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2 years ago

Record the entry to close the income summary assuming the partners agree to use plan c and net income is $460,500

Business

1 answer:

slava [35]2 years ago

4 0

The entry is record in book as

Date Particular L.F. Dr. Amt. Cr. Amt.

Income summary a/c $460,500

To Mo a/c $69,300

To Lu a/c $269,500

To Barb a/c $431,200

What is net income?

The total amount of firm profit after deducting all taxes, costs, and interest is referred to as "net income."

Particulars Mo Lu Barb

Capital invested $69,300 $269,500 $431,200

Profit sharing ratio 20/100 40/100 40/100

Profit ($460,500) 92100 184200 184200

As a result, Mo is 92100; Lu is 184200; Barb is 184200 as profit.

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Answer:

B. $ 12 comma 600 comma 000

Explanation:

15,000 units x $700 cost per unit = 10,500,000 total cost

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sales price = cost x (1 + 20%)

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3 years ago

Question 6. (10 marks)

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3 years ago

M. Cotteleer Electronics supplies microcomputer circuitry to a company that incorporates microprocessors into refrigerators and

8090 [49]

Answer:

a) 100 units

b) 2.5 order per year

c) 50 units

Explanation:

Given data:

demand 250 units

order cost is $20

holding cost $1

a) Economic order quantity $EOQ = \sqrt{\frac{2\times demand \times order\ cost}{holding \ cost}}$

$EOQ = \sqrt{\fac{2\times 250 \times 20}{1}} =100 units$

b) number of order for each year $= \frac{annual/ demand}{EOQ}$

$= \frac{250}{100} = 2.5$ order/ year

c) average inventory $= \frac{Q}{2} = \frac{100}{2} = 50 units$

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3 years ago

The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the

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Answer:

Yes, financial statement is a cumulative record of all transactions.

Explanation:

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3 years ago

As one builds higher, building costs ____, while warehousing equipment costs tend to ____. Group of answer choices Increase; dec

Misha Larkins [42]

Answer:

The correct answer is the second option: Decrease; Increase.

Explanation:

To begin with, in the construction area the managers understand that when the company starts to build higher the building costs decrease due to the fact that is now working with bigger numbers so that means that the volumen of equipment, materials and commodities are high enough to decrease the costs due to the volumen managed, meanwhile the warehousing equipment costs tend to increase due to the same reason as before, now the company is working with bigger numbers so that means more equipment, materials and commodities to put in bigger warehouse and for more time.

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4 years ago