Answer:
c. $900,000
Explanation:
The ending inventory is calculated as;
Beginning inventory
$900,000
Add: Purchases
$3,400,000
Add: Freight in
$200,000
Total purchase Balance
$3,600,000
Cost of goods available
$4,500,000
Less: Cost of (goods estimated)
($3,600,000)
Ending inventory
$900,000
Therefore, the merchandise inventory at March 31, 2019 is $900,000
The year-end financial statements of Rally Company for the current year, report total revenues of $19,829 million, accounts receivable of $1,272 million at the current year-end, and $1,19 million for the prior year-end. The company's accounts receivable turnover for the year is:_______.
a. 18.3 times.
b. 18.9 times.
c. 19.5 times.
d. 20.0 times.
e. none of these are correct.
Answer:
16.1 times
Explanation:
Calculation for the company's accounts receivable turnover for the year
Using this formula
Accounts Recievable Turnover = Total Revenues/Average accounts receivables
Let plug in the formula
Accounts Receivable Turnover = $19,829/[($1,272+$1,198)/2]
Accounts Receivable Turnover =$19,829/$1,235
Accounts Receivable Turnover = 16.1 times
Therefore The company's accounts receivable turnover for the year is: 16.1 times
Under the provisions of the Investment Advisers Act of 1940, if an adviser takes custody of customer funds or securities, account statements MUST be sent to the customer:
Answer:
Quarterly
Explanation:
According to the provisions of the Investment Advisers Act of 1940, in the case when an advisor takes the customer custody in term of funds or securities so the account statement must be sent to the customer on the a quarterly basis i.e. four times in a year. Here four times means every three months
therefore as per the given situation, the quarterly is the answer
When Patricia sells her Apple stock at the same time that Brian purchases the same amount of Apple stock, Apple receives:_____________.
a. nothing.
b. only the market value of the common stock.
c. the dollar value of the transaction.
d. the dollar amount of the transaction, less brokerage fees.
Answer:
When Patricia sells her Apple stock at the same time that Brian purchases the same amount of Apple stock, Apple receives:_____________.
a. nothing.
Explanation:
The activities of investors on the Stock Exchange market do not affect the corporation, whose stocks are being traded. The corporation does not get any money nor does it incur any cost. Patricia may get a capital gain from the sale and not the corporation. When Brian purchases Apple stock it is purchased from another investor and not directly from the corporation unless it is an initial public offer.