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3 years ago

Journalize the entries to record the following selected transactions.

Business

2 answers:

Inessa05 [86]3 years ago

7 0

Answer:

Please see attached

Explanation:

Please see worked out entries on the attached papers

zlopas [31]3 years ago

5 0

Answer:

Journal Entries

Dr. Cr.

Sale of Merchandise

a. Account Receivable $4,240

Sales $4,000

Sales Tax Payable $240

Cost of Goods Sold $2,360

Merchandise Inventory $2,360

b. Payment of Sales Tax

Sales tax Payable $42,110

Cash $42,110

Explanation:

Sales of Merchandise increase the account receivable and tax liability as well. Inventory has been reduced by the cost of merchandise.

Tax is paid and sales tax liability is reduced along with cash.

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Mauro Products distributes a single product, a woven basket whose selling price is $21 per unit and whose variable expense is $1

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Answer:

1. Break even points in units will be = 2,700 units

2. Break-even point in dollar sales = $56,700

3. In case fixed expense increase by $600 then Break even point in unit sales = 2,900 units

Explanation:

Break even point = $\frac{Fixed Cost}{Contribution per unit}$

Fixed Cost = $8,100

Contribution per unit = Sale Price - Variable Cost = $21 - $18 = $3

1. Break even points in units will be

= $\frac{8,100}{3} = 2,700 units.$

2. Break-even point in dollar sales

= Break even point in units X Sale price per unit

= 2,700 units X $21 = $56,700

3. In case fixed expense increase by $600 then Break even point in unit sales

= $\frac{8,100 + 600}{3}$ = 2,900 units

Final Answer

1. Break even points in units will be = 2,700 units

2. Break-even point in dollar sales = $56,700

3. In case fixed expense increase by $600 then Break even point in unit sales = 2,900 units

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3 years ago

Marilyn Simms died with a $200,000 life insurance policy. Her husband, Jack, was the primary beneficiary and their children, Mim

loris [4]

Answer:

a) $200,000 to Jack

Explanation:

Data provided in the question

Life insurance policy amount of Marilyn Simms = $200,000

The primary beneficiary = Jack

The contingent beneficiaries = Their children

Now, the distribution of the policy could be taken by only Jack as he is her husband plus he is also a primary benefit of her life insurance policy,

So, the whole amount i.e $200,000 is distributed to Jack

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3 years ago

Bonita Industries began the year by issuing $75500 of common stock for cash. The company recorded revenues of $772000, expenses

Alex

Answer:

net income = $106,000

Explanation:

net income = total revenues - total expenses = $772,000 - $666,000 = $106,000

Any additional capital raised will increase the company's cash flows (financing activity) and any dividends distributed will decrease them (another financing activity), but they do not affect the company's net income.

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3 years ago

Concord Company is involved in producing and selling high-end golf equipment. The company has recently been involved in developi

hoa [83]

Answer:

$8,586,000

Explanation:

market price for Littlelaser $100 per unit

units sold 106,000

total revenue generated by Littlelaser = $100 x 106,000 = $10,600,000

required investment = $8,056,000

since the investors require a return on investment of 25%, then the profits generated by Littlelaser should be:

ROI = net income / total investment

25% x $8,056,00 = net income

net income = $2,014,000

target cost = total revenue - net income = $10,600,000 - $2,014,000 = $8,586,000

total revenue $10,600,000

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net income $2,014,000

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3 years ago

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Answer:

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Explanation:

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3 years ago

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