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Ulleksa [173]
3 years ago
6

On November 19, Nicholson Company receives a $24,600, 60-day, 10% note from a customer as payment on account. What adjusting ent

ry should be made on the December 31 year-end? (Use 360 days a year.)
Business
1 answer:
dem82 [27]3 years ago
3 0

Answer:

Explanation:

The adjusting entry is shown below:

Interest expense A/c Dr $287

            To Interest payable A/c $287

(Being accrued interest adjusted)

The computation is shown below:

Principal × rate of interest × number of days ÷ (total number of days in a year)  

= $24,600 × 10% × (42 days ÷ 360 days)

= $287

( 11 days in November + 31 Days in December)

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Because common shareholders are entitled to the profits that remain after all of a corporation's other obligations have been met
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Because common shareholders are entitled to the profits that remain after all of a corporation's other obligations have been met, common shareholders are known as Residual owners.

<h3>What does Shareholders means?</h3>

A shareholder (in the US frequently alluded to as investor) of a company is an individual or legitimate substance.

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8 0
2 years ago
Rebotar Inc, makes basketballs. Their fixed costs are $3450 Variable costs are $12 per basketball, If the basketball is priced a
worty [1.4K]

Answer:

Break-even points = 265.38

Explanation:

Given:

Fixed cost = $3,450

Variable costs = $12

Selling price = $25

Number of balls sold = 300

Find:

Break even costs

Computation:

Contribution per unit = Sales - Variable costs

Contribution per unit = $25- $12

Contribution per unit = $13

Break-even points = Fixed cost / Contribution per unit

Break-even points = $3,450 /$13

Break-even points = 265.38

6 0
3 years ago
Roberto designers was organized on January 1,2021. The firm was authorized to issue 100,00 shares of $5 par value common stock.
jekas [21]

Answer: the correct answer is D) $250,000

Explanation:

Answers

transactions relating to stockholder's equity

Issued shares 10,000* $7 = $70,000

Issued shares 20,000*$8   = $160,000

net income                            = $100,000

                                                --------------  

Sub Total                                 $330,000  

Debts                              

50,000 dividend                       ($50,000)

3,000 *$10 treasury stock       ($30,000)    

                                                   --------------  

Sub Total                                   ($80,000)

Total   $330,000-$80,000 =  $250,000                                    

8 0
3 years ago
Contribution Margin Ratio, Variable Cost Ratio, Break-Even Sales Revenue The controller of Ashton Company prepared the following
iren [92.7K]

Answer:

1.  73 %

2. 27 %

3. $60,000

4. Ways to increase projected operating income without increasing total sales revenue :

  1. Reduce the variable costs per unit
  2. Reduce fixed overheads

Explanation:

Contribution Margin Ratio = Contribution / Sales × 100

Where,

Contribution = Sales - Variable Costs

                     = $88,000 - $23,760

                     = $64,240

Then,

Contribution Margin Ratio = $64,240/ $88,000 × 100

                                           = 73 %

Variable Cost Ratio = Variable Cost / Sales × 100

                                = $23,760 / $88,000 × 100

                                = 27 %

Break-even sales revenue = Fixed Costs ÷  Contribution Margin Ratio

                                            = $43,800 ÷ 0.73

                                            = $60,000

<u>Ways to increase projected operating income without increasing total sales revenue :</u>

  1. Reduce the variable costs per unit
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2 years ago
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My answer -

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