Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 24, 2023

Great Stuff Ltd. uses the periodic inventory system. From the following account balances at 30 June 2017: Calculate the value of Purchases for the

Great Stuff Ltd. uses the periodic inventory system. From the following account balances at 30 June 2017:

Calculate the value of Purchases for the period.

Freight In Sales revenue Inventory 30/6/17 Inventory 1/7/16 Gross Profit $1,000 $30,000 $3,000 $4,000 $10,000

Step by Step Solution

★★★★★

3.49 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the value of purchases for the period we can use the formula Purc... blur-text-image

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

Recommended Textbook for

Accounting

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

9th edition

1118608224, 1118608227, 730323994, 9780730323990, 730319172, 9780730319177, 978-1118608227

More Books

Students also viewed these Finance questions

Question

★★★★★

1.2.1 The format recommended by the International Financial Reporting Standards for the preparation of a statement of profit or loss and other comprehensive income calculates and shows the gross...

Answered: 1 week ago

Question

★★★★★

Instruction to be followed. > There are 10 problems/questions: >> you have one attempt per question >> 1 is a general journal problem >>> a text entry general journal is provided >>> there are enough...

Answered: 1 week ago

Question

★★★★★

In view of the information provided below provide suggestions for the efficient management of trade debtors. INFORMATION MANAGEMENT OF TRADE DEBTORS Debtor management is central to the effective cash...

Answered: 1 week ago

Question

★★★★★

Numerous companies have established home pages on the Internet, e.g., the soda companies Capt'n Eli Root Beer Company and Cheerwine. Instructions Examine the home pages of any two companies and...

Answered: 1 week ago

Question

★★★★★

The saturation concentration of dissolved oxygen in water as a function of temperature and chloride concentration is listed Table P20.3. Use interpolation to estimate the dissolved oxygen level for T...

Answered: 1 week ago

Question

★★★★★

3. Explain how the pattern of ones life insurance program should vary from young adulthood through retirement years.

Answered: 1 week ago

Question

★★★★★

We throw a fair die repeatedly until an outcome of 4 or greater appears for the fifth time. If X denotes the number of trials until this happens, then X follows the (a) Poisson distribution with...

Answered: 1 week ago

Question

★★★★★

Bryan and Cody each contributed $120,000 to the newly formed BC Partnership in exchange for a 50% interest. The partnership used the available funds to acquire equipment costing $200,000 and to fund...

Answered: 1 week ago

Question

★★★★★

accounting Iinter 1 Which of these would bo an accurate wisistment for a morth in which no paymonts we made? 4. Dubt interent expense and creat interest payabia. D. Debelows pwrablo and credt cash....

Answered: 1 week ago

Question

★★★★★

Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2020. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from...

Answered: 1 week ago

Question

★★★★★

If the Marginal Income Tax Rate (MTR) is 35%, a corporate bond that has an annual interest rate of 12.5% offers the same after-tax cash flow with a municipal bond that has an interest rate of A....

Answered: 1 week ago

Question

★★★★★

What is the purpose of code of conduct will it impact at the goal decisions how will it be used by the organization and it\'s associates

Answered: 1 week ago

Question

★★★★★

Is there a common thread in the two situations of personal gain? What is different about the Gates scenario and those of the Birmingham officials?

Answered: 1 week ago

Question

★★★★★

To keep your production plant up and running, you are constantly looking for new employ- ees. Understanding the abilities of an applicant is not easy. By conducting an interview with an applicant,...

Answered: 1 week ago

Question

★★★★★

What is the profile of a hacker today? Characteristics Black hat White Hat State Sponsored Hackers Whistleblower Cybersecurity professionals (NYU, courses, degrees that specialize in cybersecurity,...

Answered: 1 week ago

Question

★★★★★

At a recent meeting, Nora observed that in her organization, the key values are intensely held and widely shared among all team members. What does this represent?

Answered: 1 week ago

Question

★★★★★

The equivalence of SQL table in column - family stores is Select one:a . rowb. tablec. the column family

Answered: 1 week ago

Question

★★★★★

If someone's Z-score for a variable was 0.67. Their score is a significant extreme score. Their score is not significant. O Their score is slightly above average. O Their score is an outlier.

Answered: 1 week ago

Question

★★★★★

Jenny Pike, assistant accountant for Blenheim Instruments Ltd, was finalising the balance sheet of the company as at 30 June 2015 with the accountant of the business, Russell Bayer. Although both...

Answered: 1 week ago

Question

★★★★★

Galluzo Ltd uses a sales journal, a cash receipts journal, a general journal and an accounts receivable subsidiary ledger within a periodic inventory system. The terms of all credit sales are 2/10,...

Answered: 1 week ago

Question

★★★★★

In analysing the financial statements of an entity, the following ratios were calculated: 2017 2016 Current ratio 1.1:1 1.3:1 Quick ratio 0.5:1 0.7:1 Receivables turnover 30 days 45 days Inventory...

Answered: 1 week ago

Question

★★★★★

An annuity providing a rate of return of 4.8% compounded monthly was purchased for $45,000. The annuity pays $400 at the end of each month. a. How much of Payment 37 will be interest? b. What will be...

Answered: 1 week ago

Question

★★★★★

If you are firmly convinced that prevailing interest rates will decline, how should you change the relative weighting of short-term and long-term bonds in your bond portfolio?

Answered: 1 week ago

Question

★★★★★

Suppose that the loan in Problem 5 permits an additional prepayment of principal on any scheduled payment date. Prepare another amortization schedule that reflects a prepayment of $5000 with the...

Answered: 1 week ago

Previous Question Next Question