How much will goldman report as its cost of goods sold

Assignment Help Financial Accounting
Reference no: EM132643283

The following is from Goldman Inc.'s 2017 income statement.

Purchases $172,000

Transportation-in 11,000

Inventory, January 1, 2017  26,500

Inventory, December 31, 2017  28,800

Purchase returns and allowances 8,400

Problem 1: How much will Goldman report as its cost of goods sold in its 2017 income statement?

a. $161,300

b. $161,500

c. $172,300

d. None of these choices are correct.

Reference no: EM132643283

Questions Cloud

Calculate test statistics : Table below shows index of growth for some designated regions in the United States.
Analyst create a common size and a regular balance sheet : A common size balance sheet or common size income,Analyst create both common size and a regular balance sheet and income statement. What response can be given?
Find test statistics-t-value and p-value : Apply Hypothesis Testing at the 1% level to check if average time to fix the problem takes 20 min. Find Test Statistics, t-value, and p-value to make the decisi
FIN 4103 Entrepreneurial Finance Assignment : FIN 4103 Entrepreneurial Finance Assignment Help and Solution, Higher Colleges of Technology - Assessment Writing Service
How much will goldman report as its cost of goods sold : How much will Goldman report as its cost of goods sold in its 2017 income statement? Transportation-in 11,000. Purchases $172,000
Find confidence interval for population proportion : Find 99% Confidence Interval (a = 1-0.99 = 0.01) for Population Proportion people infected in Miami area. Show steps.
Diverse skills and mindset of ethical hacker : Given the rich and diverse skills and mindset of an ethical hacker (technical, administrative, and physical measures),
Prepare a single and continuous multiple-step statement : The company experienced a negative foreign currency translation adjustment of $220,000. Prepare a single and continuous multiple-step statement
Proportional to frequencies in histograms : Explain your thinking. Are there any conditions under which areas are proportional to frequencies in histograms?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculation of final contract pricea 400000 fixed price epa

calculation of final contract price.a 400000 fixed price epa contract contains a provision requiring an adjustment for

  How much does pay out in dividends

Suppose a firm has a retention ratio of 36 percent and net income of $5.1 million. How much does it pay out in dividends? (Enter your answer in dollars)

  Make the original lease entry

During the current year, P & P Products was involved in two lawsuits. In the first lawsuit, P & P Products was sued by two employees who claimed that they were injured by potentially defective containers that came apart during loading. How should P &..

  Find what is the journal entry for the transaction

Find What is the journal entry for this transaction? A truck costing $56,000 has accumulated depreciation of $50,000. The truck is sold for $8,500.

  Uses the perpetual inventory method

Unger Company uses the perpetual inventory method. Unger sold goods that cost $3,500 for $7,200. If the sale was made to a customer on account, the sale will:

  Find what is the price of the stock today

Growth in dividends is expected to be constant at 4% indefinitely. The stock is currently priced at $50.00. What is the required return?

  Unprocessed form directly after the split-off point

Two products, IF and RI, emerge from a joint process. Product IF has been allocated $34,300 of the total joint costs of $55,000. A total of 2,900 units of product IF are produced from the joint process. If product IF is processed further and sold, wh..

  Describe what you understand by the accounting concepts

BUACC2606 FINANCIAL ACCOUNTING RESEARCH ASSIGNMENT. With reference to the above statement describe what you understand by the accounting concepts mentioned and provide examples from your selected annual report

  What was consolidated cost of goods sold

Rand still owned 40% of the goods at the end of the year. Cost of goods sold was $10,800,000 for Webb and $6,400,000 for Rand. What was consolidated cost of goods sold?

  Why is working capital important to management

The Sanchez Corporation is preparing its 2012 balance sheet. The company records show the following selected amounts at the end of the accounting period, December 31, 2012.

  Does the accounting equation balance

If assets increased by $1,569 and stockholders' equity increased by $1,570, what was the increase or decrease in liabilities for the year ending September 27, 2008?

  What type of situation for the professional accountant

In terms of the Code of Ethics for Professional Standards what issues may arise in this type of situation for the Professional Accountant?

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