Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consider the following information: Sales Revenue Ending inventory Cost of Goods Sold Beginning inventory $660,000 72,000 520,000 62,000 What is the number of days to
Consider the following information: Sales Revenue Ending inventory Cost of Goods Sold Beginning inventory $660,000 72,000 520,000 62,000 What is the number of days to sell? (Round intermediate calculations to 2 decimal places.) O 50.5 days O 470 days O 371 days O 39.8 days AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: 250 units@ 20 350 units @ 21 250 units@ 22 50 units 23 $5,000 7,350 5,500 10.350 Beginning inventory P urchase on January 25 urchase on March 15 Purchase on October 2 Goods available for sale $28,200 There are 650 units in ending inventory. What is the amount of the ending inventory using the FIFO method? o $12,350 O $14750 o $10,350 O $5,000 A company's financial records at the end of the year including the following amounts Cash Accounts receivable Supplies Accounts payable Notes payable Retained earnings, beginning of year Common stock Service revenue Wages expense Advertising expense Rent expense $ 71,600 29,600 5,600 11,600 5,800 18,600 56,000 42,600 9,600 6,600 11,600 30 What is the amount of total assets to be reported on the balance sheet at the end of the year? O $149,400 $125,400 $106,800 $118,400 The following account balances were listed on the trial balance of Edgar Company at the end of the period: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $30,600 48,900 30,000 13,500 45,000 60,000 The company's trial balance is not in balance and the company's accountant has determined that the error is in the cash account. What is the correct balance in the cash account? $62.100. O $31,500 $57,900. O $2.100
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started