Calculate the cost of inventory as of june

Assignment Help Accounting Basics
Reference no: EM133187999

Question - During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows:

June 3 Purchased goods for $4,200 from Diamond Incorporated with terms 3/12, n/45.

June 5 Returned goods costing $1,150 to Diamond Incorporated for credit or account.

June 6 Purchased goods from Club Corporation for $1,050 with terms 3/12, n/45.

June 11 Paid the balance owed to Diamond Incorporated.

June 22 Paid Club Corporation in full.

Required - Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30.

Reference no: EM133187999

Questions Cloud

Record the accrued employer payroll taxes : Record the accrued employer payroll taxes and other related employment expenses and the cash payment of all liabilities related to References
Prepare the cash budget for february and march : December purchases amounted to R256 410 and sales to R950 500. Prepare the cash budget for February and March
Challenges to overcome in reaching the target group : Approaches to marketing to this specific target audience Challenges to overcome in reaching the target group Approaches to retaining this target group
Calculate the gross profit percentage for both companies : Ziehart Pharmaceuticals reported Net Sales of $194,000 and Cost of Goods Sold of $66,100. Calculate the gross profit percentage for both companies
Calculate the cost of inventory as of june : June 3 Purchased goods for $4,200 from Diamond Incorporated with terms 3/12, n/45. Calculate the cost of inventory as of June
How much should be the total shareholders equity : The following balances were taken from the general ledger: Authorized Share Capital 15,000,000; How much should be the Total Shareholders Equity
Find the exhibition expected profit : A game fair is held at a local exhibition centre. Develop a mathematical model to find the exhibition expected profit
What is the operating income of the business : Sofie Manufacturers produces decorative pillows and sells them at $96 per unit. What is the operating income of the business
What intangible benefits might ace corporation consider : Ace Corporation is considering purchase of new machine for its factory operations at a cost of $950,000. What intangible benefits might Ace Corporation consider

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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