Business - Marketing ACC120 Study Guide - Midterm Guide: Inventory Turnover, Cash Flow, Perpetual Inventory
2 Apr 2015
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Acc120 term test 2 vb solutions. On september 1, land over car dealership had an inventory of 35 cars at a cost of ,000 each. During september, the following transactions and events occurred: Sept. 3 purchased 25 cars at ,000 each from manitoba gm. The cars were shipped fob destination terms n/30. 6 received credit of ,000 for the return of 4 cars purchased on sept. 3 that were damaged. 9 sold 20 cars for ,000 each to oakville ltd. on credit, terms 2/10, n30. 13 cash sale of 15 cars for ,000 each to abc ltd 19 received full payment from oakville ltd. for cars purchased sep. 9. 21 purchased 25 cars at ,000 each from manitoba gm. Answer to b: the number of cars remaining in inventory on september 30 is:____46____cars. Sept 3 on hand 35 cars + 25 4 20 15 + 25 = 46 cars. It would be paid for by manitoba gm.
