On November 30, 2019, the General Ledger of Hinges and More

question 34

Short Answer

On November 30, 2019, the general ledger of Hinges and More Hardware, a retail store, showed the following balances: Purchases, $163,570; Freight In, $5,200; Purchases Returns and Allowances,
$8,000.
Determine the following:
A)What was the delivered cost of purchases for November?
B)What was the net delivered cost of purchases for November?

• A)What was the delivered cost of purchases for November?
• B)What was the net delivered cost of purchases for November?

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Definitions:

Internal Control

Procedures and mechanisms implemented by a business to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Politically Organized Society

A society that has a structured system of governance, including laws, leadership, and institutions to regulate its people's conduct.

Single Ruler

A governance or leadership structure where one individual holds supreme authority over a territory or group.

Ranked Hierarchy

An organizational structure where entities are ranked according to levels of importance or authority.