Cost of merchandise sold reported on the income statement was $159,380. The accounts payable balance increased $6,110, and the inventory balance increased by $9,130 over the year. Determine the amount of cash paid for merchandise. $fill in the blank 1

Q: Presented below is information related to Muharraq Company. Cost $484,000 Retail $500,000 Beginning…

A:

Q: how to decide and choose between investments if capital is rationed? Assess the timing effect of…

A: Here asked for multi question we will solve for first question for you.  If you need additional…

Q: How will the increase in the price of soft drinks affect the demand for soft drinks? How much…

A: Prices affect the business revenue as it is directly associated with the revenues which are…

Q: Chulu own a retail shop.  The following information is available from the few records kept for the…

A: Buyers are provided a set of financial statements every year that provide information on the…

Q: The following balances are extracted from the books of a commercial establishment on 31/12/2021…

A: Financial statements are the summaries showing net and gross losses and profits, assets and…

Q: 23 The articles of incorporation: A set forth the number of shares of stock that can be issued. B.…

A: The articles of incorporation refers to the formal documents which are filed by a company before…

Q: During the past year, a plumbing supply house sold 504 faucets. Inventory records for the year are…

A: Introduction: Under FIFO method of inventory, inventory which comes first are sold first. Hence…

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: Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of…

A: ℅ will be calculated as follows (Item/ total asset or liabilities+shareholders equity) *100

Q: Super Ma'am, 61 years old, took an airplane going to Dipolog and the fare (inclusive of taxes and…

A: In the Philippines, an individual who is above the age of 60 years is known as a senior citizen. The…

Q: What is a balanced scorecard and how do companies use it?  How can it help MNCs specificall

A: The balanced scorecard assesses four major elements of a company: learning and growth, business…

Q: Use the information below in preparing the Statement of Cash Flows of the firm for the year ended…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: The controller has asked you to consider three separate options that your firm has for getting a new…

A: Annual Lease payment for 5 years as follows: Years ALP ALP (Net of Tax) PVF @ 10% PVF ($) 1 15…

Q: Additional information: 1. An annual insurance policy was purchased for the first time on October 1,…

A: The journal entries which are made in the books of accounts of the company after the preparation of…

Q: Calculate the quick assets (in $) and acid test ratio for the given company. Round ratios to the…

A: Quick assets includes such current assets that can immediately be converted into cash.  It assess…

Q: Ron Smith opens an apartment-locator business near a college campus. He is the sole owner of the…

A: Accounting is very important for every business organisation. This is a process of recording,…

Q: Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown…

A: Vertical Analysis refers to the income statement analysis where all the line items present in the…

Q: The following balances have been taken from the unadjusted trial balance of Burwood Electric…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: What are some of the importance of financial management to procurement managers?

A: A procurement manager is in charge of sourcing goods and services for their company. Another title…

Q: It is considered one of the audit objectives A. The data is free from material errors B. Reporting…

A:

Q: Prepare journal entries that McTavish Ltd needs to record to recognise revenues associated with the…

A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…

Q: Virma Corporation sold to a subscriber 500 shares of its P 30 par value ordinary shares at P 32 per…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Did this affiliation violate antitrust law? Explain.

A:

Q: What is the quoted equity instrument

A: An equity instrument refers to a document which evidences  the ownership right in a company. Equity…

Q: d coverage. An analysis of the company's insurance polic surance coverage remains. upplies account…

A: Solutions Journal entries 1).  Depreciation Expense A/c   Dr.      $18,000    Accumulated…

Q: The directors of Komfwe’s Bibbentuckers are considering purchasing a new laundry machinery that…

A: Net present value  =Present value of cash inflows - present value of cash outflows Pay back period=…

Q: What total amount should be capitalized as cost of the machine?

A: Original price is the whole charge related to the acquisition of an asset. The authentic price of an…

Q: Item No. 4 is based on the following information: Luningning Corporation sold for cash 400…

A: The share premium is the amount received in excess as compared to the par value of shares.

Q: Shrieves Casting Company is considering adding a new line to its product mix, and the capital…

A: Incremental cash flow refers to the additional or extra operating cash flow that the firm gets from…

Q: On January 1, 2016, Colt Co. issued ten-year bonds with a face amount of $1,000,000 and a stated…

A: Introduction: A bond is a fixed responsibility issued by corporations or government entities to pay…

Q: 1 Transferred cash from a personal bank account in exchange for stock, $50,000 2 Purchased $8,000 of…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: When you think of a successful company in our country (a bank, airlines or a tourism company), how…

A: Merger and Acquisition is one of the strategy adopted by a successful company to expand business not…

Q: a. Calculate the quality-control overhead cost to be assigned to the low-calorie dessert product…

A: (a) Overhead cost to be assigned under traditional costing = $65,000 * 17% = $11,050 (a)…

Q: Numba  Ephraim plc, a retailing company has an authorized share capital of 700,000 ordinary shares…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Tutorial Question X: The balances on Festus's insurance account as at 31" of March, 2012 were a…

A: The insurance account indicates detailed information like insurance expenses paid, accrued expenses,…

Q: Blossom Company purchased a machine on January 1, 2019, for $792000. At the date of acquisition, the…

A: The question is related to the Chnage in Accounting Estimates. Chnage in Accounting Estimates is…

Q: Secret recipe Company shows $130,000 worth of assets on its December 31, 2009, balance sheet if the…

A: Accounting equation states that assets equals to sum of liabilities and shareholders equity.  Assets…

Q: Prepare a worksheet.

A: Trial balance is the summary of all general ledger account balances in the business. Total of debits…

Q: Bopha Ltd, a general construction company which is based in Limpopo, has a financial year end of 31…

A: All the expense which incurred to bring an asset to put to use will be capitalise as a part of that…

Q: 7. Inventory excludes... A. Goods purchased for resale 8. Finished goods produced C. Construction…

A: The inventory is reported as current assets in the balance sheet at the end of period.

Q: I The company is processing a product in 4 departments A, B, C, and D as the last department. The…

A: The production cost report is prepared in three parts which are as follows:-1. Physical Flow…

Q: Use the following financial information to find the entry you would make on an income statement for…

A: Income statement is prepared by the business organization so as to know how much amount of gross…

Q: Expenditures may be either capitalized or expensed. When Expenditure is capitalized it means that:…

A: Introduction: Fixed assets are those assets expenditures for which are incurred in a period however…

Q: What exactly are ESOPs? What are some of its benefits and drawbacks?

A: Introduction: ESOP: Employee stock ownership plan is retirement plans for employees of the company…

Q: At the 15 January 2019 , the amount of Retained earnings reported by Moon Corporation is $ 2.500.000…

A:

Q: On January 1, 2014, Aim Company showed patent of P1,920,000 with related accumulated amortization of…

A:

Q: Awesome Restorations Pty Ltd opened a Hardware Shop in 2010. They use the Net Credit Sales method…

A: Bad debts/Doubtful Debts are those debtors who do not pay and are not ready to pay in the future the…

Q: A firm purchased a Machine on 1 January 2010. The Machine has a 5 year life and no residual value.…

A: Fixed assets are those assets which are being held by the business for longer period of time. For…

Q: Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion…

A: Income statement: Income statement is the record made by the company to determine their earnings in…

Q: In 2012, an apartment building was purchased. The depreciation on the building was $236,510, and it…

A: Formula: Gain or loss = Asset cost - Depreciation amount