1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Colt1911 [192]
3 years ago
7

On July 1, 2021, Ayayai Inc. entered into a contract to deliver one of its specialty machines to Kickapoo Landscaping Co. The co

ntract requires Kickapoo to pay the contract price of $4,900 in advance on July 15, 2021. Kickapoo pays Ayayai on July 15, 2021, and Ayayai delivers the machine (with cost of $2,050) on July 31, 2021.
Instructions

a. Prepare the journal entry on July 1, 2021, for Ellsbury.

b. Prepare the journal entry on July 15, 2021, for Ellsbury.

c. Prepare the journal entry on July 31, 2021, for Ellsbury.
Business
1 answer:
iren [92.7K]3 years ago
5 0

Answer:

Journal entries

Explanation:

The Journal entry is shown below:-

July 1  No Entry is required

July 15

Cash Dr,                                    $4,900  

      To Unearned Sales Revenue             $4,900

(Being cash is recorded)

July 31

Unearned Sales Revenue Dr,  $4,900  

            To Sales Revenue                $4,900

(Being unearned sales revenue is recorded)

Cost of Goods Sold Dr,                $2,050  

           To Inventory                                                     $2,050

(Being cost of goods sold is recorded)

You might be interested in
In the short run, if average variable cost equals $50, average total cost equals $75, and output equals 100, the total fixed cos
musickatia [10]

Answer: $2500

Explanation:

From the question,

Average variable cost(AVC) = $50

Average total cost (ATC) = $75

Output (Q) = 100

Since Average fixed cost is the difference between the average total cost and the average Variable cost. This will be:

AFC = ATC - AVC

AFC = $75 - $50

AFC = $25

We should note that:

AFC = TFC / Q

TFC = AFC × Q

TFC = $25 × 100

TFC = $2500

Therefore, total fixed cost is $2500

5 0
3 years ago
A preferred stock sells for $54.20 a share and has a market return of 9.68 percent. What is the dividend amount
kolbaska11 [484]

Answer:

$5.25

Explanation:

A preferred stock is sold at $54.20

The market return is 9.68%

Therefore the dividend amount can be calculated as follows

= 54.20 × 9.68/100

= 54.20 × 0.0968

= $5.25

Hence the dividend amount is $5.25

6 0
2 years ago
Suppose that France and Austria both produce rye and wine. France's opportunity cost of producing a bottle of wine is 4 bushels
miv72 [106K]

Answer:

France has comparative advantage in production of wine

Austria has comparative advantage in production of rye.

4 bushels of rye for each bottle of wine

1 bottle of wine for each bushel.

b. 4 bushel of rye per bottle of wine.

Explanation:

France has comparative advantage in producing wine as it has opportunity cost of 4 bushels per bottle of wine. Austria has comparative advantage in producing bushels as it has opportunity cost of 10 bushels per bottle of wine. The both countries can gain advantage if they agree for 4 bushels per wine.

3 0
3 years ago
How does marketing differ from advertising
9966 [12]

Answer: marketing is a product is held in stores. Advertising or ad is to persude some to try somthing or buy it.

Explanation:

6 0
3 years ago
Lin Corporation has a single product whose selling price is $130 per unit and whose variable expense is $65 per unit. The compan
4vir4ik [10]

Answer:

1.- selling 530 units will achieve 2,300 operating profit

2.- sales for $82,100 will achieve 8,900 operating profit

Explanation:

sale price 130

variable 65

contribution margin 65

\frac{Fixed\:Cost + Target \: Profit }{Contribution \:Margin} = Units\: to\: Profit

(32150 + 2,300) /65 = 530 units

\frac{Fixed\:Cost}{Contribution \:Margin \:Ratio} = Sales\: To\: Profit

\frac{Contribution \: Margin}{Sales \: Revenue} = Contribution \: Margin \: Ratio

65/130 = 0.5

(32,150 + 8,900) / 0.5 = 82,100

4 0
3 years ago
Other questions:
  • Hart Manufacturing makes three products. Each product requires manufacturing operations in three departments: A, B, and C. The l
    6·1 answer
  • You operate a small catering firm specializing in sit-down dinner parties that you prepare and serve yourself with no helpers. A
    7·2 answers
  • If you do not complete high school, you are typically paid more than those who pursue post-secondary education Please select the
    8·2 answers
  • The ability to conduct financial transactions through a smartphone is known as
    13·2 answers
  • ) In April of 2019, Mike acquired a machine for $30,000 to use in his business. It is the only plant asset he purchased this yea
    14·1 answer
  • How has globalization made countries more independent
    14·2 answers
  • A $25,000 price tag on a new car is an example of money as
    12·1 answer
  • 1988
    13·1 answer
  • Enterprise systems help managers and companies improve their performance by
    12·1 answer
  • Which test of whether an organization is well designed relates to what extent layers of management are necessary to provide focu
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!