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Answer:
total contribution margin equals total fixed expenses
Explanation:
The BEP which is the break even point is the point where the company's sales or revenue generated is equal to the cost incurred. As such, the BEP is the number of units that must be sold for the company to make neither a profit nor a loss.
Both sales and variable cost are dependent on the number of units sold.
The sales less the variable costs gives the contribution margin. The contribution margin less the fixed expense gives the net operating income (NOI). When the NOI is zero, the point or number of units is called the breakeven point.
Answer:
False
Explanation:
Cash larceny is the action of stealing company cash already been registered in the books of accounts for a specific accounting period. An employee of the company perpetrates the theft. It involves the employee scheming and executing the taking away of cash recorded in the books without the employer's authority.
Cask larceny happens in the cash register, in the safe, or from cash deposits in transit. In most instances, larceny involves small amounts of money. As the cash is recorded in the books of accounts, larceny can be detected with proper cash reconciliation.
Answer: The journal entries for each of the transactions are:
a) Debit Credit
Bad debt expense $10,550
Allowance for doubtful accounts $10,550
b) Debit Credit
Allowance for doubtful accounts $1,100
Accounts receivable $1,100
Explanation:
a) There was already an existing un-adjusted balance in the allowance for doubtful accounts of $10,800, meanwhile Blackhorse has estimated the amount to be $21,350 based on aging method. Simply subtract $10,800 from the $21,350 to arrive at $10,550. The above entries apply to recognize this additional provision.
b) Subsequent to year end, there was a write-off of $1,100, this means the accounts receivable balance would be reduced by this amount; same applies to the buffer (allowance account). The entries above apply.
Answer:
$1,000 Unfavorable
Explanation:
Calculation to determine what Sheridan Company's materials quantity variance is
Using this formula
Direct Material Price Variance = (Standard quantity allowed - Actual quantity of materials) * materials price standard
Let plug in the formula
Direct Material Price Variance=(5200 pounds-5700 pounds)*$2.00 per pound
Direct Material Price Variance=-500 pound*$2.00 per pound
Direct Material Price Variance=-$1,000
Unfavorable
Therefore Sheridan Company's materials quantity variance is $1,000
Unfavorable