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14. What is the multiple step income statement?
19. Take the information from question 5 into account and add
to it the fact that operating expenses for July 2019 were
$10,230. What is the PROFIT FROM OPERATIONS for
XYZ Guitars…?
20. What are non-operating activities?
Day 32 - q 2, 4 5 8, 11, 17(1,3)
2.How are purchases different in a periodic inventory system
vs a perpetual inventory system?
4. What is the formula for net purchases?
5.What is the formula for costs of goods purchased?
8.9- Fukushima Company received an invoice for $16,000, terms 1/10, n/30. It will have to borrow from its bank in order to pay the invoice in 10 days. The interest rate Fukushima pays on its bank loans is 7.25%. Should Fukushima take advantage of the cash discount offered or not? Support your answer with calculations.
Terms are 1/10 and we will take the loan on the 10th day and pay it off on the 30th (n/30) so we pay 20 days of interest at 7.25% annually.
Total discount price is 16 000 x 0.99 = 15,840
Annual interest is 16000 x 0.725 = 1,148.40
20 day interest is 1,148.40/365 x 20 = 62.92$
With taking the loan total cost would be 15,840 + 62.92 = $15902.12
15902.12 < 16000 therefore, it is worth it to take out the loan.
Day 33 - 1,3,6-8,10,11,14,18
1.What does taking a physical inventory involve?
3.When we take a physical inventory, do we need to consider
the ownership of goods?
6.Should GOODS IN TRANSIT be included in the inventory
of the company that has ownership of the goods?
10.What does GOODS ON APPROVAL mean?
11.Who owns GOODS ON APPROVAL?
14.The SPECIFIC IDENTIFICATION method tracks what?
18.What does FIFO stand for?
Day 34 - 19
19.What does the inventory turnover ratio measure?
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