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dmitriy555 [2]
3 years ago
12

Professor Quark opens his own company, Electronic Tutorial Services, and completes the following transactions in June:

Business
1 answer:
gayaneshka [121]3 years ago
7 0

Answer:

Required 1 : Journal Entries

6/1

Cash $12,000 (debit)

Capital $12,000 (credit)

6/3

Equipment $1,800 (debit)

Accounts Payable $1,800 (credit)

6/4

Insurance Prepaid $360 (debit)

Cash $360 (credit)

6/6

Office Supplies $300 (debit)

Cash $300 (credit)

6/9

Computer $7,500 (debit)

Cash $1,500 (credit)

Account Payable $6,000 (credit)

6/10

Trade Receivable : Fiona Smith $40 (debit)

Service Revenue $40 (credit)

6/14

Accounts Payable $1,800 (debit)

Cash $1,800 (credit)

6/25

Cash $35 (debit)

Service Revenue $35 (credit)

6/30

Cash (debit)

Trade Receivable : Fiona Smith $40 (credit)

6/30

Drawings $500 (debit)

Cash $500 (credit)

Required 2

Professor Quark have $7,615 at the end of June in his Cash Account

Explanation:

For determination of cash on hand at end of June, prepare a Cash Book.

Cash Book - Cash Columns Only

Debit :

Capital                                                 $12,000

Trade Receivable : Fiona Smith               $40

Service Revenue                                       $35

Totals                                                   $12,075

Credit :

Insurance Prepaid                                  $360

Office Supplies                                       $300

Computer                                             $1,500

Accounts Payable                                $1,800

Drawings                                                $500

Balance c/d (Balancing figure)            $7,615

Totals                                                   $12,075

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bogdanovich [222]
So, doing the calculations, Marion's had $700,000-240,000=$460,000-160,000 in expenses = $300,000 x 0.4 income tax=120,000 and so 300,000-120,000=$180,000 net value. Preston's had $700,000-40,000 depreciation=$660,000-160,000 expenses =$500,000 x 0.4 taxes= 200,000 taxes so 500,000-200,000=$300,000 net value. The result is Preston's had less depreciation which provided it with more spendable income.
6 0
3 years ago
Sole Mates Inc. is planning a one-month campaign for July to promote sales of one of its two shoe products. A total of $100,000
Cerrena [4.2K]

Answer:

Sole Mates Inc.

Differential analysis:

                                        Tennis Shoe      Walking Shoe

Unit selling price                      $85                  $100

Unit production costs:

Direct materials                        $19                   $32

Direct labor                                  8                      12

Variable factory overhead          7                       5

Unit variable selling expenses   6                     10

Total variable costs                $40                   $59

Contribution margin per unit $45                   $41            

                                        Tennis Shoe      Walking Shoe   Difference

                                        Alternative 1       Alternative 2

Total contribution margin    $315,000         $287,000       $28,000

Advertising costs                  (100,000)          (100,000)                  0

Total income (loss)             ($215,000)          $187,000      $28,000

Promote the Tennis Shoes (Alternative 1) because it will bring in more contribution margin than Alternative 2.

Explanation:

a) Data and Calculations:

Budgeted advertising costs = $100,000

                                        Tennis Shoe      Walking Shoe

Unit selling price                      $85                  $100

Unit production costs:

Direct materials                        $19                   $32

Direct labor                                  8                       12

Variable factory overhead          7                        5

Fixed factory overhead             16                       11

Total unit production costs    $50                  $60

Unit variable selling expenses   6                     10

Unit fixed selling expenses     20                     15

Total unit costs                       $76                 $85

Operating income per unit      $9                   $15

3 0
3 years ago
Keeping your _____ and _____ in mind will dictate what you say and how you say it. A. Mood, interest C. Age, experience B. Mom,
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A. Mood, interest.

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7 0
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Answer:

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I hope my answer helps you.

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