Answer:
$66,000
Explanation:
The $60,000 paid as last month's rent will be reported as an asset, prepaid rent, and the deposit of $80,000 will be reported as an asset, deposits. The new walls and offices costing $360,000 will be capitalized as leasehold improvements and amortized over the 5-year term of the lease. Amortization will be $72,000 per year or $6,000 per month. As a result, Tell will report expenses in 20X0 of $60,000 in rent and $6,000 in amortization for a total of $66,000.
Answer:
C. Accounts Receivable 45,400 Sales Revenue 45,400
Explanation:
Trade Receivable $45,400 (debit)
Revenue $45,400 (credit)
<em>Recognise an Asset - Trade Receivable and Revenue</em>
Answer:
b. $ 14,000
Explanation:
In the cash section of balance sheet, it includes cash on hand, cash in check accounts and normal deposit with term lower than 3 months.
Thus in this case, the cash should be reported in the statement = Cash in Bank - checking account of $13,500 + Cash on hand of $500 = $14,000
Post-dated checks received totaling $3,500 is a check on which the issuer has stated a date later than the current date, so it is not reported in current position
Certificates of deposit totaling$124,000 is reported in investment (short term or long term subject to the tenor of deposit)
Answer:
Debit Income Summary $84,800, Credit High Step Shoes, Capital $84,800
Explanation:
Preparation of what The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:
Debit Income Summary $84,800
Credit High Step Shoes, Capital $84,800
($192,000-$107,200)
(To close the Income Summary account )
Answer:
b. $22.75
Explanation:
We know that
Contribution margin per unit= Sales price per unit - variable cost per unit
Since the selling price is $35
And, the contribution margin is 35%
Therefore, the contribution margin per unit would be
= $35 × 35 per cent
= $12.25
Now add these figures in the formula above.
Hence, the value would be equal to
= $35 - $12.25
= $22.75
The inventory and labor costs are included in the variable cost
