Answer:$600
Explanation:
The full amount of$600 will be credited to Perle as his service income on completion of the dental services and debited to wood account as a debtor.
The $200 will reduce the debt to $400 , the $400 which will be recorded through a journal by debiting bookcase and crediting Wood.
Narration. Recognition of bookcase built as debt payment.
Answer: The <em>manufacturing costs don't include selling expenses related to goods manufactured during the period.</em>
Explanation:
Manufacturing costs by definition are the sum total of direct labour (labour charges paid for production), direct material (raw material expenses paid for producing the goods) and manufacturing overheads (other manufacturing expenses like fuel charges and accounting costs for recording manufacturing processes etc). These costs are calculated for work in progress and finished goods.
Thus manufacturing costs= Direct Labour + Direct Material + Manufacturing Overheads.
So, thereby looking at the options <em>manufacturing costs don't include selling expenses related to goods manufactured during the period.</em>
Answer:
1. $3,067
2. B) $129,127.
Explanation:
a. The computation of amount deposit in transit is shown below:
The amount of deposit in Transit = Balance as per Cash Book as on 30th Sept - Cheque outstanding realized - Bank charges - Balance as per Bank Book
= $12,596 + $6740 - $16 - $16,253
= $3,067
Deposit in Transit inflates the general ledger initially till it is credited in the bank book.
b. The computation of balance should Cardinal's Cash account show
Cash Account should show a balance = Bank Statement Balance as on May 31 - Outstanding Cheque on May 31
= $180,974 - $51,847
= $129,127
As we can see that the cash account balance is less because there is an outstanding
Answer: $92,880
Explanation:
The Gross Profit can be calculated by simply removing the cost from the sales amount.
It is stated that the additional processing will yield 10,000 bags of Premium Green and 3,600 bags of Green Deluxe, which can be sold for $7.55 and $5.55 per bag.
Sales figure is therefore,
= (10,000 * 7.55) + (3,600 * 5.55)
= 75,500 + 19,980
= $95,480
Subtracting the cost to get,
= 95,480 - 2,600
= $92,880
The total gross profit would is $92,880.
Answer:
Highly inelastic
Explanation:
Price elasticity of demand is a measure of the demand of a given service or commodity by utilizing it's price change. It can be calculated using the formula;
Price elasticity of demand=%change in quantity demanded/%change in price
%change in quantity demanded=((Final demand-Initial demand)/Initial demand)×100
((299-300)/300)×100=-0.33%
%change in price=12%
12%>0.33%
The change in price is larger than the change in demand, therefor the product is highly inelastic
