Calculate amount of cash that practical paid to suppliers

Assignment Help Accounting Basics
Reference no: EM132566884

Question - Practical Company had sales of $323,000 for the year. The company reported accounts receivable of $34,000 at the end of last year and $34,000 at the end of this year. Practical's cost of goods sold this year was $250,000. In last year's statement of financial position, the company reported inventory of $48,000 and accounts payable of $33,000. In this year's statement of financial position, Practical reported inventory of $43,000 and accounts payable of $37,000. Calculate the amount of cash that Practical paid to suppliers for inventory during the year.

Reference no: EM132566884

Questions Cloud

Determine the gross profit per unit of the product : Determine the gross profit per unit of the product from Division W under each of the independent assumptions Transfer price is cost-based plus mark-up
Which macromolecule catalyzes chemical reactions : Which macromolecule catalyzes chemical reactions, thus be considered an enzyme?
What would be overall effect on company profits : What would be overall effect on company profits if all 10,000 tools were acquired from the Division A rather that from the outside suppliers?
Provide two biological mechanisms : In terms of evolution, which do you think arises first? The virus or the host? Moreover, provide two biological mechanisms as to how viruses can kill their host
Calculate amount of cash that practical paid to suppliers : Practical Company had sales of $323,000 for the year. Calculate the amount of cash that Practical paid to suppliers for inventory during the year
Who developed the taxonomy naming system still used today : Who developed the taxonomy naming system still used today?
Compute divisional operating income for the two divisions : Compute divisional operating income for the two divisions. Ignore taxes. (Enter your answers in thousands of dollars rounded to 1 decimal place.)
Prepare the journal entry to record the conversion of bond : The common stock had a market value of $9 per share on the date of conversion. Prepare the journal entry to record the conversion of the bond
Corynebacterium diphtheria disease from cdc : Epidemiology is the science that studies where and when diseases occur and how they are transmitted. Is corynebacterium diphtheria considered

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the book value of the tractor

A contractor purchased a tractor at a cost of $135,000 and plans to use it for 5 years which time she estimates the salvage value of the tractor will be $65,000

  Receive brokerage advice from edwards jones for purchase of

receive brokerage advice from edwards jones for purchase of 500 shares of microsoft at 49.20 per share plus 400 brokers

  The melano corporation was authorized to issue 1000000

the melano corporation was authorized to issue 1000000 shares of 1 par common stock and 100000 shares of 100 par 10

  Prepare a cost of production report

All direct materials are placed in process at the beginning of production. Prepare a cost of production report, presenting the following computations:

  Financial statements in respect of the sale and purchase

Assuming that Newcars plc and Oldcars plc are related parties, describe the related parties' disclosures that would have to be made in the companies' financial statements in respect of the sale and purchase of cars between the two companies.

  Prepare the general journal entry

Use this information to prepare the General Journal entry (without explanation) for the January 2 entry

  Determine the amount of cash received by american

Determine the amount of cash received by American from the above transactions during the year ended September 30, 2014

  Legal docs inc is a legal services firm that files

legal docs inc is a legal services firm that files incorporation papers for small businesses. they charge 1000 per

  Prepare journal entries to record transactions

Purchased raw materials at a cost of $45,000 and general factory supplies at a cost of $13,000 on account, Prepare journal entries to record transactions

  Difference between absorption and variable costing

Determine the difference between absorption and variable costing witout preparing an incom statement.

  Finco is a wholly owned finnish manufacturing subsidiary of

finco is a wholly owned finnish manufacturing subsidiary of winco a domestic corporation that manufactures and markets

  Calculate the total dividends declared on may 2004

BUSINESS ADMINISTRATION, MANAGEMNT& COMMERCIAL SCIENCES ACCOUNTING 512 ASSIGNMENT - Calculate the total tax expense that would appear in the statement of comprehensive income of Stress Management Limited for the end 30 November 2004. Show all worki..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd