Answer:
The journal entry for Rasheed company on April 1,2020 will be:
Account title Dr Cr
Cash 192,000
Finance charge 8,000
Notes payable 200,000
Finance charge = $400,000 x 2% = 8,000
Notes Payable = 200,000
Cash = 200,000 - 8,000 = 192,000
Brenda was planning a small dinner party, and had gone to a new specialty food store with coupons she'd found in the food section of the paper. At the store she also found a "buy one, get one free" deal, and a gift offered with the purchase of a particular dessrt. She alterd the menu as a result of the decision based on the papers she have and ended up spending less than she'd planned.
Answer:
$1,600
Explanation:
It is important to note that the company uses accrual basis accounting. The Service Revenue account should be credited for $1,600
Answer:
A. $3,500 gain
B. -$4,400 loss
Explanation:
A. Calculation for the amount of the gain or loss on the sale
Gain or loss on sale=$12,500-$9,000
Gain or loss on sale=$3,500 gain
Therefore the amount of the gain on the sale is $3,500
B.Calculation for the amount of the gain or loss on the sale
Gain or loss on sale=$4,600-$9,000
Gain or loss on sale=-$4,400 loss
Therefore the amount of the loss on the sale is
-$4,400 loss
Answer:
Net operating income= 31,300
Explanation:
Giving the following information:
Static Budget:
Units= 9,000
Selling price per unit= $5
Variable Costs per unit= $1.50
Fixed Costs= 3,000
We need to determine the operating income if 9,800 units were sold:
Sales= (9,800*5)= 49,000
Total variable costs= (9,800*1.5)= (14,700)
Contribution margin= 34,300
Fixed costs= (3,000)
Net operating income= 31,300
