Question: UNIT 1(b)- INCOMPLETE RECORDS orial class 1. Billy Ocean is a trader in seafood. The firm uses a margin of 1/6. For the month

UNIT 1(b)- INCOMPLETE RECORDS orial class 1. Billy Ocean is a trader

UNIT 1(b)- INCOMPLETE RECORDS orial class 1. Billy Ocean is a trader in seafood. The firm uses a margin of 1/6. For the month of May 2017 his opening stock was 70,000, purchases as $250,000, and closing stock was $120,000. What as his sales? 2. The Blue Ray is a trader in home dcor items. The firm operates with a mark-up of 25% During the month of April 2017 opening stock was $80.000. and purchases as $300,000. Sales for the period was $350.000. At the end of the month a portion of his stock was stolen. The amount remaining was $30,000 a) What was the value of the closing stock? b) What portion of stock was stolen?

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!

ed 21 out of question XYZ Company produces and sells one product. The budgeted selling price per unit is $15. Budgeted unit sales for July, August, September, October and November are 1,400 units,...

DUCTION TO FINANCIAL ACCOUNTING (ACC2001) TUTORIAL SHEET UNIT 1(b)-INCOMPLETE RECORDS Tutorial class 1. Billy Ocean is a trader in seafood. The firm uses a margin of 1/6. For the month of May 2017...

I need help for those question . E4.16 E18.4 E19.7 P22.4 E23.4 E18.10 E22.10 CHAPTER 4 EXERCISES: SET B E4-1B The trial balance columns of the worksheet for Lamar Company at June 30, 2017, are as...

1. Compute New England Seafoods weighted average cost of capital. (Hint: the weighted average cost of capital is equal to = ()(1 - t) + , where and are the fractions of debt and equity in the capital...

first 3 questions of the last pic need answered. any help would be appreciated! *Update. problem 3d is the main concern! if you could concentrate your effort on this, that would be great! If New...

Please show how to do it Capital Budgeting with Staged Entry New England Seafood Company The senior executives of New England Seafood Company, a leading seafood harvester and processor, scheduled a...

Matthew B. (age 42) and Courtney S. (age 41) Mumford are married and live at 11426 W. Antelope Drive, Sioux Falls, SD 57107. Matthew is the manager for The Pour House, a popular bar and grill in...

For this assignment, you are to examine the 2018 financial statements of Sprouts Farmers Market, Inc., and use that report to answer the questions that follow. Each answer should be numbered, and...

Throughout this course, you have researched a wealth of data and analytics to construct a comprehensive financial analysis and proposal (excluding tables, figures, and addenda) of a chosen company...

The senior executives of New England Seafood Company, a leading seafood harvester and processor, scheduled a meeting in early 2013 to consider a significant change in corporate strategy. New England...

Experiment a. For the data (from Section 6.6, Exercises 37-40), find the median and the mode. Frequency in 100 Experiments Number of Tall Experi Experi Experi- Experi- Offspring ment a ment b ment c...

Malesherbes Companys adjusted trial balance on June 30, 2014, contains the following accounts and balances: C. Fondren, Capital, $12,750; C. Fondren, Withdrawals, $580; Service Revenue, $6,300; Rent...

You are the accountant at Blue Sky Ltd , a company that manufactures and sells high - quality outdoor furniture. The company's financial year ends on 3 1 December 2 0 2 4 . You are required to...

Federal income tax allows a deduction for any state tax paid during the year. In addition, the state of Alabama allows a deduction from its state income tax for any federal tax paid during the year....

Cryogenics deal with which of the following mentioned? a) Production and utilization of high temperatures from 273.15K to 500K b) Production and utilization of low temperatures from 0 K to 273.15 K...

To what extent would the following taxes be deductible by Married Couple under 164? (d) A federal income tax of $20k. 4. Dr. Medic employs Charles to work for her as receptionist. She pays Charless...

QS 1-11 (Algo) Identifying effects of transactions using accounting equation-Assets and Liabilities LO P1 The following transactions were completed by the company a. The owner invested $18,600 cash...

Let Z be a standard normal random variable. Use the calculator provides, or this table, to determine the b P(-c sZsc)=0.9692 Carry your intermediate computations to at least four decimal places....

Create a 200 word summary on the Juvenile Justice System than and today. Describe The Juvenile system and provide a generalizable definition. Highlight the issues in the Juvenile system and why this...

A national chain of automobile oil-change franchises claims that "your hood will be open for less than 12 minutes when we service your car." To check their claim, an undercover consumer reporter from...

I:7-48 Meal and Entertainment Expenses. Milt, a self-employed attorney, incurs the following expenses in 2022: Business lunches for clients and prospective clients $4,000 Entertainment of...

The Baltimore Orioles had the highest player payroll in Major League Baseball (MLB) in 1998 while the Tampa Bay Devil Rays (an expansion team) had one of the lowest payrolls. The 1998 salaries for...