User Account

All Pages

Sh cleaning would report on its year end balance sheet

Assignment Help Accounting Basics
Reference no: EM13933670

Sara Hitt is the owner of SH Cleaning. At the beginning of the year, Hitt had $4,800 in inventory. During the year, Hitt purchased inventory that cost $26,000. At the end of the year, inventory on hand amounted to $3,600.

Required: 

Calculate the following:

a. Cost of goods available for sale during the year. 
b. Cost of goods sold for the year. 
c. Inventory amount SH Cleaning would report on its year-end balance sheet.

Reference no: EM13933670

Questions Cloud

Discuss the common law : Your answer should discuss the common law, statute law and relevant cases.
Some newer fixed assets which utilize latest in technology : MACRS 5-year property Year Rate 1 20.00% 2 32.00% 3 19.20% 4 11.52% 5 11.52% 6 5.76% Ronnie's Custom Cars purchased some fixed assets two years ago for $50,000. The assets are classified as 5-year property for MACRS. Ronnie is considering selling the..
Unreasonably low profit to drive him out of business : Recently, however, he noticed that the major grocery retailers now offer several of his products, such as rice snacks, organic herbs, and oils, at prices so low that he cannot possibly match them without losing money. Lang suspects that the retail..
Externality exists in a current market : Choose a case study from your home country where an externality exists in a current market. Illustrate the situation with externalities in your case study and the resulting deadweight loss in a diagram
Sh cleaning would report on its year end balance sheet : Inventory amount SH Cleaning would report on its year end balance sheet.
What aspects of the model application resonated with you : What aspects of the model application resonated with you? What aspects did not resonate with you? What other model do you think could have been used? Why?
The social security act : The Social Security Act, adopting in 1935, called for workers to make payroll tax payments, which were then pooled to pay retirement benefits to primary workers. Survivor benefits (paid to spouses and dependents of the primary worker) and disability ..
Key characteristics of four market structure : Identify key characteristics of 4 market structure ( monopoly, oligopoly, perfect competition, monopolistic competition)
What diversity issues do you see as relevant to this case : What would you need to learn more about in order to be prepared to work with these clients? What kinds of questions would you want to ask the clients themselves? Write at least three questions you would ask. Where could you go to get more informat..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Tax savings from special tax treatment

Daniel figures that he has loss of $60,000 on each stock. If Daniel's marginal tax rate is 35 percent and he has $120,000 of other capital gains (taxed at 15 percent), what is tax savings from the special tax treatment?

  Beginning finsihed goods inventory

Management expects to sell 95,000 units of a product during the next fiscal period. How many units must be produced if the beginning inventory of finished goods amount to 5,000 units and management desires the ending finished goods inventory to eq..

  An equipment acquisition proposal was being considered by a

an equipment acquisition proposal was being considered by a large health care organization. the array machine will

  The standard costs and actual costs for factory overhead

the standard costs and actual costs for factory overhead for the manufacture of 2500 units of actual production are as

  Estimated fair values of the assets

Mohave Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $315,000. The estimated fair values of the assets are land $60,000, building $220,000, and equipment $80,000. At what amounts should each of the thre..

  Fired upward at an angle to the horizontal

Fill in the blanks in the Lab Answer Sheet at the end of this lab. Submit this Lab Answer Sheet when all of the labs are completed.

  Cummings is a construction company and uses the percentage

cummings is a construction company and uses the percentage of completion method. in 2013 they signed a contract to

  Prepare the journal entry at march 31 2031 to pay interest

swanson corporation issued 8 million of 20-year 8 percent bonds on april 1 2011 at 102. interest is due on march 31 and

  At the end of february the first month of the business year

at the end of february the first month of the business year the usual adjustment transferring rent earned to a revenue

  Financial management analyzes the information provided by

in a hospital many of the costs are indirect thus must be allocated to the patients cost profile. which of the below

  It is december 3120xxand wallys watches is beginning the

it is december 3120xxand wallys watches is beginning the process of closing the books at the end of the year. the cfo

  Assume that as of august 1 2012 5000 units of flat panel

assume that as of august 1 2012 5000 units of flat panel displays have been produced and sold during the current year.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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