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sladkih [1.3K]
3 years ago
12

When heavy rain ruined the banana crop in central​ america, the price of bananas rose from ​$0.90 a pound to ​$1.10 a pound. ban

ana sellers sold fewer​ bananas, but their total revenue remained unchanged. the quantity of bananas ▼ decreased increased by nothing percent?
Business
1 answer:
HACTEHA [7]3 years ago
3 0

Answer: Total revenue is given by

TR=P*Q

When price of bananas increase from $0.90 to $1.10 a pound and total revenue remained unchanged, it means that the quantity of Bananas sold must have decreased.

Suppose at $0.90 we sold 10 pound bananas getting us $9 revenue.

This means that at $1.10 we have to sell 8 Banana's to get the same amount of revenue.

So, change in quantity = = \frac{10-8}{10}  = 20%

So, their is a decline of 20% in the quantity of Bananas sold.

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Long Construction Company uses the percentage-of-completion method of accounting for long-term construction contracts. During 20
LUCKY_DIMON [66]

Answer:

$400 million less ($176+$84)=$14 million

Explanation:

the percentage of completion method of accounting is more like of income statement because it is used to assess the companys performance and financial position

8 0
3 years ago
Brandon Consulting Company is headquartered in Atlanta and has branch offices in Nashville and Birmingham. Brandon uses an activ
Citrus2011 [14]

Answer:

The Atlanta's cost allocated to Nashville will be $663,500.

Explanation:

Administration: $700,000 x 80% = $560,000

Legal: $138,000 x [18,000 ÷ (18,000 + 6,000)] = $103,500

Solution: $560,000 + $103,500 = $663,500.

3 0
3 years ago
DSO and accounts receivable Ingraham Inc. currently has $205,000 in accounts receivable, and its days sales outstanding is 71 da
rusak2 [61]

Answer:

$49,084.51

Explanation:

days of sales outstanding (DSO) = accounts receivable / average daily sales

71 days = $205,000 / (total sales / 365 days)

total sales / 365 days = $205,000 / 71 days

total sales = ($205,000 / 71 days) x 365 days = $1,053,873.24

after the change, annual sales will decrease by 15%:

$1,053,873.24 x (1 - 15%) = $895,792.25

average sales per day = $895,792.25 / 365 = $2,454.23 per day

new DSO = accounts receivable / average sales per day

20 days = accounts receivable / $2,454.23 per day

accounts receivable = $2,454.23 per day x 20 days = $49,084.51

8 0
3 years ago
Near the end of 2010, the ledger of Stivers Company included the following accounts and balances: Allowance for Doubtful Account
Minchanka [31]

Answer and Explanation:

The computation of the balances of the Allowance for Doubtful Accounts, Bad Debt Expense and Accounts Receivable is shown below;

For Accounts receivable  

a) Opening balance $200,000 Debit balance

b) Current year credit sales (75% of $800,000) $600,000 Debit balance

c) (-) Current collection from accounts receivables -$450,000 Credit balance

d) (-) Bad debt expenses -$11,000 Credit balance

e) Closing balance of accounts receivables $339,000 Debit balance

for Allowance for Doubtful Accounts  

Allowance required as per Current year analysis (2% of (75% of $800,000) $12,000 Credit balance

(-) Opening balance $1,000 Credit balance

$11,000 Credit balance

The journal entry is  

Bad debt expense a/c …Dr   11000  

      To Allowance for Doubtful Accounts 11000  

The Closing balance of Allowance for Doubtful Accounts 12000 Credit balance

For Bad debt expenses  

The journal entry is    

Bad debt expense a/c …Dr   11000  

      To Allowance for Doubtful Accounts 11000  

The Closing balance of Bad debt expense account 0

7 0
2 years ago
Wilson Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on the basis of
mrs_skeptik [129]

Answer:

Please see attached solution

Explanation:

a. Total manufacturing overhead costs allocated $356,400

b. Variable manufacturing overhead spending variance $40,500U

c. Fixed manufacturing overhead spending variance $17,600U

d. Variable manufacturing overhead efficiency variance $19,500F

e. Production volume variance $39,200F

Please find attached detailed solution to the above questions

5 0
3 years ago
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