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Author Question: If the estimated rate of gross profit is 30, what is the estimated cost of the merchandise inventory ... (Read 154 times)

Beheh

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on: Jul 5, 2018
If the estimated rate of gross profit is 30, what is the estimated cost of the merchandise inventory on September30, based on the following data? Sep. 1 Merchandise inventory (at cost) 125,000 Sep. 1-30 Purchases, net (at cost) 300,000 Sep. 1-30 Sales, net 150,000 a.320,000b.192,500c.275,000d.105,000

Question 2

Sure Enuf, Inc. paid 4,800 on May 1, 2012 for 12 months' insurance coverage starting May 1. How much prepaid insurance should appear on the company's balance sheet at December 31, 2012?
 
  A) 4,800
  B) 1,600
  C) 1,000
  D) 3,200


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dpost18

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Reply #1 on: Jul 5, 2018
Answer to Question 1

a

Answer to Question 2

B


Beheh

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

bimper21

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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