Answer and Explanation:
The journal entries are shown below:
Account Receivable $409,500
To Sales Revenue $367,000
To Unearned Service Revenue $42,500
(Being account receivable is recorded)
Cost of Goods Sold $310,000
To Merchandised Inventory $310,000
(Being cost of goods sold is recorded)
These two journal entries are to be recorded
Which activity best demonstrates the trait of responsibility?
A. demonstrating accountability for your actions
Out of the options, demonstrating accountability for your actions is the activity that best demonstrates the trait of responsibility. Your actions are of no ones responsibility besides you, you must understand the decisions you make. All of the other options are all important but not examples of accountability.
Answer:
0.9717 per unit sold (approx)
Explanation:
Here, we are assuming 52 weeks in a year.
Contribution margin:
= (Sales revenue - variable cost) ÷ sales revenue
= [(3.52 × 10 + 3.52 × 0.18 × 540 × 52) - (3.52 × 0.26 × 551)] ÷ (3.52 × 10 + 3.52 × 0.18 × 540 × 52)
= [(35.2 + 17,791) - (504)] ÷ (35.2 + 17,791)
= [17,826.2 - 504] ÷ 17,826.2
= 17,322.2 ÷ 17,826.2
= $0.9717 per unit sold (approx)
Answer:
$14,343.25
Explanation:
First city bank pays 8% simple interest in a savings account
Second city bank pays 8% interest compounded annually
$68,000 is deposited deposited in each of the bank
The first step is to calculate the simple interesr per year of first city bank
= principal × rate
= 68,000 × 8/100
= 68,000 × 0.08
= 5,440
The interest earned for the period of 8 years can be calculated as follows.
= 5,440 × 8
= 43,520
The balance at the end of 8 years can be calculated as follows
= 68,000 + 43,520
= 111,520
The next step is to calculate the future value of second city bank
= principal × (1+R)^n
= 68,000 × (1+8%)^8
= 68,000 × (1+0.08)^8
= 68,000 × 1.08^8
= 68,000 × 1.85093021
= 125,863.25
Therefore the amount of money earned from second city bank at the end of 8 years can be calculated as follows
= 125,863.25-111,520
= 14343.25
Hence the money that was earned from second city bank at the end of 8 years is $14,343.25
