A. a career is a series of jobs.

Global Company sold merchandise to Montana Industries for cash, $3,450. The cost of merchandise sold was $1,850. Global Company

BlackZzzverrR [31]

Answer:

Db Accounts Payable or Cash____900

Cr Inventory account__________________900

Explanation:

The journal entry would be: If merchandise is returned to a supplier, a debit is made to Accounts Payable or Cash, and a credit is made to the Inventory account.

8 0

3 years ago

To produce x units of a religious medal costs Upper C (x )equals 17 x plus 32. The revenue is Upper R (x )equals 25 x. Both cost

daser333 [38]

Answer:

a) 4 units

b) $2048

c) 14 units

Explanation:

Break-even quantity (BEP) is the level of activity that a business must operate to make its total revenue equal to its total cost. At this point, the business makes no profit or loss. It gives an idea of the exact number of units of product to be sold in order to cover its total fixed cost.

Break-even point (BEP) is calculated as follows:

BEP (units) = Total Fixed Costs for the Period/ (SP - VC)

SP- selling price, VC- variable cost per unit

Profit : This is the excess of the total revenue over and above the total cost .

Profit = Total revenue - total cost.

Total revenue = SP × units sold

Total cost = Variable cost + Fixed cost

Total variable cost = VC per unit × units sold

The number of units t achieve a target profit is determined as follows:

Units to achieve profit = (Total fixed cost + Target profit)/(SP - VC)

Now we can apply all these concepts to our question,

From the question, VC per unit= $17, SP per unit= $25, Fixed cost = $32

a) BEP = 32/(25-17) = 4 units

b) Profit from 260 units

Profit = (25 ×260) - ((17 × 260) + 32)

= $6,500- $4,452

= $2048

c) Units to be produced to achieve a profit of $80

Units = (32 + 80)/(25-17)

= 14 units

3 0

3 years ago

Overton Company has gathered the following information. Units in beginning work in process 20,300 Units started into production

storchak [24]

Answer:

a. Materials = 206,000 units and Conversion costs = 196,040 units

b. Materials = $0.50 and Conversion costs = $2.65

c. Costs to units transferred out = $570,465 and Costs to units in process = $59,511

Explanation:

a. Calculation of Equivalent Units of Production for Materials and for Conversion costs

Units Completed and Transferred = Units in beginning work in process + Units started into production - Units in ending work in process

= 20,300 + 185,700 - 24,900

= 181,100

Materials

Units Completed and Transferred (181,100 × 100%) = 181,100

Units in Ending Work in Process (24,900 × 100%) = 24,900

Equivalent Units of Production = 206,000

Conversion costs

Units Completed and Transferred (181,100 × 100%) = 181,100

Units in Ending Work in Process (24,900 × 60%) = 14,940

Equivalent Units of Production = 196,040

b. Calculation of the unit costs of production.

Unit costs of production = Total Cost / Equivalent Units of Production

Materials = $103,000 / 206,000

= $0.50

Conversion costs = ($333,306 + $186,200) / 196,040

= $2.65

Total Unit Cost = $0.50 + $2.65

= $3.15

c. Assignment of costs to units transferred out and in process.

Costs to units transferred out = 181,100 × $3.15

= $570,465

Costs to units in process

Materials ($0.50 × 24,900) = $12,450

Conversion costs ($3.15 × 14,940) = $47,061

Total Cost = $59,511

8 0

3 years ago

Which of the following charitable contributions is not tax deductible?a. Cash donated to a qualified church.b. Clothing donated

Lana71 [14]

Answer:

e. All of the above are tax deductible.

Explanation:

As per IRS time or service donated is not tax deductible.

4 0

4 years ago

Two foreign companies want to trade shares of their stock on u.s. stock exchanges. one company follows ifrs but the other compan

Svetach [21]

Answer;

-A foreign company that wants to have their shares traded on U.S. stock exchanges who uses accounting practices that comply with IFRS

Explanation;

Financial Accounting Standards Board (FASB) is the primary accounting standard-setting body in the United States. Generally accepted accounting principles (GAAP) is a set of accounting standards that have substantial authoritative support and which guide accounting professionals.

-FASB goal is to provide leadership for public companies in establishing and improving the accounting methods used to prepare financial statements. The FASB has the authority to set, but not enforce, accounting standards. Enforcement falls under the jurisdiction of the SEC. The FASB takes recommendations from the SEC and the AIPA when devising or improving standards; however, it is not required to.

3 0

3 years ago