JANUARY FEBRUARY MARCH ABBOT MERCHANDISE Purchases Returns $21,948 $14,576 $12,945 $4,367 $987 $2,398 Discounts $2,000 $100 $1,156 CABOT FARMS Purchases $12,978 $9,567 $14,503 Returns $1,298 $876 $904 Discounts $100 $400 $250 DIVERSITY SERVICES Purchases $18,756 $15,678 $12,987 Returns $257 $125 $359 Discounts $25 $75 $250 displayed information, what was the total amount paid to Diversity Service $46,330

JANUARY FEBRUARY MARCH ABBOT MERCHANDISE Purchases Returns $21,948 $14,576 $12,945 $4,367 $987 $2,398 Discounts $2,000 $100 $1,156 CABOT FARMS Purchases $12,978 $9,567 $14,503 Returns $1,298 $876 $904 Discounts $100 $400 $250 DIVERSITY SERVICES Purchases $18,756 $15,678 $12,987 Returns $257 $125 $359 Discounts $25 $75 $250 displayed information, what was the total amount paid to Diversity Service $46,330

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 Jan 23, 2021 Purchases 55 units at $12 January 31 Purchases 53 units at $14 All additional data for the current year was taken from the books of ABC Inc. Sales volume for the year are 210. HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO IF THE TAX RATE IS 30%?
Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 Jan 23, 2021 Purchases 55 units at $12 January 31 Purchases 53 units at $14 All additional data for the current year was taken from the books of ABC Inc. Sales volume for the year are 210. HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO IF THE TAX RATE IS 30%?
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A company had the folowing purchases during its first year of operations Purchases January, 10 units at $120 February 20 units at $130 May 15 units at 5140 September. 12 units at $150 November: 10 units at $160 On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from february, 6 from May, 4 trom September, and 10 from November. Lising the specific identification method, what is the cost of the ending inventory?
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Cash receipts Cash payments For inventory purchases For S&A expenses January $ 107,000 February $113,000 March $ 133,000 93,500 34,500 75,500 35,500 88,500 30,500 Franklin Medical had a cash balance of $11,500 on January 1. The company desires to maintain a cash balance of $6,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 2 percent per month. Repayments may be made in any amount available. Franklin pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results. Required Prepare a cash budget. Note: Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be indicated with a minus sign. > Answer is complete but not entirely correct. Cash Budget Section 1: Cash Receipts Beginning cash balance January February March $ 11,500 $ 6,700 $ 6,000 Add:…
The following information is available from the inventory records of columbia hoodies company for January: Units Unit Cost Total Cost Balance at Jan 1 3,000 $9.77 $29,310 Purchases: Jan 6 2,000 $10.30 $20,600 Jan 26 2,700 $10.71 $28,917 Sales: Jan 7 (2,500) $14.00 $35,000 Jan 31 (4,000) $14.00 $56,000 All sales are made at 14.00 unit price. Q: Compute the ending inventory on Jan 31 using perpetual moving-average cost. A: I have Ending Inventory at 1,200 units with a value of $12,284.73, is this correct? DO NOT GIVE SOLUTION IN IMAGE FORMAT
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eview - Google Chrome od/quiz/review.php?attempt3D208064&cmid-184726 Moodle January February Inventory purchases budget in units 000 0000 Each unit costs $10 and all purchases are made on credit. ABC pays 20% in the month of purchase and 80% in the month following the purchase. December inventory purchases totalled $70,000. How much cash will be disbursed for inventory purchases in January? Select one: none of these 0000 $176,000 000'08$ e to search