On January 1, 2015, Goodbye Electronics Outlets adopted the conventional retail method of accounting for its merchandise
Question:
Determine the company€™s ending inventory under the conventional retail method. ( Round percentages to two decimal places.)
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
Transcribed Image Text:
Cost Retail 45,730 $6 Inventory, 1/1/2015 Markdowns Additional markups Markdown cancellations Markup cancellations Net purchases Sales $68,000 17,850 28,500 6,500 3,500 90,000 195,500 155,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
COST RETAIL Inventory 112015 45730 68000 Net purchases 155500 190000 N...View the full answer
Answered By
Ankit Jangra
Career Summary: Over twenty five years of teaching experience, more than half of which in Engineering subjects and a significant half in MBA entrance level exams. Here is a short gist.
Work Experience: Alumni of a national institute of technology in computer science and an IIM (a prestigious management institute in India and globally) call getter (98.7 percentile).
Had also been a project guide on one occasion for a Engineering final year project in designing a Network Intrusion Detection System, an advanced firewall mechanism that dealt with network security. Have also designed many software projects from games to online payment to network data transfer format and interchange.
Have also written three university level text book notes on C and Data Structure, Digital circuits and Engineering Mathematics.
Had been teaching and mentoring MBA aspirants in reputed institutes of the country.
Associated with an academy for the last seven years teaching subjects like Aptitude, C and Data Structure, Analysis of Algorithm, Operating System, Digital Circuits for post graduate entrance exams and also had the privilege of being a guest lecturer in many government universities across the country.
Computer Literacy: Have detailed and intricate and extensive knowledge of Core Java, Enterprise Java, React, Spring Framework, Hibernate, LDAP (server directory structure) and Scala Actor System and Databases like MySql, Mongodb, PostgreSql. Teaching Java fundamentals from basic to advanced, from Java Memory model to Reference objects, to UTC Date Time format, to responsive Java, to design patterns, to JUnit test, to ForkJoin thread pool, only a few samples to count. Only recently, (for academic interest) designed a Json converter (Json to Java object and vice versa) from scratch like Jackson, for mongoDB application. Also designing web applications both front and backend, with knowledge of React, HTML, CSS, Javascript. Have been teaching Java for more than seven years.
0.00
0 Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Question Posted:
Students also viewed these Accounting questions
-
On January 1, 2017. Goodbye Electronics Outlets adopted the conventional retail method of accounting for its merchandise inventory. Determine the company's ending inventory under the conventional...
-
As of January 1, 2017, Aristotle Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2017, you obtain the following...
-
As of January 1, 2014, Aristotle Inc. installed the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2014, you obtain the following...
-
On July 31, 2019, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows: Prepare the July 31, 2019, closing entries for Serbian...
-
In the paper "Total Body Composition by Dual-Photon (153Gd) Absorptiometry" (American Journal of Clinical Nutrition, Vol. 40, pp. 834-839), R. Mazess et al. studied methods for quantifying body...
-
Spencer Company produced 200,000 cases of sports drinks during the past calendar year. Each case of 1-liter bottles sells for $36. Spencer had 2,500 cases of sports drinks in finished goods inventory...
-
Describe self priming devices.
-
Atmospheric air enters the heated section of a circular tube at a flow rate of 0.005 kg/s and a temperature of 20C. The tube is of diameter D = 50 mm, and full developed conditions with h = 25 W/m 2 ...
-
Let C' be the curve of intersection of the cylinder 25x + y = 25 and the plane x + y + z = 4. (a) Using t as the parameter where 0
-
On the night of February 27, 2012, certain records of the Genmo Corporation were accidentally destroyed by fire. Two days after that, the principal owner had an appointment with an investor to...
-
John Stevens Corporation uses the conventional retail method for financial reporting. The companys inventory records are summarized below. Estimate John Stevens ending inventory using the...
-
In 2016, Sawyer Company experienced a major casualty loss. The roof of its warehouse collapsed in an ice storm and destroyed its entire inventory. The company began the year with inventory of $ 598....
-
Figure P27.8 represents a section of a circular conductor of non-uniform diameter carrying a current of 5.00 A. The radius of cross section A1 is 0.400 cm. (a) What is the magnitude of the current...
-
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.)...
-
The following financial statements relate to GoGo Sdn Bhd. Statement of Financial Position as at 31 December: Property, plant and equipment [note (ii) Current assets Inventories Trade receivables...
-
Let z denote any nonzero complex number, written z = rele (- < 0 ), and let ra denote any fixed positive integer (n = 1, 2,...). Show that all of the values of log(z/") are given by the equation...
-
Before you can begin to design a network, you must take into account the needs of the organization and the people associated with it as well as how those people will be accessing the network. For...
-
A basketball player is trying to improve his consecutive free throw shots. Every day, he would shoot a set of ten free throws and record the results. He has been shooting shots all summer and...
-
a. If a project breaks even on an accounting basis, what is its operating cash flow? b. If a project breaks even on a cash basis, what is its operating cash flow? c. If a project breaks even on a...
-
A firm offers two products for sale. The marginal cost of one product is new zero once the first unit has been produced. The marginal cost of the other product rises as output rises. What would be...
-
What is meant by a dilutive security?
-
Briefly explain why corporations issue convertible securities.
-
Briefly explain why corporations issue convertible securities.
-
Whatare basis of the segmentation? How would you improve on this strategy in marketing ? What are the basis of the segmentation? How would you improve on this strategy?
-
Jimmy has a bond with a $1,000 face value and a coupon rate of 9.5% paid semiannually. It has a five-year life. a) If investors are willing to accept a 14 percent rate of return on bonds of similar...
-
A zero-coupon bond that will pay $1,050 in 12 years is selling today for $441.91. What interest rate does the bond offer?
Study smarter with the SolutionInn App