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Cerrena [4.2K]
3 years ago
5

Wages of $8,000 are earned by workers but not paid as of december 31, 2017. depreciation on the company’s equipment for 2017 is

$18,000. the office supplies account had a $240 debit balance on december 31, 2016. during 2017, $5,200 of office supplies are purchased. a physical count of supplies at december 31, 2017, shows $440 of supplies available. the prepaid insurance account had a $4,000 balance on december 31, 2016. an analysis of insurance policies shows that $1,200 of unexpired insurance benefits remain at december 31, 2017. the company has earned (but not recorded) $1,050 of interest from investments in cds for the year ended december 31, 2017. the interest revenue will be received on january 10, 2018. the company has a bank loan and has incurred (but not recorded) interest expense of $2,500 for the year ended december 31, 2017. the company must pay the interest on january 2, 2018.
Business
1 answer:
lions [1.4K]3 years ago
8 0
The following are the adjusting entries:
- Wages Expense 8000
                 Wages Payable 8000

- Depreciation Expense – Equipment 18000
                 Accumulated Depreciation – Equipment 18000

- Office Supplies Expense 5000
                Office Supplies 5000

- Insurance Expense 2800
                Prepaid Insurance 2800

- Interest Receivable 1050
                 Interest Revenue 1050

- Interest Expense 2500
                Interest Payable 2500
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1. Contribution Margin = $576,000

2. Contribution Margin ratio = 25%

3. Break-even point = 5,400 units

4. Break-even point in sales dollars = $1,296,000

Explanation:

Requirement 1

If Hudson Company raises its selling price to $240 per unit, the contribution margin format income statements will be as follows:

                             HUDSON CO.

      Contribution Margin Income Statement

          For Year Ended December 31, 2019

Sales Revenue ($240 × 9,600 units)    =  $2,304,000

<em>less</em>: variable expense                         <u>  =  $(1,728,000)</u>

($180 × 9,600 units)

Contribution Margin                              =     $576,000

It increases due to the rise in sales price.

Requirement 2

We know,

Contribution Margin ratio = (contribution margin ÷ sales revenue) x 100

Given,

From requirement 1, we get, Contribution Margin = $576,000

And total sales revenue = $2,304,000

Putting the value into the above formula, we can get-

Contribution Margin ratio = ($576,000 ÷ $2,304,000) × 100

or, Contribution Margin ratio = 0.25 × 100

Therefore, Contribution Margin ratio = 25%

Requirement 3

We know,

Break-even point (in Units) = Fixed costs ÷ contribution margin per unit.

Given,

Fixed costs = $324,000

contribution margin per unit = sales price per unit - variable cost per unit

contribution margin per unit = $240 - $180

contribution margin per unit = $60

Putting the value into the above formula, we can get-

Break-even point (in Units) = $324,000 ÷ $60

Break-even point (in Units) = 5,400 units

It means, if Hudson company sells 5,400 units, there will be no loss or no profit.

Requirement 4

We know,

Break-even point in sales dollars = Break-even point sales in units × sales price per unit

Given,

From requirement 3, we get the break-even point sales in units = 5,400 units

Sales price per unit = $240

Putting the value into the above formula, we can get-

Break-even point in sales dollars = 5,400 units × $240

Therefore, Break-even point in sales dollars = $1,296,000

It means, if the total sales of Hudson company is $1,296,000, the company will receive no profit. It will not incur any loss too.

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