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Answer and Explanation:
The impact on the sale and the payoff the loan in an accounting equation is as follows:
But before that
The following journal entries should be recorded
Cash $60,000
To Land $40,000
To Profit on sale of land $20,000
(Being the sale of the land is recorded)
Loan Dr $15,000
To Cash $15,000
(Being the loan is paid)
Here the cash would increased by $5,000, the liabilities would decreased by $15,000 and equity would be increased by $20,000
Answer:
13 days
Explanation:
We are to calculate the days of inventory on hand.
Days of inventory on hand = number of days in a period/ inventory turnover
Inventory turnover = Cost of goods sold / average inventory
Cost of goods sold = 0.68 x $948,000 = $644,640
Inventory turnover = $644,640 / $23,000 = 28.027826
Days of inventory on hand = 365 / 28.027826 = 13.02 days
I hope my answer helps you
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brainly.com/question/18633637
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Answer:
the labor efficiency variance is $35,244 favorable
Explanation:
The computation of the labor efficiency variance is shown below:
As we know that
Efficiency Variance is
= Standard rate × (Standard hours - Actual Hours)
= $13.20 × (9.4 ×1,050 units - 7,200 hours)
= $13.20 × (9,870 hours - 7,200 hours)
= $35,244 favorable
hence, the labor efficiency variance is $35,244 favorable
