Andrews Corp. ended the year carrying $97,130,000 worth of inventory. Had they sold their entire inventory...
| Andrews Corp. ended the year carrying $97,130,000 worth of inventory. Had they sold their entire inventory at their current prices, how much more revenue would it have brought to Andrews Corp.? | ||||||||
| Select: 1 | ||||||||
|
Homework Answers
Answer - $97,130,000
If the selling price of good is not given in the question. It should be assumed that it is equal to the cost price. So, the revenue will be 97,130,000.
A Thumbs Up! Would be really helpful for me. If you have any questions, please leave a comment and I will get back to you as soon as possible.
Add Answer to:
Andrews Corp.
ended the year carrying $97,130,000 worth of inventory. Had they
sold their entire inventory...
Cheyenne Corp. had the following account balances at year-end: Cost of Goods Sold $61,510; Inventory $15,140;...
Cheyenne Corp. had the following account balances at year-end: Cost of Goods Sold $61,510; Inventory $15,140; Operating Expenses $32,040; Sales Revenue $126,180; Sales Discounts $1,500; and Sales Returns and Allowances $1,940. A physical count of inventory determines that merchandise inventory on hand is $12,750. Prepare the adjusting entry necessary as a result of the physical count. Prepare the closing entries.
Ringmeup Inc. had net income of $199,800 for the year ended December 31, 2019. At the...
Ringmeup Inc. had net income of $199,800 for the year ended December 31, 2019. At the beginning of the year, 41,000 shares of common stock were outstanding. On May 1, an additional 16,000 shares were issued. On December 1, the company purchased 4,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
1. Taxpayer Info: Star Corp. is a calendar-year, accrual-method C corporation that sells inventory. During 2018, Star Co...
1. Taxpayer Info: Star Corp. is a calendar-year, accrual-method C corporation that sells inventory. During 2018, Star Corp had gross sales of $300,000,000 and returns of $10,000,000. At the beginning of the year, Star Corp. had $20,000,000 worth of inventory. During the year, Star Corp. purchased $105,000,000 worth of inventory. Star Corp. had end of year inventory worth $25,000,000. What is Star Corp.'s cost of goods sold? 2. Same facts as previous question. What is the amount of Star Corp.'s...
6. Last year Swensen Corp. had sales of $303,225, operating costs of $267,500, and year-end assets...
6. Last year Swensen Corp. had sales of $303,225, operating costs of $267,500, and year-end assets of $195,000. The debt-to-total-assets ratio was 27%, the interest rate on the debt was 8.2%, and the firm's tax rate was 37%. The new CFO wants to see how the ROE would have been affected if the firm had used a 45% debt ratio. Assume that sales and total assets would not be affected, and that the interest rate and tax rate would both...
For the year ended December 31, Depot Max’s cost of merchandise sold was $85,600. Inventory at the...
For the year ended December 31, Depot Max’s cost of merchandise sold was $85,600. Inventory at the beginning of the year was $8,000. Ending inventory was $9,250. Depot Max’s number of days' sales in inventory is closest to Select one: a. 34 b. 39 c. 74 d. 44
Boston Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow: E(Click the icon to...
Boston Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow: E(Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,400. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2019 would be S What is the correct amount of gross profit? Gross profit in 2019 would be $ Requirement 2. How would the...
5) Janus Corp. had the following information for the year. Beginning Inventory at January 1 20...
5) Janus Corp. had the following information for the year. Beginning Inventory at January 1 20 units @ $16 per unit Inventory Purchase, March 40 units @ $18 per unit Inventory Purchase, August 30 units @ $20 per unit Inventory Purchase, October 25 units @ $21 per unit Ending Inventory at December 31 35 units What is Janus Corp’s ending inventory at December 31, using Average Cost? A) $541 B) $611 C) $659 D) $729 6) How might the gross...
In Year 7 Standard Corp., a C corporation, sold Section 1250 property for $600,000 that had...
In Year 7 Standard Corp., a C corporation, sold Section 1250 property for $600,000 that had an adjusted basis of $550,000, resulting in a $50,000 gain. The property had cost Standard $720,000 when purchased in Year 1, and $170,000 of accelerated depreciation had been taken. Had straight-line depreciation been used, depreciation would have been $100,000. How should Standard report the gain on its Year 7 tax return? Multiple Choice $50,000 ordinary gain • $20,588 ordinary gain and $29,417 long-term capital...
QUESTION 7 Lady Ltd owns 25% of Gaga Ltd. Gaga’s profit after tax for the year ended 30 June 2017 is $50,000. The tax rate is 30%. During the year ended 30 June 2017, Lady sold $10,000 worth of invent...
QUESTION 7 Lady Ltd owns 25% of Gaga Ltd. Gaga’s profit after tax for the year ended 30 June 2017 is $50,000. The tax rate is 30%. During the year ended 30 June 2017, Lady sold $10,000 worth of inventory to Gaga. These items had previously cost Lady $7,000. All the items remain unsold by Gaga at 30 June 2017. Lady’s share of Gaga’s profit for the year ended 30 June 2017 is: $11,975. $11,750. $8,225. $9,275.
Cost of Goods Sold Shaquille Corporation began the current year with inventory of $40,000. During the...
Cost of Goods Sold Shaquille Corporation began the current year with inventory of $40,000. During the year, its purchases totaled $120,000. Shaquille paid freight charges of $8,000 for these purchases. At the end of the year, Shaquille had inventory of $49,000. Prepare a schedule to determine Shaquille's cost of goods sold for the current year. SHAQUILLE CORPORATION Schedule for Cost of Goods Sold For the Year Ended December 31, Current Year Beginning inventory $ $ $ $
Ringmeup Inc. had net income of $199,800 for the year ended December 31, 2019. At the beginning of the year, 41,000 shares of common stock were outstanding. On May 1, an additional 16,000 shares were issued. On December 1, the company purchased 4,000 shares of its own common stock and held them as treasury stock until the end of the year. No other changes in common shares outstanding occurred during the year. During the year, Ringmeup paid the annual dividend...
6. Last year Swensen Corp. had sales of $303,225, operating costs of $267,500, and year-end assets of $195,000. The debt-to-total-assets ratio was 27%, the interest rate on the debt was 8.2%, and the firm's tax rate was 37%. The new CFO wants to see how the ROE would have been affected if the firm had used a 45% debt ratio. Assume that sales and total assets would not be affected, and that the interest rate and tax rate would both...
Boston Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow: E(Click the icon to view the inventory data.) Read the requirements. Requirement 1. Assume that the ending merchandise inventory was accidentally overstated by $1,400. What are the correct amounts for cost of goods sold and gross profit? Cost of goods sold in 2019 would be S What is the correct amount of gross profit? Gross profit in 2019 would be $ Requirement 2. How would the...
In Year 7 Standard Corp., a C corporation, sold Section 1250 property for $600,000 that had an adjusted basis of $550,000, resulting in a $50,000 gain. The property had cost Standard $720,000 when purchased in Year 1, and $170,000 of accelerated depreciation had been taken. Had straight-line depreciation been used, depreciation would have been $100,000. How should Standard report the gain on its Year 7 tax return? Multiple Choice $50,000 ordinary gain • $20,588 ordinary gain and $29,417 long-term capital...
Most questions answered within 3 hours.
-
Which of the following ratios would be considered a measurement
of short-term liquidity?
Select one:
a....
asked 1 minute ago -
Nitrogen dioxide is one of the many oxides of nitrogen (often
collectively called "NOx") that are...
asked 10 minutes ago -
1/ Using ________________ as they are intended is the best
guarantee for consistency and forward compatibility....
asked 20 minutes ago -
Portfolio theory
Given the following information about firm A and the
market:δ
E (Rm)= 12 per...
asked 17 minutes ago -
Albert files his income tax return (showing a total tax of
$23,000) 5½ months after the...
asked 21 minutes ago -
This exercise involves you using imagination and logical
reasoning to occupy the mindset of a visualiser...
asked 31 minutes ago -
What kinds of storage have you seen in use during your own
lifetime?
asked 32 minutes ago -
Practicing Acid Base Calculations
Cameco in Port Hope, Ontario uses hydrofluoric acid to make a
uranium...
asked 39 minutes ago -
The gross payoffs (X) from the investment have the following
probability mass function.
x
p(x)
0...
asked 46 minutes ago -
In an aqueous mixture of aluminum, lead, and iron salts, which
of these will be reduced...
asked 1 hour ago -
The probability of college students in the US is given by P(A)=
0.06. The probability of...
asked 45 minutes ago -
Water is needed to supply a canal system, which may require up
to 30m3 s -1...
asked 50 minutes ago