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kompoz [17]
3 years ago
8

The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow:

Business
1 answer:
Hitman42 [59]3 years ago
3 0

Answer:

Common Stock 100,000

Retained Earnings 425,000

Total 525,000

Explanation:

Paradise Travel Service Statement of Net Income

Fees Earned : 900,000

Less Office Expense : (300,000)

Less Miscelleaneous Expenses :( 15,000)

Less Wages expense (450,000)

Net Earnings 135,000

Paradise Travel Service statement of stockholders’ equity for the year ended May 31, 20Y6

Common stock Retained Earning Total

Balance Jan 1 60,000 300,000 360,000

Additional Invested capital

40,000 - 40,000

Net Income :

- $135,000 $135,000

Less Dividends paid

- ($10,000) ($10,000)

Balance, May 31 20y6

100000 425000 525000

Common Stock 100,000

Retained Earnings 425,000

Total 525,000

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Trisha makes purses out of old blue jeans and sells them to customers at local craft fairs. what type of marketing channel does
Anettt [7]

Answer:

Direct.

Explanation:

No intermediaries are used to provide goods and services to customers . Typically seller is the manufacturer or an individual.

5 0
3 years ago
Expectancy theory implies that linking an increased amount of rewards to performance will increase motivation and performance. F
TiliK225 [7]

Cognitive evaluation theory would question the use of money as a motivator because external motivational tools may lower intrinsic motivation because people will start working to get the reward, NOT because they are intrinsically motivated or challenged.

4 0
3 years ago
Oriole Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $65
labwork [276]

Answer:

Explanation:

The journal entries are shown below:

Using net method:

1. Notes receivable A/c Dr $650,000        ($659,900 - $9,900)

      To Sales revenue A/c $650,000

(Being the sale is recorded)

2. Cost of goods sold A/c Dr  $460,000

        To Inventory A/c $460,000

(Being cost of goods sold is recorded)

3. Cash A/c Dr $659,900

       To Notes receivable  $650,000

       To Discount forfeited $9,900

(Being received payment is recorded)

Using gross method:

1. Notes receivable A/c Dr $650,000        ($659,900 - $9,900)

      To Sales revenue A/c $650,000

(Being the sale is recorded)

2. Cost of goods sold A/c Dr  $460,000

        To Inventory A/c $460,000

(Being cost of goods sold is recorded)

3. Cash A/c Dr $659,900

       To Notes receivable  $659,900

(Being received payment is recorded)

6 0
3 years ago
":Your local travel agent is advertising an upscale winter vacation package for travel three years from now to Antarctica. The p
8090 [49]

Answer:

$85,931.40

Explanation:

Present value is the sum of discounted cash flows.

Present value can be calculated using a financial calculator:

Cash flow in year 0 = $20,000

Cash flow in year 1 = $35,000

Cash flow in year 2 = 0

Cash flow in year 3 = $45,000

Discount rate = $85,931.40

I hope my answer helps you

4 0
3 years ago
he controller of Wildhorse Industries has collected the following monthly expense data for use in analyzing the cost behavior of
Solnce55 [7]

Answer:

Variable cost per unit= $0.5

Explanation:

<u>To calculate the variable and fixed costs under the high-low method, we need to use the following formulas:</u>

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (5,420 - 2,925) / (8,870 - 3,880)

Variable cost per unit= $0.5

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 5,420 - (0.5*8,870)

Fixed costs= $985

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 2,925 - (0.5*3,880)

Fixed costs= $985

5 0
2 years ago
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