Answer: Gross pay is the amount of money your employees receive before any taxes and deductions are taken out. For example, when you tell an employee, “I'll pay you $50,000 a year,” it means you will pay them $50,000 in gross wages.
Answer:
See attached file
Explanation:
To obtain sales, the quantity sold is multiplied by the sale price in each of the regions.
Variable costs are multiplied by each of the quantities
Fixed costs are distributed according to what the company determined
From the difference between sales and variable costs we get the Contribution Margin. If the fixed costs are subtracted, the Segment Margin of each sector is obtained. Subtracting fixed costs that cannot be distributed, gives the Net Income.
The Fixed manufacturing overhead $ 800,000 was distributed between 40.000 units (produced units) not 35.000 (sold units)
Answer:
Total cash collection May= $306,000
Explanation:
Giving the following information:
Sales:
April= $250,000
May= $320,000
June= $410,0000
The company expects to sell 50% of its merchandise for cash. Of sales on account, 60% are expected to be collected in the month of the sale, 40% in the month following the sale.
<u>Cash collection May:</u>
Sales on cash May= 320,000*0.5= 160,000
Sales on Account May= (160,000*0.6)= 96,000
Sales on Account April= (250,000*0.5)*0.4= 50,000
Total cash collection May= $306,000
Answer:
First Year Depreciation: 12,400
Second Year Depreciation: 7,440
Explanation:
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To calculate each period depreciation we multiply the book value by the double-declining rate of 2/5
At the last year, you will depreciate until salvage value is reached.
Answer:
1. Debit
2. Debit
3. Credit
4. Credit
5. Debit
6. Debit
7. Credit
8. Credit
9. Credit
10. Credit
Explanation:
In Financial accounting, debit refers to an entry made which would either increase an expense or asset account; therefore, decreasing an equity or liability account.
Credit refers to an entry made which would either increase an equity or liability account; therefore, decreasing an expense or asset account.
Generally, debit is an accounting entry which is made to the left of an account while credit is an accounting entry which is made to the right of an account. The standard rule is that, when a credit decreases an account, the opposite account should be increased with a debit.
1. Decrease in Notes Payable: Debit
2. Increase in Dividends: Debit.
3. Increase in Common Stock: Credit
4. Increase in Unearned Rent Revenue: Credit
5. Decrease in Interest Payable: Debit
6. Increase in Prepaid Insurance: Debit
7. Decrease in Salaries and Wages Expense: Credit
8. Decrease in Supplies: Credit
9. Increase in Revenues: Credit
10. Decrease in Accounts Receivable: Credit
