Sh cleaning would report on its year end balance sheet

Assignment Help Accounting Basics
Reference no: EM13933670

Sara Hitt is the owner of SH Cleaning. At the beginning of the year, Hitt had $4,800 in inventory. During the year, Hitt purchased inventory that cost $26,000. At the end of the year, inventory on hand amounted to $3,600.

Required: 

Calculate the following:

a. Cost of goods available for sale during the year. 
b. Cost of goods sold for the year. 
c. Inventory amount SH Cleaning would report on its year-end balance sheet.

Reference no: EM13933670

Questions Cloud

Discuss the common law : Your answer should discuss the common law, statute law and relevant cases.
Some newer fixed assets which utilize latest in technology : MACRS 5-year property Year Rate 1 20.00% 2 32.00% 3 19.20% 4 11.52% 5 11.52% 6 5.76% Ronnie's Custom Cars purchased some fixed assets two years ago for $50,000. The assets are classified as 5-year property for MACRS. Ronnie is considering selling the..
Unreasonably low profit to drive him out of business : Recently, however, he noticed that the major grocery retailers now offer several of his products, such as rice snacks, organic herbs, and oils, at prices so low that he cannot possibly match them without losing money. Lang suspects that the retail..
Externality exists in a current market : Choose a case study from your home country where an externality exists in a current market. Illustrate the situation with externalities in your case study and the resulting deadweight loss in a diagram
Sh cleaning would report on its year end balance sheet : Inventory amount SH Cleaning would report on its year end balance sheet.
What aspects of the model application resonated with you : What aspects of the model application resonated with you? What aspects did not resonate with you? What other model do you think could have been used? Why?
The social security act : The Social Security Act, adopting in 1935, called for workers to make payroll tax payments, which were then pooled to pay retirement benefits to primary workers. Survivor benefits (paid to spouses and dependents of the primary worker) and disability ..
Key characteristics of four market structure : Identify key characteristics of 4 market structure ( monopoly, oligopoly, perfect competition, monopolistic competition)
What diversity issues do you see as relevant to this case : What would you need to learn more about in order to be prepared to work with these clients? What kinds of questions would you want to ask the clients themselves? Write at least three questions you would ask. Where could you go to get more informat..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Operating income

Direct labor $30 Variable manufacturing overhead $7 Variable selling and administrative $11 Fixed costs: Fixed manufacturing overhead $65,700 Fixed selling and administrative $21,000 What is the net operating income for the month under variable costi..

  Must the accounting equation always balance

Must the accounting equation always balance? Why?

  On august 1 2011 airport company sold paxton company

on august 1 2011 airport company sold paxton company 1000000 of 10-year 6 bonds dated july 1 at 100 plus accrued

  Lucky products markets two computer games predator and

exercise 5-10 compute the break-even point for a multiproduct company lo9lucky products markets two computer games

  Incremental analysis and decision making

Crone Enterprises uses a word processing computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of sales invoices.

  Shown here are annual financial data at december

Shown here are annual financial data at December 31, 2013, taken from two different companies.

  Seat covers produced amp sold 1500 units 1700 units 2100

seat covers produced amp sold 1500 units 1700 units 2100 units total costs variable costs 15750 fixed costs per year

  Mrs rodriguez a cash-basis taxpayer owns an apartment

mrs. rodriguez a cash-basis taxpayer owns an apartment building. her records reflect the following information for

  Orlando auto accessories produces pickup truck bumpers that

orlando auto accessories produces pickup truck bumpers that it sells on a wholesale basis to new car retailers. the

  Concept of information risk and its components

Using the concept of information risk and its components, discuss why you decide to hire C?

  Why do most companies use normal or standard costing after

why do most companies use normal or standard costing? after all actual costing gives the actual cost so the firm could

  Determine the impact of this dividend

Determine the impact (increase, decrease, no change) of this dividend on the following: 1. Total assets. 2. Total liabilities. 3. Common stock. 4. Total stockholders equity. 5. Market value per share of common stock.

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