The trial balance of Larkspur, Inc. at the end of its fiscal year, August 31, 2020, includes these accounts: Inventory $19,500; Purchases $155,500; Sales Revenue $193,000; Freight-In $4,000; Sales Returns and Allowances $3,350; Freight-Out $1,750; and Purchase Returns and Allowances $2,600. The ending inventory is $24,500. Prepare a cost of goods sold section for the year ending August 31 (periodic inventory).
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Ответ:
Explanation:
The preparation of the cost of goods section for the year august 31 is presented below:
Beginning inventory $19,500 (A)
Purchase $155,500
Less: Purchase return
And allowances -$2,600
Net purchase $152,900
Add: freight in $4,000
Cost of goods purchased $156,900 (B)
Cost of goods available $176,400 (A + B)
Less: ending inventory $24,500
Cost of goods sold $151,900
Ответ:
d) $6,223.30
Explanation:
Interest payable in cash = 100000*6% = $6000
Amortization of bond discount (Straight line) = Discount in issue of bond / number of years
Amortization of bond discount = (100000 - 97,767) / 10
Amortization of bond discount = 2233 / 10
Amortization of bond discount = 223.3
Amount of interest Expense = 6000 + 223.3
Amount of interest Expense = $6,223.30