As at 31 December 2014 the records are as follows: At the beginning of the year Accounts Receivable was $100,000, Inventory was $200,000, and Accounts Payable was $110,000. At the end of the year Accounts Receivable were $115,000 and Accounts Payable was $88,000. A physical stocktake at 31 December 2014 revealed that inventory costing $100,000 was on hand. Cash received from customers was $2,000,000. Cash paid to suppliers was $1,808,000. The gross profit for the year ending 31, December 2014 is: a. $140,000 b. $300,000 c. $229,000 d. $129,000 e. None of the above.

A: Errors of principle refers to errors that are carried out at time of noting down transactions…

A: Definition:   Financial accounting standards board (FASB): This is the organization that creates,…

A:

A: Sarbanes-Oxley Act is formulated during 2002 under US federal law. The prime purpose of the act is…

A: Extraordinary things vs. Nonrecurring Items: an summaryExtraordinary things area unit gains or…

A:

A: Preemptive rights means the rights to  be offered to purchase a property before it is offered to…

A: IFRS:It stands for International Financial Reporting Standards, a set of accounting standards…

A: The question is based on the concept of divestiture strategy, which is used by company to overcome…

A: Rebalancing is the strategy for realigning portfolio weightings. Rebalancing incorporates buying or…

A: C corporation is the corporation that is taxed separately from its owners or shareholders.  In other…

A: The Annual Percentage Rate: The annual percentage rate is the nominal rate quoted by financial…

A: The like kind exchange is defined as the transaction of tax deferred which allows for asset disposal…

A: Income statement: The financial statement which reports revenues and expenses from business…

A: An expense that benefits more than one product and for which the contribution to each product cannot…

A: In general, a "eligible rollover distribution" is any payment paid in a lump sum or over a period of…

A: Definition:   Contingent liability: This is an uncertain obligation which might be incurred on a…

A: Here,Quarter Dividend is $1.50Growth Rate is 6.25%Required Return is 9%Quarterly Required Return is…

A: Accounting error: Accounting errors can be defined as omission of the fundamental accounting…

A: APT is an abbreviation used for arbitrage Pricing Theory whereas CAPM is an acronyms used for…

A: Formulas: Minimum stock price = Face value / Convertible shares

A: A divestiture or divestment is the disposal of the company’s assets or a through sale, exchange,…

A: A sum of money that an individual or company owes is called liability. It is an obligation between…

A: Net position is the position which has been determined to the government so that the position of the…