Business, 18.06.2020 03:57 cadecurtis
Solomon, Inc. sells fireworks. The company’s marketing director developed the following cost of goods sold budget for April, May, June, and July. April May June July Budgeted cost of goods sold $68,000 $78,000 $88,000 $94,000 Solomon had a beginning inventory balance of $3,900 on April 1 and a beginning balance in accounts payable of $15,500. The company desires to maintain an ending inventory balance equal to 20 percent of the next period’s cost of goods sold. Solomon makes all purchases on account. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the month following purchase. a. Prepare an inventory purchases budget for April, May, and June. Budgeted Cost of Goods SoldPlus: Desired ending inventoryInventory neededLess: Beginning inventoryRequired purchases (on account)b. Determine the amount of ending inventory Peabody will report on the end-of-quarter pro forma balance sheet. Ending Inventory - ??c. Prepare a schedule of cash payments for inventory for April, May, and June. Payment of Current accounts payablePayment of Previouis accounts payableTotal budgeted payments for inventoryd. Determine the balance in accounts payable Peabody will report on the end-of-quarter pro forma balance sheet. Accounts payable = ??
Answers: 3
Business, 22.06.2019 05:40, Jenan25
Grant, inc., acquired 30% of south co.’s voting stock for $200,000 on january 2, year 1, and did not elect the fair value option. the price equaled the carrying amount and the fair value of the interest purchased in south’s net assets. grant’s 30% interest in south gave grant the ability to exercise significant influence over south’s operating and financial policies. during year 1, south earned $80,000 and paid dividends of $50,000. south reported earnings of $100,000 for the 6 months ended june 30, year 2, and $200,000 for the year ended december 31, year 2. on july 1, year 2, grant sold half of its stock in south for $150,000 cash. south paid dividends of $60,000 on october 1, year 2. before income taxes, what amount should grant include in its year 1 income statement as a result of the investment?
Answers: 1
Business, 22.06.2019 10:00, mayamabjishovrvq9
Suppose an economy has only two sectors: goods and services. each year, goods sells 80% of its outputs to services and keeps the rest, while services sells 62% of its output to goods and retains the rest. find equilibrium prices for the annual outputs of the goods and services sectors that make each sector's income match its expenditures.
Answers: 2
Solomon, Inc. sells fireworks. The company’s marketing director developed the following cost of good...
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