User Account

All Pages

What is rate of inventory turnover

Assignment Help Accounting Basics
Reference no: EM132624327

Question -

1. Gordon business:

Revenue 90000

Opening inventory 8000

Closing inventory 2000

Mark up 20%

He took 7000 goods for own use

What is his purchases (answer is 61000) I do not seem to get to that amount. Struggling with mark up and Margin differences and calculation thereof.

2. Sandra Business information:

Revenue 189000

Purchases 125000

Gross profit as percentage of cost of sales 25%

What is gross profit (answer 37800 but do not get to that)

3. Khalid does not maintain full set of accounting records. His financial year ends 30 Sept and all purchases and sales are made on credit terms

On 1 Oct 2017

Inventory 3100

Trade receivables 4620

During the year ended 30 Sep 2018

Cheques received from trade receivables 47970

Discount allowed 1230

Bad debt written off 115

Total purchases 39200

On 30 Sept 2018

Trade receivables 3305

After warehouse was closed on 30 Sep a fire broke out and quantity of inventory destroyed. Undamaged inventory was valued at 1500

Profit mark-up 25%

What is sales for year end 30 Sept 2018?

What is income statement (trading account section) to show value of inventory destroyed for year end 30 Sep 2018?

What is rate of inventory turnover. Include total inventory before fire broke out on 30 Sep 2018?

Reference no: EM132624327

Questions Cloud

Which are the top three variables about the customers : Which are the top three variables / data elements about the customers you will want to look at that will give you a good idea of who shops at the store?
What are the book values for each of the individual years : What are the book values for each of the individual years of useful life of the bus under the Double-Declining Balance Method
Estimate the uncollectible allowance : Effective financial reporting depends, What is the rationale for the calculations/process used to estimate the $180,000 uncollectible allowance?
How much of a charge should she take in the current year : Egge corp. also sells a replica of the lost city of Petra in Jordan. How much, if any, of a charge should she take in the current year financial statements
What is rate of inventory turnover : After warehouse was closed on 30 Sep a fire broke out and quantity of inventory destroyed. What is rate of inventory turnover
Predictive or adaptive approach : You are given a project to manage. How do you decide whether to use a predictive or adaptive approach?
How the new product that have selected : Describe how the new or redefined product or service aligns with the mission and vision of the organization. State the mission and vision of the company.
Social media can be effective communication strategy : Social media can be an effective communication strategy, but you need to use the right media channels for your specific audience.
How much goodwill would CVN place on their books : CVN corp purchased CK corp for $200,000 cash. How much (if any) goodwill would CVN place on their books for this transaction

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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