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Ostrovityanka [42]
3 years ago
11

Which of the following is true concerning temporary and permanent accounts?A. Cash is a temporary accountB. Permanent accounts r

epresent activity over the entire life of the companyC. Permanent accounts must be closed at the end of every reporting periodD. Temporary accounts represent activity over the previous three years
Business
1 answer:
Agata [3.3K]3 years ago
3 0

Answer:

  • <em>Option B. Permanent accounts represent activity over the entire life of the company is</em><u><em> TRUE,</em></u>

Explanation:

Briefly, <em>temporaty accounts</em> are closed at the end of the year, their balance is zeroed every year by transferring the balance to another account.

Then, <em>option D. Temporary accounts represent activity over the previous three years</em> is <u>FALSE</u>.

In contrast, the balance of permanent accounts are carried forward to the following year.

Then, <em>option B. Permanent accounts represent activity over the entire life of the company</em> is <u>TRUE</u>, and <em>option C. Permanent accounts must be closed at the end of every reporting period</em> is <u>FALSE.</u>

Most of the balance sheet accounts are permanent accounts. Some typical examples are Cash, Receivables, Inventory, Equipment, Payables, Capital,  Retained Earnings.

Then, the option<em> A. Cash is a temporary account</em>, is <u>FALSE</u>.

The income statement accounts are temporary accounts: Revenues, Expenses, Gains, Losses.

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Night Shades Inc. (NSI) manufactures biotech sunglasses. The variable materials cost is $18.50 per unit, and the variable labor
Pavel [41]

Answer:

a. $25.50

b. $9,725,000

c. Cash = 8,888.89 units

   Accounting = 35,555.56 units

Explanation:

a. Variable cost per unit = material cost + labor cost = $18.50 + $7.00 = $25.50

b. Total cost = Fixed + Variable

Variable = $25.50 \times 350,000 = $8,925,000

Fixed = $800,000

Total = $800,000 + $8,925,000 = $9,725,000.00

c. Cash break even point = (Fixed cost - Depreciation)/Contribution per unit

Fixed cost = $800,000

Depreciation = $600,000

Contribution per unit = $48 (Selling price) - $25.50 (Variable cost) = $22.5

Cash Break even point = ($800,000 - $600,000)/$22.5 = 8,888.89 units

Accounting Break Even Point = Total fixed cost/ Contribution per unit

=$800,000/$22.5 = 35,555.56 units

Final Answer

a. $25.50

b. $9,725,000

c. Cash = 8,888.89 units

   Accounting = 35,555.56 units

5 0
3 years ago
Brian is thinking of taking a job as a waiter. What is an associated monetary cost that he should consider?
RUDIKE [14]
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while shopping grey spend 90% of the money she had if she has $4,500 on shopping what was amount of money spent​
goldenfox [79]

Answer:

$4,050

Explanation:

Grey has $4,500 for shopping.

She spent 90%  while on shopping.

The amount spent = 90/100 x $4500

=0.9 x $4,500

=$4,050

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the answer is A. 20

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