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At the beginning of 2018, Midway Hardware has an inventory of $350,000. Because sales growth was strong during 2018, the owner wants to increase inventory on hand to $380,000 at December 31, 2018. If net sales for 2018 are expected to be $1,640,000, and the gross profit rate is expected to be 25%, compute the cost of the merchandise the owner should expect to purchase during 2018. a. $1,610,000 b. $1,260,000 c. $1,230,000 d. $1,640,000

I need assistance with this general accounting question using appropriate principles.

A company is launching a new sales initiative and expects sales of $598,427 during the first year. To prepare for this, they plan to acquire 35 days worth of inventory. If their gross profit margin is 29%, how much inventory must they acquire as part of their initial investment? Enter your answer as a monetary amount rounded to four decimal places, but without the currency symbol. For example, if your answer is $90.1234, enter 90.1234 Type your answer...

Maelstrom limited sells only on credit. They started business in June 2021. The sales are collected as follows: 46% in the current month,  28% in the following month, and 10% two months following the sale Sales for the first six months of operation are expected to be: June 21,101; July 22,162; August 20,486; September 27,766; October 26,537 and November 29,411. Predict the total sales expected to be collected in July. Calculate to two decimal places.

On average, a firm sells $2,000,000 in merchandise a month. It keeps inventory equal to one-half of its monthly sales on hand at all times. If the firm analyzes its accounts using a 365-day year, what is the firm’s inventory conversion period (ICP)? (Hint: ICP = 365/(sales/inventory)

ABC Electronics had sales to customers of $600,000 during 2020. The company has consistently experienced a 30% gross profit percentage and estimates that 4% of all sales will be returned. During 2020, customers returned merchandise for credit of $20,000 to their accounts. The balance in the allowance for sales returns account at the beginning of 2020 was $28,000. What is the balance in the allowance for sales returns account at the end of 2020?

Sales returns account at the end of

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General accounting

answer in text form please (without image),   Note: .Every entry should have narration please

The allowance for sales return account at the end

Can you explain the correct methodology to solve this general accounting problem?

Knight Roundtable Co. had annual credit sales of $1,080,000 and an average collection period of 32 days in 2018. Assume a 360-day year. What were the company’s average accounts receivable balance? Accounts receivable are equal to the average daily credit sales times the average collection period. Fisk Corporation is trying to improve its inventory control system and has installed an online computer at its retail stores. Fisk anticipates sales of 49,000 units per year, an ordering cost of $8 per order, and carrying costs of $1.60 per unit.

What would be the net sales reported on elite tools 2023 income statement for this financial accounting question?

The Amber Magic Shoppe has forecast its sales revenues and purchases for the last 5 months of 2014 to be as follows:                                 Sales       Purchases August                $25,000       $17,000 September             15,000         19,500 October                 25,000         29,000 November             30,000         20,000 December              26,000         24,000   65% of sales are on credit. On the basis of past experience, 50% of the accounts receivable are collected the month after the sale and the remainder are collected 2 months after the sale. Purchases are paid 30 days after they are incurred. The firm had a cash balance of $5,000 as of September 30th, and its minimum required cash balance is $4,000. It had no beginning loan balance. Prepare a cash budget for October, November and December.

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Financial Accounting