Business, 02.04.2020 20:07 maliyahclays

Bramble Corporation is a small wholesaler of gourmet food products.

Data regarding the store's operations follow: Sales are budgeted at $340,000 for November, $320,000 for December, and $310,000 for January.

Collections are expected to be 80% in the month of sale and 20% in the month following the sale.

The cost of goods sold is 75% of sales. The company would like maintain ending merchandise inventories equal to 60% of the next month's cost of goods sold.

Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $24,000. Monthly depreciation is $15,000. Ignore taxes. Balance Sheet October 31

Assets Cash $ 20,000

Accounts receivable 70,000

Merchandise inventory 153,000

Property, plant and equipment, net of $572,000

accumulated depreciation 1,094,000

Total assets $ 1,337,000

Liabilities and Stockholders' Equity Accounts payable $ 254,000

Common stock 820,000

Retained earnings 263,000

Total liabilities and stockholders' equity $ 1,337,000

The cost of December merchandise purchases would be: Multiple Choice

a. $240,000

b. $255,000

c. $139,500

d. $235,500

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 15:40

Nikolas works in a shoe store as a salesperson. a teenage boy comes in looking for comfortable sports shoes because he is going on a hike. he tells nikolas he wants shoes that have velcro straps. nikolas shows him a wide variety of velcro-strapped shoes, but the customer rejects them because they don't feel comfortable. he asks for sports shoes with laces instead. nikolas once again shows him a wide variety. the boy is once again not satisfied and asks to see the velcro-strapped shoes again. nikolas is irritated but doesn't show his annoyance. what customer service skill is nikolas showing? nikolas is a. meekness b. patience c. persistence

Answers: 1

Answer

Business, 21.06.2019 20:20

Accounts receivable arising from sales to customers amounted to $40,000 and $55,000 at the beginning and end of the year, respectively. income reported on the income statement for the year was $180,000. exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

Answers: 2

Answer

Business, 21.06.2019 23:30

On september 12, ryan company sold merchandise in the amount of $5,800 to johnson company, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. ryan uses the periodic inventory system and the net method of accounting for sales. on september 14, johnson returns some of the non-defective merchandise, which is restored to inventory. the selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. the entry or entries that ryan must make on september 14 is (are): multiple choice sales returns and allowances 490 accounts receivable 490 merchandise inventory 350 cost of goods sold 350 sales returns and allowances 490 accounts receivable 490 sales returns and allowances 500 accounts receivable 500 sales returns and allowances 490 accounts receivable 490 merchandise inventory 343 cost of goods sold 343 sales returns and allowances 350 accounts receivable 350

Answers: 1

Answer

Business, 22.06.2019 16:50

Coop inc. owns 40% of chicken inc., both coop and chicken are corporations. chicken pays coop a dividend of $10,000 in the current year. chicken also reports financial accounting earnings of $20,000 for that year. assume coop follows the general rule of accounting for investment in chicken. what is the amount and nature of the book-tax difference to coop associated with the dividend distribution (ignoring the dividends received deduction)?

Answers: 2

Answer

You know the right answer?

Bramble Corporation is a small wholesaler of gourmet food products.

Data regarding the s...

Questions