Answer:
January 2, 2020
Dr Cash $52,000
Cr Sales Revenue $52,000
December 31, 2020
Dr Warranty expense $890
Cr Cash $890
December 31, 2020
Dr Warranty expense$640
Cr Warranty Liabiltiy $640
Explanation:
Preparation of the journal entry to record this transaction on January 2, 2020, and on December 31, 2020.
January 2, 2020
Dr Cash $52,000
Cr Sales Revenue $52,000
December 31, 2020
Dr Warranty expense $890
Cr Cash $890
December 31, 2020
Dr Warranty expense$640
Cr Warranty Liabiltiy $640
Answer:
A) $2.50 per direct labor-hour
Explanation:
The computation of the predetermined overhead rate is shown below:
Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours)
where,
Estimated manufacturing overhead = Rent on factory building + Depreciation on factory equipment + Indirect labor + Production Supervisor's salary
= $15,000 + $8,000 + $12,000 + $15,000
= $50,000
And, the estimated direct labor hours is 20,000
So, the rate is
= $50,000 ÷ 20,000
= $2.5 per direct labor-hour
Answer and Explanation:
The computation is shown below:-
Particulars Cumulative Non Cumulative
Preferred dividends for 2018 $10,000 $10,000
Preferred dividend in
arrears for 2017 $10,000 $0
Remaining Dividends to
Common stockholders $2,000 $12,000
Total Dividends $22,000 $22,000
Dividend payable to Preferred stockholders per year = (Number of shares × Par value) × Given percentage
= (2,000 × $100) × 5%
= $10,000
Answer:
Waco Travel Agency
Journal entry
Date Account and explanation Debit Credit
Dec 31 Bad debt expense (800,000 * 1%) $8,000
Allowance for uncollectible accounts $8,000
(To record uncollectible account expense)
Waco Travel Agency
Balance Sheet
<u><em>Current assets</em></u>
Account receivable $93,000
Less: Allowance for uncollectible account <u>($8,870) </u>---- ($8,000 + $870)
<u>$84,130</u>
If the cutting edge sells ice skates. total sales are $845,000, total variable expenses are $245,050 and total fixed expenses are $302,000. the variable expense ratio is: 29%.
<h3>Variable expense ratio</h3>
Using this formula
Variable expense ratio=Total variable expense /Total sales
Let plug in the formula
Variable expense ratio=$245,050/ $845,000
Variable expense ratio=0.29×100
Variable expense ratio=29%
Therefore If the cutting edge sells ice skates. total sales are $845,000, total variable expenses are $245,050 and total fixed expenses are $302,000. the variable expense ratio is: 29%.
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