Answer:
Purchases= $330,000
Explanation:
Giving the following information:
Sales:
August $540,000
September $580,000
Abet's cost of goods sold is 60% of sales dollars.
Abet wants a merchandise inventory balance equal to 25% of the following month's expected cost of goods sold.
<u>To calculate the purchases for August, we need to use the following formula:</u>
Purchases= sales + desired ending inventory - beginning inventory
Purchases= (540,000*0.6) + (580,000*0.6)*0.25 - (540,000*0.6)*0.25
Purchases= 324,000 + 87,000 - 81,000
Purchases= $330,000
Answer:
<h3>Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position and cash flows. </h3><h3 />
Key factors for success in an industry
As a reminder, the 5 Key Success Factors are:
Strategic Focus (Leadership, Management, Planning)
People (Personnel, Staff, Learning, Development)
Operations (Processes, Work)
Marketing (Customer Relations, Sales, Responsiveness)
Finances (Assets, Facilities, Equipment)
Answer:
Bank Reconciliation Statement as at October 2:
Balance as per checkbook $601
Add: Electronic transfer $2,400
Interest $4
Less: Bank charge ($5)
Balance as per bank statement $3,000
Explanation:
A bank reconciliation statement is a statement prepared periodically to reconcile the balance in the cash book with the balance shown on a bank statement.
The process starts with identifying transactions that do not (do) appear in the cash book and those that do not (do) appear in the bank statement, which did not appear in the other. Errors are also identified and corrected during the process. After this, the reconciliation statement is prepared to agree the two sources of balances.
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