1

Metlock Windows manufactures and sells custom storm windows for three-season porches. Metlock also provides installation service

Xelga [282]

Answer:

June 1 2020

No entry

September 1, 2020

Dr Cash $1,980

Dr Accounts receivable $300

Cr Sales revenue $1,730

Cr Unearned sales revenue $550

September 1, 2020

Dr Cost of goods sold $1,140

Cr Inventory $1,140

October 15 2020

Dr Cash $300

Dr Unearned service revenue $550

Cr Accounts receivable $300

Cr Service Revenue $550

Explanation:

Preparation of the journal entries for Geraths in 2020

June 1 2020

No entry

September 1, 2020

Dr Cash $1,980

Dr Accounts receivable $300

($1,730+$550+$1,980)

Cr Sales revenue $1,730

($1,980/$2,610*$2,280)

($1,980+$630=$2,610)

Cr Unearned sales revenue $550 ($630/$2,610*$2,280)

September 1, 2020

Dr Cost of goods sold $1,140

Cr Inventory $1,140

October 15 2020

Dr Cash $300

Dr Unearned service revenue $550

Cr Accounts receivable $300

Cr Service Revenue $550

6 0

3 years ago

David manages a Shoney's restaurant. He is considering staying open later in the evening. For David, the variable costs associat

Arte-miy333 [17]

Answer:

Rent of the building will remain the same

Explanation:

The fixed costs will not change because fixed cost remains fixed for any level of activity whereas the variable cost changes with the increase in level of activity. As the activity level will change with additional hours work which will increase the variable costs only. So all variable costs will increase whereas fixed will remain fixed. The all the other options were variable costs except rent which is fixed cost. So rent will no change because of additional hours worked.

6 0

4 years ago

Cost of debt with fees. Kenny Enterprises will issue a bond with a par value of $1,000, a maturity of twenty years, and a coup

Salsk061 [2.6K]

Answer:

Kenny Enterprises

Cost of Debt with fees:

Market Prices $982.48 $1,004.93 $1,068.15 $1,171.91

Cost of debt (b- a) $48.59 $26.14 ($37.08) ($140.84)

Cost of debt in percentage 4.86% 2.61% -3.71% -14.08%

Explanation:

a) Data and Calculations:

Market Prices $982.48 $1,004.93 $1,068.15 $1,171.91

Investment bank charges 25.00 25.00 25.00 25.00

a) Net bonds proceeds $957.48 $979.93 $1,043.15 $1,146.91

b) Repayments:

PV of interest payments $770.66 $770.66 $770.66 $770.66

PV of principal ($1,000) 235.41 235.41 235.41 235.41

Total repayments $1,006.07 $1,006.07 $1,006.07 $1,006.07

Cost of debt (b- a) $48.59 $26.14 ($37.08) ($140.84)

Cost of debt in percentage 4.86% 2.61% -3.71% -14.08%

Present values of interest payments:

N (# of periods) 40

I/Y (Interest per year) 7.5

PMT (Periodic Payment) 37.5

FV (Future Value) 0

Results

PV = $770.66

Sum of all periodic payments $1,500.00

Total Interest $729.34

Present value of principal repayment:

N (# of periods) 20

I/Y (Interest per year) 7.5

PMT (Periodic Payment) 0

FV (Future Value) 1000

Results

PV = $235.41

Total Interest $764.5

6 0

3 years ago

For product costs associated with a particular product to be reported on the income statement:

RUDIKE [14]

Answer:

a. The product must be sold

Explanation:

Total revenue and total expenses are recorded in the income statement.

If the total income exceeds than the total expenditure then the company earns net income And if the total income is less than the total expenditure then the company has a net loss.

The product includes direct material cost, direct labor cost ,and the manufacturing overhead cost. If the product cost is not sold then it is shown in the asset side of the balance sheet as an inventory

And, if the product is sold, the same is subtracted from the cost of goods sold and shown in the income statement

6 0

3 years ago

The partners share profits and losses in the ratio of 5:3:2, respectively. The partners agreed to dissolve the partnership after

vovangra [49]

Answer:

$30,000

Explanation:

The computation of the amount received by Janet is given below:

Loss on sale of other assets is

= $150,000 - $50,000

= $100,000

Share of Janet in loss is

= $100,000 × 5 ÷ 10

= $50,000

So,

Janet revised capital balance is

= $80,000 - $50,000

= $30,000

6 0

3 years ago