Business, 15.01.2020 07:31 datboyjulio21

Inferring transactions from financial statements
costco wholesale corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 582 locations across the u. s. as well as in canada, the united kingdom, japan, australia, south korea, taiwan, mexico and puerto rico. as of its fiscal year-end 2010, costco had approximately 60 million members. selected fiscal-year information from the company's balance sheets follows. ($ millions).

selected balance sheet data 2010 2009
merchandise inventories $5,638 $5,405
deferred membership income (liability) 869 824

(a) during fiscal 2010, costco collected $1,736 cash for membership fees. use the financial statement effects template to record the cash collected for membership fees.
(b) in 2010, costco recorded $67,995 million in merchandise costs (that is, cost of goods sold). record this transaction in the financial statement effects template.
(c) determine the value of merchandise that costco purchased during fiscal-year 2010. use the financial statement effects template to record these merchandise purchases. assume all of costco's purchases are on credit.

balance sheet

transaction cash asset + noncash assets = liabilities + contributed capital + earned capital
(a)
(b)
(c)
income statement

revenue
-
expenses
=
net income

Answers: 1

Show answers

Another question on Business

Business, 20.06.2019 18:04

Fdr had to resort to deficit spending with his first 100 days to with the recovery. describe what deficit spending was and how fdr felt about it. do you think think this was the right decision at the time, why or why not?

Answers: 1

Answer

Business, 21.06.2019 16:30

What factors excluding price affect demand

Answers: 2

Answer

Business, 22.06.2019 07:30

Select the correct answer. sarah works in a coffee house where she is responsible for keying in customer orders. a customer orders snacks and coffee, but later, cancels th snacks, saying she wants only coffee. at the end of the day, sarah finds that there is a mismatch in the snack items ordered. which term suggest data has been violated? a. security b. integrity c. adding d. reliability e. reporting

Answers: 3

Answer

Business, 22.06.2019 08:30

Uppose that the federal reserve purchases a bond for $100,000 from donald truck, who deposits the proceeds in the manufacturer’s national bank. what will be the impact of this purchase on the supply of money? the money supply will increase by $100,000. the money supply will increase by $80,000. the money supply will increase by $500,000. this action will have no effect on the money supply. if the reserve requirement ratio is 20 percent, what is the maximum amount of additional loans that the manufacturer’s bank will be able to extend as the result of truck’s deposit? the maximum additional loans is $100,000. the maximum additional loans is $80,000. the maximum additional loans is $20,000. the maximum additional loans is $500,000. given the 20 percent reserve requirement, what is the maximum increase in the quantity of checkable deposits that could result throughout the entire banking system because of the fed’s action? this action will have no effect on the money supply. the money supply will eventually increase by $80,000. the money supply will eventually increase by $500,000. the money supply will eventually increase by $100,000.

Answers: 1

Answer

You know the right answer?

Inferring transactions from financial statements
costco wholesale corporation operates members...

Questions