Assume a beginning inventory of $47,000, ending inventory of $28,000, and purchases of $110,000. If...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Assume a beginning inventory of $47,000, ending inventory of $28,000, and purchases of $110,000. If the gross margin percent is 60%, how much is net sales revenue? Select one: a. $215,000 b. $151,667 c. $252,500 d. $322,500 e. $227,500 The Vlasik Company paid a previously declared cash dividend and recorded this journal entry: Expense XX Unearned Revenue XX Determine the effect of the error on Liabilities and Owner's Equity, respectively. Select one: a. Overstated, Overstated b. No error, No error c. Overstated, Understated d. Overstated, No error e. No error, Understated
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Assume a beginning inventory of $47,000, ending inventory of $28,000, and purchases of $110,000. If the gross margin percent is 60%, how much is net sales revenue? Select one: a. $215,000 b. $151,667 c. $252,500 d. $322,500 e. $227,500 The Vlasik Company paid a previously declared cash dividend and recorded this journal entry: Expense XX Unearned Revenue XX Determine the effect of the error on Liabilities and Owner's Equity, respectively. Select one: a. Overstated, Overstated b. No error, No error c. Overstated, Understated d. Overstated, No error e. No error, Understated 