Business, 04.03.2020 05:47 xrenay

Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of 6,450,000. Ranns engaged in the following transactions during the year:.
1. Purchased merchandise inventory for 9,500,000
2. Generated net sales of 26,000,000
3. Recorded inventory shrinkage of 10,000 after taking a physical inventory at year-end
4. Reported gross profit for the year of 15,000,000 in its income statement
A. At what amount was Cost of Goods Sold reported in the company's year-end income statement?
B. At what amount was Merchandise Inventory reported in the company's year-end balance sheet?
C. Immediately prior to recording inventory shrinkage at the end of the year, what was the balance of the Cost of Goods Sold account? What was the balance of the Merchandise Inventory account?

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 21:20

What business practice contributed most to andrew carnegie’s ability to form a monopoly?

Answers: 1

Answer

Business, 22.06.2019 22:50

For 2016, gourmet kitchen products reported $22 million of sales and $19 million of operating costs (including depreciation). the company has $15 million of total invested capital. its after-tax cost of capital is 10%, and its federal-plus-state income tax rate was 36%. what was the firm’s economic value added (eva), that is, how much value did management add to stockholders’ wealth during 2016?

Answers: 1

Answer

Business, 22.06.2019 23:20

Warby parker, a manufacturer of fashionable prescription eyewear, notes on its website, "warby parker was founded with a rebellious spirit and a loft objective: to offer designer eyewear at a revolutionary price, while leading the way for socially-conscious business." this excerpt from the company's website states warby parker's

Answers: 1

Answer

Business, 22.06.2019 23:40

Elite coffee and bakery, a café that offers a relaxing environment to enjoy quality coffees, teas, soups, and other menu items, has a poster in the front of its restaurants that reads, "we will always provide a quality product to our customers better meet the challenges of their day and always take the time to offer caring service one person at a time." this statement is elite's

Answers: 2

Answer

You know the right answer?

Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning...

Questions