually preserved in the general ledger, but it can alternatively be placed into a…

Q: Olivia wishes to purchase some undeveloped land for investment purposes. She is unable to pay the…

A: An funding is usually the outlay of a few capital today—time, effort, money, or an asset—withinside…

Q: 18   The classified balance sheet for a company reported current assets of $811,925, total…

A: Given in question: The balance sheet of a company reports the following things: Current assets of…

Q: A consumer gave ABS-CBN COMPANY a one-year, $500,000 note with an annual interest rate of 8%.…

A: Discounting appears to be the process of transferring or releasing a customer's notes receivable to…

Q: Stockholders' equity is:   Multiple Choice   a liability of the business.   an economic resource…

A: Stockholders' equity is the amount of resources contributed by the owner to the business .

Q: Poppy Corporation acquires Stevens Company, paying the owners of Stevens 1,000,000 new shares with a…

A: Given that, Poppy issue 1,000,000 shares to stevens. Par value of share = $0.50  Fair value of share…

Q: SLAC Corp is planning to expand and new projects is expecting to earn an average of P750,000.00…

A: The price of means the total amount return necessary by a corporation to justify beginning on a…

Q: A project your firm is considering for implementation has these estimated costs and revenues: an…

A: Investment cost $50,000   So, the cost at year 0 will be $50,000     Maintenance cost that starts at…

Q: Journal entry? 1. Materials were purchased on account for $35,425. 2. Materials were requisitioned…

A: Materials- Materials inventory is essentially raw materials inventory, which is the total cost of…

Q: Sheridan Company manufactures a product with a standard direct labor cost of two hours at $14 per…

A: Variances are calculated to determine the deviation of actual data from the standard data. The…

Q: Which of the following terms does not refer to the amount that is paid by the note issuer to the…

A:

Q: Service Revenue 233,900 Office general expense 2,500 Salaries and wages expense 20,000 Utility…

A: The requirement is to record journal entries and prepare financial statements i.e., income…

Q: East Point Retail, Inc. sells apparel through company-owned retail stores. Recent financial…

A: Return on Total Assets = Net Income / Average Total Assets    Return on Stockholders’ equity = Net…

Q: Sheffield Corp. produces several products that can be sold at the split-off point or processed…

A: Additional revenue = Sales value after further processing - Sales Value at split off

Q: During Heaton Company's first two years of operations, it reported absorption costing net operating…

A: The main distinction between absorption costing and variable costing is the treatment of fixed…

Q: What effect will this adjustment have on the accounting recor Unearned Fees 6,375 Fees Earned 6,37 O…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: Using the following accounts and their amounts, prepare in good format a balance sheet for Bright…

A: The balance sheet is one of the financial statements of the business, which represents the financial…

Q: Under absorption costing, a company had the following per unit costs when 5,000 units were produced.…

A: 1. Total product cost per unit Particulars per unit direct labor 5.60 Direct material 6.60…

Q: A small delivery van can be purchased for $14,000. At the end of its useful life (8 years), the van…

A: a) Straight - Line depreciation method   Depreciation per annum = Cost - salvage value/ useful life…

Q: December 31 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts…

A: The liabilities are the amount due to be paid to the creditors or other suppliers.

Q: Give me answer within 30 min please I will give you positive rating immediat

A: Oriole company owns 4300 of the 10000 shares of Sheffield Corporation. It means Oriole has 43% stake…

Q: Question Content Area Based on the following data, what is the accounts receivable turnover? Sales…

A: Accounts receivable: It refers to the funds owed by the customer for the purchase of goods and…

Q: For many years, Manama Corporation has used a straightforward absorption costing approach to…

A: Manama Corporation has been following absorption based costing approach. Absorption costing is the…

Q: A sale of principal residence to purchase a new principal residence shall be exempt from tax of…

A: Disclaimer: "Since you have asked multiple questions in a single question we answered the first…

Q: D Question 2 The following costs are included in a recent summary of data for a company: advertising…

A: It is  type of costs.In detail we can refer it to an ongoing expense of operating a business.…

Q: et, Anytown, CA 90000 Marital Status: Married Minor Children: 0 Summary: John and Jane Doe (Mr.…

A: The answer has been mentioned below..

Q: Depreciation on equipment for the year is $5,760. a. Record the journal entry if the company…

A: Answer :- step 2 in the solution.

Q: When the selling price of treasury shares is greater than its cost, the company credits the…

A: The treasury stock includes the own shares of the company purchased from the shareholders.

Q: Gizmo Inc. purchased a one-year insurance policy on October 1 for $4,320. The adjusting entry on…

A: Dec.31 Insurance Exp                     $1080.00             Prepaid Insurance…

Q: You put $190 in the bank for 5 years at 15%. A. If interest is added at the end of the year, how…

A: Lets understand the basics. Future value is value of any amount in the future. It is used to know…

Q: What would you be ready to spend now for a P1,250 annual return over the following ten years,…

A: The term "discount charge" refers to the interest rate levied by the Treasury Department on…