What is the final cost of the inventory for tom tires

Assignment Help Accounting Basics
Reference no: EM132080048

Question: Tom's Tires purchased inventory for $2,400 and also paid $85 freight to have the inventory deliverd. Tom's returned $100 of the goods to the seller, and then took a 2.5% purchase discount. What is the final cost of the inventory for Tom's Tires? (rounded to nearest whole dollar amount)

Reference no: EM132080048

Questions Cloud

Do service organizations add value to society : Do service organizations add value to society? Do you think the US economy needs service organizations?
Prepare the statement of retained earnings of tomcat : Prepare the income statement of Tomcat for the four months ended August 31. Do not consider the effects of income taxes.
Develop plan to audit the communication effectiveness : Develop a plan to audit the communication effectiveness of your company. What kinds of messages should be analyzed?
Compare the healthcare-based factors in the issues : Compare the healthcare-based factors in the issues that you reviewed that, in your opinion, cause the cost curve of healthcare to shift.
What is the final cost of the inventory for tom tires : Tom's Tires purchased inventory for $2,400 and also paid $85 freight to have the inventory deliverd. Tom's returned $100 of the goods to the seller.
Different sectors handle staffing issues differently : As you would expect, organizations in different sectors (business, government, nonprofit) handle staffing issues differently.
Discuss the given situation of tom and marie shafer : Tom and Marie Shafer purchased a household washing machine and dishwasher on credit from the Georgia Power Company (GPC). GPC took purchase money security.
What are some of the red flags : Timing is an important factor in revenue recognition. Discuss two incentives/pressures faced by a company that might be used as an opportunity to falsify.
What cost does the company assign to the land : The Timrod Company paid $500,000 to acquire land, buildings, and equipment. At the time of acquisition, the company paid $50,000 for an appraisal.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Imagine the government has released funds for creating

Imagine the government has released funds for creating small businesses. You are interested in establishing a small business, and you must decide on the form of business organization that would best suit your unique product or service and business..

  Analyze the risk associated with exchange-traded derivatives

Analyze the risk associated with exchange-traded derivatives, such as futures and options, and what brokers might do to minimize the risk to investors.

  Discuss incorporate variance analysis into budget process

What is an effective way to incorporate variance analysis into the budget process. What are the differences between labor and material variances

  Prepare the journal entries for the bond issue

If no entry is necessary, write "no entry." Prepare the journal entries for the bond issue & any unamortized bond issue costs on January 1, 2014

  What impact will this error have on total assets

What impact will this error have on total assets and retained earnings in 2015 and 2016 (ignoring tax effects)

  Current results of fortune magazine

Review the most current results of FORTUNE Magazine's annual ranking of America's "100 Best Companies to Work For." Explore the website of at least three of the companies noted. Develop a two- to four page paper that addresses the following:

  Amount and character of winchester gains and losses

What is the amount and character of Winchester's gains and losses before the 1231 netting process?

  You are new accountant at the company and your boss orders

1. balanced scorecard is one of those management fads that will disappear several years in the future. in addition

  Net income

If the firm holds the sales price constant and makes the suggested changes, how many units of product will the company have to sell to make the same net income as last year

  What is the differential cost from the acceptance of offer

Rylan Corporation received an offer from an exporter for 25000 units of product at $16 per unit. What is the differential cost from the acceptance of the offer?

  What the numbers would be compared against for analysis

Choose three ratios in each category and describe what the ratios tell the user about the company. How are financial ratios used to evaluate a company?

  What are the sales, variable costs, contribution margin

What are the sales, variable costs, contribution margian, fixed costs, and the new income

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