[The following information applies to the questions displayed below.]
Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2024 operations is as follows:
January 1, 2024, beginning inventory had a cost of $100,000 and a retail value of $150,000.
Purchases during 2024 cost $1,387,500 with an original retail value of $2,000,000.
Freight costs were $10,000 for incoming merchandise.
Net additional markups were $300,000 and net markdowns were $150,000.
Based on prior experience, shrinkage due to shoplifting was estimated to be $15,000 of retail value.
Merchandise is sold to employees at a 20% of selling price discount. Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of 2024 is $250,000.
Sales to customers totaled $1,750,000 for the year.
Required:
1. Estimate ending inventory and cost of goods sold using the conventional retail method.
Answers
The ending inventory and the cost of goods sold using the conventional retail method will be $135992, and $1361508 respectively.
How to illustrate the information?It should be noted that the ending inventory simply means the value of goods that are still available for sale at the end of an accounting period.
From the calculation in the attached document, the goods available for sale was 1497500 and the estimated cost of goods was 1361508. Therefore, the estimated inventory at cost was:
= 1497500 - 1361508
= 135992
The document is attached for further explanation.
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Related Questions
Lin’s Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $17,100; (2) up to 120 days past due, $6,300; and (3) more than 120 days past due, $3,300. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 2 percent, (2) 15 percent, and (3) 35 percent, respectively. At the end of the current year, the Allowance for Doubtful Accounts balance is $700 (credit) before the end-of-period adjusting entry is made. Required: What amount should be recorded as Bad Debt Expense for the current year? (Enter your answers as a whole percentage (i.e., 0.12 should be entered as 12).)
Answers
Not yet due:
22,000
Estimated Percentage Uncollectible: 3%
Estimated Amount Uncollectible: 660
Up to 120 days past due:
6500
Estimated Percentage Uncollectible: 14%
Estimated Amount Uncollectible:
910
Over 120 days past due:
2800
Estimated Percentage Uncollectible: 34%
Estimated Amount Uncollectible: 952
Estimated Balance in allowance for doubtful accounts: 2522
Current balance in allowance for doubtful accounts: 1200
Bad Debt Expense for the Year: 1322
Which of the following is true about Needs Met ratings? Select all that apply.
Answers
Answer:
you should always assign the Needs met rating before assigning the page quality rating.
Leon is a rock climbing enthusiast, and is considering getting a membership at a new rock climbing gym. today, leon climbs at a different gym where on a weekly basis, it costs him $18 per climb for the first three climbs, $8 per climb for the next three climbs, and $5 per climb for any subsequent climbs that week. the cost of the membership at the new gym is $25 a week, regardless of how many times leon climbs at the gym. the new gym leon is considering would also require a locker rental fee of $8 per climb. leon knows that based on the amount he climbs today (approximately 4x per week), it makes more financial sense to move to the membership, however he wants to understand what might happen if he changes his climbing frequency. when will it no longer make financial sense for leon to move to the membership option?
Answers
The correct option is C. If he climbs less than three times a week and more than six times a week that make no longer make financial sense for Leon to move to the membership option.
What is a Membership service?
Assisting Enrollees in comprehending CONTRACTOR policies and practices, facilitating referrals to participating specialists, and assisting in the resolution of issues and member complaints are all examples of what is meant by member services.
The complete question is given in the file attached below
Given,
Calculation of Under non-membership according to correct options
Assume If he climb 8 times in week = 3x18 + 3 x 8 + 2 x 5 =$88
Calculation of Under membership
Assume if he climb 8 times in week = $25 + 8 x 8 =$89
Thus, the difference between membership and non-member is $1.
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"Spin" boils down to outright lying in order to cover up what actually happened in a situation.
O True
O False
Answers
Answer:True
Explanation:
the correct decision of decision variable are
Answers
The correct definition of decision variable is that it is a quantity that the decision-maker controls.
What is a decision variable?This refers to an economic/physical quantities that usually competes with one another for sharing the given limited resources.
Hence, the term "decision variable" is best defined as a quantity that the decision-maker controls to utilize the resources.
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Joyce Kleeper entered into a contract with Elmer Coss to purchase a 50‑acre parcel of land in order to construct a modern planned community. The agreement was formally executed with the understanding that performance was to be contingent upon anticipated zoning changes in the area under consideration. When the zoning changes did not occur, Keeper refused to finalize the purchase. Coss sued to force performance. Can Coss prevail?
Answers
Yes, Coss can prevail, this is because even while it was understood that performance would be subject to zoning changes, it wasn't expressly stated in the contract and wasn't a requirement.
What is the legal agreement?A legal agreement is basically a method for the determination that specifies out the roles and obligations of each party to the agreement. The written document becomes enforceable once it has been manually, digitally, or electronically signed.
Thus, This is because even while it was understood that performance would be subject to zoning changes,
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Some of the local licensed stockbrokers offer investors the opportunity to invest in
international equities. In an effort to have a diversified portfolio, you are considering investing
in a few stocks that are traded in the United States. You have chosen Pepsico, a company you
are familiar with. The company has both common and preference shares.
Required:
i. Common shares: Pepsico is expected to pay dividends over the next four years as
follows:
Year 1 $1.50
Year 2 $1.50
Year 3 $1.25
Year 4 $1.25
Thereafter, the company is expected to increase dividends by an annual rate of 2%.
If your required return on these shares is 9%. How much would you be willing to pay for
a share of this stock today? 10 Marks
ii. Preference shares: The Company’s preference shares pay an annual dividend of $1.50.
With preference shares being slightly less risky than common shares, your required return
is 8%. How much would you be willing to pay for a share of this stock today?
3 Marks
Answers
Currently, $17.39 is the price that investors are willing to pay for a share of this stock. Currently, $18.75 is the price that investors are prepared to pay for a share of this stock.
What is preference shares?
Shares with the ability to receive dividends announced by the firm before equity shareholders are referred to as preference shares, or preferred shares. A security with a fixed income is preferred shares.
Annual rate after year 4(g) =2%
required rate (r) = 9%
Terminal value = Dividend year 4 × (1 + g) / (r—g)
1.25000 × 1 + 0.02/0.09 – 0.02
= 18.21429
(i) D1/(1+r) + [tex]D1/(1+r)^{2}[/tex] + [tex]D1/(1+r)^{3}[/tex][tex]D1/(1+r)^{4}[/tex] + terminal value/[tex](1+r)^{4}[/tex]
1.50/(1+9%) + 1.50/[tex](1 + 0.09)^{2}[/tex] + 1.25/[tex](1+0.09)^{3}[/tex] + 1.25/[tex](1+0.09)^{4}[/tex] + 18.21429/ [tex](1+0.09)^{4}[/tex]
= 17.39289
(ii) Annual dividend/r
1.50/8%
=18.75
Hence, the significance of the preference shares is aforementioned.
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Paman has been hired for the past 15 years by a famous millionaire, Roland who lives in Singapore to look after his durian orchard in a village in Pahang. Considering that in recent years, Roland seems to be less inquisitive about any income, profit, and loss regarding the sale of fruits from his orchard, Paman also began to act carelessly with his duties in the orchard. Unbeknownst to Roland, Paman had asked Nomy, a troubled teenager in the village to help him pick up the durians that had fallen during the recent fruit season. Paman thinks Nomy is a young man who deserves help apart from the relatively low wage asked for. Furthermore, Paman is already less able to manage Roland's orchard alone. Apparently, behind Paman's back, Nomy had acted to conspire with Ms. Kam, a middleman from Kuala Lumpur, and to collect durians from the orchard on a large scale at a much lower price than the market in silence. Finally, Paman managed to sniff out Nomy's bad deed and reported it to Roland. In your opinion, can Roland claim any damages from the actions of Paman, Nomy, and Ms. Kam? Describe Roland's rights according to aspects of Agency Law.
Answers
Roland as the principal has enforceable rights against the Agent (Paman) and the third party hired by the Agent, according to the Agency Law.
What is the Agency Law?Agency Law provides the legal basis for the relationship existing between the principal and the agent, who is appointed to act on behalf of the principal.
By Agency Law, the Agent is hired to do the principal's work, undertake transactions, and manage the principal's business.
According to the law of agency, if the agent deals with a third party on behalf of the principal, the principal can enforce their rights against both the Agent and the third party.
Thus, Roland as the principal has enforceable rights against the Agent (Paman) and the third party hired by the Agent, according to the Agency Law.
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Which of the following is an example of investing activity
Answers
The sentence that is an example of investing activity is option A. Prepayment of a contract. Hence, the correct answer is option A. Read below about investing activity.
What is an investing activity?Investing activities include purchases of physical assets, investments in securities, or the sale of securities or assets. Negative cash flow from investing activities might not be a bad sign if management is investing in the long-term health of the company.
Therefore, the correct answer is as given above
The complete question goes thus:
Which of the following is an example of an investing activity?
A. Prepayment of a contract
B. Purchase of machinery
C. Repayment of long term debt
D. Issuance of shares
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Bill wants to attend a college with a current tuition of $10,000 a year. He will graduate from high school in five years. Roughly how much will Bill need to save for one-year's tuition to account for an
annual rate of inflation of 3%?
$638.30
O $667.50
O $656.50
O $633.30
Answers
Bill need to save $11,592 for one-year's tuition to account for an annual rate of inflation of 3%.
The option is not listed above.
To compute for future Value the formula is given below;FV = Present value(PV) × (1 + rate of interest)^time period
pv= $10,000
rate of interest= 3% = 3/100 = 0.03
time = 5years
FV= $10000× (1+0.03) ^5
FV= 10000× 1.1592
FV= $11,592.7
Therefore, Bill need to save $11,592 for one-year's tuition to account for an
annual rate of inflation of 3%.
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Agricultural land includes all of the following EXCEPT which?
Answers
The land that is least conducive to agriculture is sandy soil. This is further explained below.
What is sandy soil?Generally, Light, warm, dry, sandy soil that is acidic and deficient in nutrients is what you may expect to find in a typical climate. Because of their low clay content, sandy soils are often referred to as "light soils."
In conclusion, The term "permanent cropland" includes wooded plantations used to harvest fruit but excludes tree farms and true forests utilized for wood or lumber.
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Where would 'accounts payable' most likely appear in a set of financial statements
Answers
Accounts payable would appear on the debit portion in a set of financial statements.
What is accounts payable?This refers to money that one owe to vendors and suppliers. It is the money not owned because it will be repaid later.
Accounts payable is a liability since it is money owed to creditors and is listed under current liabilities on the balance sheet.
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What is one of the monetary benefits of attending college?
OA. The ability to choose a satisfying job
OB. Improved quality of life
OC. Increased earning potential in the future
O D. Missed opportunities to earn income
Answers
The correct option is C. Increased earning potential in the future. According to many education providers, increased earning potential in the future is one of the monetary benefits of attending college.
Although other benefits listed constitute part of the benefits of attending college but in terms of those that provide only "monetary benefit". Many education providers list increased earning potential at the top of their list among the monetary benefits of attending college. Based on this general consensus, we can conclude that option C is the most correct option.
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Typically, life insurance policies are incontestable after a specific amount of time, usually one or two years. Following this time period, insurance companies cannot contest the validity of the policy, unless premiums were not paid. Does this encourage people to hide facts from insurance companies during the two year waiting period? if so, is this ethical?
Answers
Is It Possible To Be An Exterminator If Your Scared Of Every Known Bug, insect Or Termite Known To Man Kind Like (Ants,Bees,Bed Bugs, Butterflies,Caterpillars Cockroach, Grasshoppers, Mosquitoes,Ladybugs,Spiders,ETC)
Answers
Answer:
Well it depends on the person. Are you scared of seeing bugs or scared of even thinking or knowing about them. If you are a truly scared I would suggest not becoming an exterminator.
If its just a general fear of insects you can give the job a try, since most exterminators don't come in direct contact with insects you will rather be spraying or preventing the insects to come in the first place.
Answer:
It may be possible, to over come your fear doing that job. But I would not recommend it because if you are freaking out about bugs all the time, you wont be able to do your job to the full potential and in fact they might hire you in the first place.
Explanation:
What are the main attractions and limitations of the comparator approach in valuation?
Answers
The main attractions of the comparator approach in valuation is the ability to compare prices of commodity and the limitation is lack of access to financial details of the company close by.
What is comparator approach in valuation?The approach is used to compare sales of similar goods in a particular location.
The analysis is done for goods that are sold within a period of time that is not too far from each other
The main attractions of comparator approach in valuation?It is useful in comparing prices and monitoring trends of goods sold.It uses a company financial information and it can be used to understudy a competitor.The main limitations of comparator approach in valuation?It requires financial information for other company which may not be easily accessible.Learn more on comparator approach below
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Suppose your firm is considering investing in a project with the cash flows shown as follows, that the required rate of return on projects of this risk class is 8 percent, and that the maximum allowable payback and discounted payback statistic for the project are three and three and a half years, respectively. Time 0 1 2 3 4 5 Cash Flow −100,000 30,000 45,000 55,000 30,000 10,000 Use the PI decision rule to evaluate this project; should it be accepted or rejected?
Answers
The profitability index decision rule of the project equals 2.45 year and thus, the project should be accept to be embarked on.
What is a profitability index?The rule refers to a decision-making exercise that helps to evaluate whether to proceed with a project based on its profitability.
Hence, because the profitability index decision rule of the project equals 2.45 year and thus, the project should be accept to be embarked on.
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Decision Point: Deciding on Your Simple Structure
Julia, who has been with The Ayes Have It from the beginning, approaches as you are packing up your paperwork from the desk in your old office. "The new place is going to be really posh, compared to this," she muses. You nod agreeably. "I guess it will change things between us. Not that things haven't changed already."
You wince as you remember how you dated in college and broke off your engagement last year after you'd accepted her marriage proposal. At the time she was nice about it, but she has never managed to be as kind to you since you started dating her friend.
She says, "I never understood--are we business partners, or am I your employee? What about the others, are they partners or employees?”
You always thought you had a simple structure at your company. In a simple structure, who would report to you?
A. Humberto. He has been marketing the software but also handles some of the accounting functions.
B. Julia. She manages the office temporary workers you've hired and otherwise works on marketing brochures. She also helps with software improvements and customer service.
C. Chin. She has been the official finance/budgeting person, primarily because she handles the banking.
D. Luiz. He has been dubbed "the traveler" for his constant trips overseas to market the software, but as an IT genius he was instrumental in helping develop the software.
Answers
The person that would report to you would be B. Julia. She manages the office temporary workers you've hired and otherwise works on marketing brochures. She also helps with software improvements and customer service.
What is a Business Structure?This refers to the hierarchies in place that shows the chain of command for ease of business and access.
Hence, we can see that based on the fact that Julia manages the workers, she is responsible for collecting reports from others and then reporting directly to you.
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Assume that markup is based on selling price. Calculate the cost and selling price.
Dollar markup $4.00
Percent markup on selling price 20.00%
Cost and selling price?
Answers
The cost price is $20.
The selling price is $24.
What is the cost price and selling price?When the price of an item is marked up, it means that the price of the item has been increased.
Cost price = dollar mark up / percent dollar mark up
4/0.2 = $29
Selling price = (1.20 x 20) = $24
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which of the following accounts is an equity?
company truck
prepaid advertising
common truck
accounts payable
Answers
An account which is an example of an equity is: C. common stock.
What is an equity account?An equity account can be defined as a financial portrayal of ownership interests in a business firm, which may come from the business's earnings or payments made by stockholders and owners such as:
Preferred stockContributed surplusAdditional paid-in capitalRetained earningsTreasury stockCommon stockThis ultimately implies that, common stock is an account which is an example of an equity.
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Which of these best fits the definition of interest, as it applies to finance? a. interest is the money earned by investing. b. interest is the cost of borrowing money. c. interest is the cost of investing poorly. d. interest is the portion of a loan which must be repaid every year. please select the best answer from the choices provided a b c d
Answers
The definition for interest in terms of finance is interest is the cost of borrowing. Therefore the correct option is (B).
What is Finance?Finance refers to the money or the funds required by the company to undertake the business projects. Here, finance is the separate field of the study taught to the management students.
Interest refers to the amount charged to the borrower to the lender on the loan facility provided to them. Every lender charges the rate of the interest according to his will.
Bank also charge the rate of the interest on the loan provided to the customer. Therefore the correct option is (B).
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Employees often attend trainings and read policies. They endure these, but do not internalize them. What should be your first step in getting your employees to appreciate the importance of data privacy?
Answers
The first step in getting employees to appreciate the importance of during the orientation process, the employee receives training in a variety of topics, including data privacy and the protection of personal information.
What is data privacy?
The area of data management that deals with treating personal data in accordance with privacy laws, rules, and industry best practices is known as “data privacy.”
Prior to accessing systems containing personal data, a new employee should have at least a basic understanding of personal data.
Maintaining a culture of personal data protection within the organization, including health data, biometric data, criminal convictions, and security measures data, will depend in large part on keeping employee awareness levels at the greatest possible level.
Hence, the significance of the data privacy is aforementioned.
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In alphabetical order below are balance sheet items for Karol Company at December 31, 2022.
Answers
Some contents of a balance sheet are:
Accounts payableAccounts receivableCashCommon stockRetained earnings, etc.What is a Balance Sheet?This refers to the financial statements that make a report on a company's assets and liabilities and their shareholder equity.
The uses of a balance sheet are:
To explain the financial position of a company at a particular timeTo evaluate a businessTo identify possible issuance of dividends.Please note that your question is incomplete so I gave you a general overview of what a balance sheet is, its contents and other relevant information.
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A feature of personal selling by salespeople is that it is
Answers
A feature of personal selling by salespeople is that it is their development of oral conversation.
What is a Personal selling?This refers to a face to face selling technique whereby the salesperson uses an interpersonal skills to persuade the prospective customer in buying a particular product.
However, the main feature of personal selling by salespeople is that it is their development of oral conversation because they need to effectively persuade their client.
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what is the acronym for the rainbow
Answers
Answer:
roygbiv
Explanation:
roygbiv
Answer:
the rainbow symbolizes God’s glory the radiance of his beauty, holiness, and perfection Like the appearance of the bow that is in the cloud on the day of rain, so was the appearance of the brightness all around. Such was the appearance of the likeness of the glory of the Lord.
1. prepare income statements for both garcon company and pepper company. 2. prepare the current assets section of the balance sheet for each company.
Answers
There are three main parts of income statements and they are:
RevenueExpensesProfitWhat is an Income Statement?This refers to the profit and loss account of a company that shows the expenses and revenue for a particular company.
Hence, we can see that a sample income statement would be:
BOSKA COMPANY
Income statement for August 29, 2021
NET SALES------------------ $2,000,000
GROSS SALES-------------$500,000
GROSS PROFIT-------------$1,5000,000
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Select a local business that doesn’t seem to be thriving. Develop a set of recommendations for how that business could use technology to build its clientele. If possible, present recommendations to the business owner or manager.
Answers
A local business that doesn't seem to be thriving should analyze its planning to identify marketing strategies to create value and attract customers.
How to develop an effective marketing strategy?It is necessary that there is an analysis of the micro and macro environment in which the company is inserted, identifying the needs and desires of consumers, the company's competitive strengths and differentials, to generate value and positioning in the market.
Therefore, it is essential that the company uses the marketing mix and other tools such as SWOT analysis to assist in the strategic direction that will lead it to be successful.
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Which of the following is an accurate description of Dave Fishwick’s model of ethical banking? Check all that apply.
Banks hiring managers with local roots
Lending decisions made based on personal knowledge of the local situation
Banks attracting as many deposits as possible to purchase financial instruments
Banks linking local savers with small and medium-sized enterprises in need of finance
Answers
Description of Dave Fishwick’s model of ethical banking includes-
(a) Lending decisions made based on personal knowledge of the local situation
(c) Banks linking local savers with small and medium-sized enterprises in need of finance.
What are banks?Banks are the financial institutions that help in depositing and withdrawing money. They also help individuals to borrow funds at some interest rate for their investment.
The goal of Fishwick's strategy is to connect local individuals with small and medium-sized businesses in need of financing. It is operated by a local bank manager who bases lending choices on extensive specific experience.
Therefore, options A and C include the ethics which nowadays banks are focused on despite attracting as many deposits as possible to purchase financial instruments.
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What's the price of a property would be expected to sell for after suitable exposure to the market, assuming no exceptional factors are influencing the parties' decisions or financing availability
Answers
The price of a property would be expected to sell for after suitable exposure to the market is Fair value Price.
What is Fair Value?
The price that must be set to sell the property in the open and competitive market under all the conditions required for the fair sale is called as Fair Value. The Buyer and the Seller assumes the prices is not affected in any circumstances.
The amount that a property should sell for, provided that no unusual circumstances are impacting the parties' judgments or the availability of finance is the Fair Value Price.
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Mrs. Tanner is enrolled in a Medicare Advantage HMO that offers a point of service option. This allows Mrs. Tanner to do which of the following?
Answers
Mrs. Tanner is enrolled in a Medicare Advantage HMO that offers a point of service option. If Mrs. Tanner needs particular medical care, she may see a doctor outside of her insurance plan without having to get prior clearance. This is further explained below.
What is Medicare Advantage HMO?Generally, Healthcare costs for visits to physicians and other medical professionals are covered under Medicare Advantage HMO plans.
In conclusion, Mrs. Tanner has a point-of-service option via her Medicare Advantage HMO. Mrs. Tanner is allowed to visit a doctor outside of her insurance network if she has a special medical need.
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