Answer:
D. Merchandise Inventory xxx
Accounts Receivable xxx
Explanation:
The Journal Entry is shown below:-
Merchandise Inventory A/c Dr, xxx
To Accounts Payable xxx
(Being purchase of inventory on account is recorded)
Therefore inventory is purchased so it will increasing assets, it is debited while accounts payable is increasing liabilities so it is credited.
Financially responsible means to be prepared for something unexpectedly like u didn’t know was coming up or was gonna happen and it mean you need be able to support yourself with any source of income.
Answer:
Answer ; Pension Expenses : $7.5million
Explanation:
Calculation of amount that Harvey Hotels report as pension expense in its income statement for the year -
Particulars Explanation Amount
Service cost Given in the question $6.2 million
Add: Interest cost Given in the question $1.4 million
Less: Expected return on plan assets Given in the question $1.2 million
Add: Amortization of prior service cost Given in the question $1.1 million
Pension Expense ($6.2+$1.4-$1.2+$1.1)million $7.5 million
Hence, option - (B) is Correct.
Answer:
Contribution margin per unit = $450
Contribution margin ratio = 52.94%
Explanation:
The calculations are given below:
Contribution margin per unit = Selling price per unit - per unit variable cost
= $850 - $400
= $450
Contribution margin ratio would be
= (Contribution margin per unit) ÷ (Selling price per unit) × 100
= ($450) ÷ ($850) × 100
= 52.94%
And, the contribution margin income statement for August month is presented below:
Contribution margin income statement
For the August month
Sales (425 motors × $850) $361,250
Less: Variable cost (425 motors × $400) ($170,000)
Contribution margin $191,250
Less: Fixed expenses per month ($90,000)
Net income $101,250
