Question: 3 1 points Save Answer On January 1, 2019, the merchandise inventory of Golden, Inc. was $900,000. During 2019, Golden Inc. purchased $2,000,000 of merchandise,

3 1 points Save Answer On January 1, 2019, the merchandise inventory of Golden, Inc. was $900,000. During 2019, Golden Inc. purchased $2,000,000 of merchandise, the purchase discount was $50,000, freight-in charge was $20,000. The company recorded net sales of $3,000,000. The gross profit rate on sales was 20%. What is the amount of merchandise inventory at December 31, 2019 OA $550,000 OB $920,000 5620,000 OD. $470,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

I need help with the following question's part 5 which include all of the questions shown below try to answer all of them ( side note if you could give a brief expiation on how to do it to) Current...

I really need an answer for module 3 entries (June 17-30) and midterm evaluation and final evaluation. I need them asap please help. Zacks Bike Hut Level II 1st Web-Based Edition Introduction Page 1...

I'm using Kohl's Corporation's Annual Statement trying to answer this question. I've attached the annual report below. Assess management performance by calculating Economic Value Added (EVA). UNITED...

Corresponds to CLO 1(a) West Coast Corporation had 800,000 shares of common stock outstanding on January 1, issued 200,000 shares on October 1, and had income applicable to common stock of $2,865,000...

I'm trying to develop Pro Forma financial statements (Balance Sheet and Income Statement) for the next two fiscal years, assuming a 10% growth rate in sales and Cost of Goods Sold (COGS) for each of...

I need help with the following questions please answer all of them(please help asap) Current Assets 10000 11000 12000 12100 13100 13200 18000 18100 18200 15100 17100 Cash Accounts Receivable 21200...

Quiz: Quiz 3 X + C osu.instructure.com/courses/143616/quizzes/888038/take H Men Custom Suits... OBIBASEXXS.. O BERHR($ 20... Big Dude USA - Bi... >0 DOKV a Amazon.com: OA... a DXL Twenty-Eight... a...

can someone PLEASE help me with these accounting questions? i especially need the 10 adjusted entries and the T-accounts. Home Insert Draw Data Review View Page Layout Formulas 9AA Arial General...

Home Insert Draw Data Review View Page Layout Formulas 9AA Arial General Paste $ % 9 og fx. Mason Automotive sells 20,000,000 shares at $1 par for $20 on January 1st, 2019, A B C D E Mason Automotive...

QUESTION 2 (20 Marks) 2.1 REQUIRED Show the effect of the following transactions of Avis Services on the accounting equation. Use + to denote an increase, to denote a decrease and 0 to denote no...

An artifact containing carbon-14 contains 8.4 109 g of carbon-14 in it. If the age of the artifact is 11,670 y, how much carbon-14 did it have originally? The half-life of carbon-14 is 5,730 y.

Financial data ($ thousands) for Wisconsin Wilderness, Inc., are reproduced below: Short-term liabilities. . . . $ 500 Long-term liabilities . . . . 800 Equity capital . . . . . . . . . 1,200 Cash...

CA6.1 (LO 3) (Bad-Debt Accounting) Simms Company has significant amounts of trade accounts receivable. Simms uses the allowance method to estimate bad debts instead of the direct write-off method....

CT Corp Comprehensive Question Canadian Tire Corporation, Limited (Canadian Tire) is a family of companies that includes a retail segment and a financial services division, among others. The retail...

A neglect of American-style managerialism. A lack of emphasis on those general aspects of management normally emphasized in Anglo-Saxon countries, although criticized by American commentators, does...

2 How should the Belgian management in the joint venture have handled the issue of recruitment?

Goal setting and appraisal. Several companies use goal setting extensively, and see it as useful. This involves the setting of individual targets, face-to-face performance discussions, and weekly to...