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Nimfa-mama [501]
3 years ago
9

During May, 2018, Sugar Inc. performs consulting services. The client does not pay Sugar until June, 2018. Multiple Choice Using

the accrual basis of accounting, the revenue is reported in May 2018. Using the accrual basis of accounting, the revenue is reported when Sugar's expenses are paid. Using the accrual basis of accounting, the revenue is reported in June 2018. Using the cash basis of accounting, the revenue is reported in May 2018.
Business
1 answer:
Anna [14]3 years ago
4 0

Answer: Using the Accrual basis of accounting, the revenues are reported in May 2018.

Explanation:

Accrual accounting is an accounting method in which the revenue or the expenses will be recorded when a transaction occurs and not when the payment for the transaction is received.

The method follows matching principle, that says that the revenues and the expenses must be recognized at the same period. Therefore, using the accrual basis of accounting, we can see that the revenues are reported in May 2018.

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Here are selected data for Creek​ Corporation: Cost of materials purchases on account $ 68 comma 700 Cost of materials requisiti
Sedbober [7]

Answer:

$29,900

Explanation:

According to the scenario, computation of the given data are as follows:-

Predetermined Manufacturing Overhead = 130% of Direct Labor Cost

= $77,000 × 130÷100 = $100,100

Direct Material= $51,300 - $4,500 = $46,800

Direct Labor = $77,000

Total Added Cost to WIP = Manufacturing Overhead + Direct Material + Direct Labor

=$100,100 + $46,800 + $77,000 = $223,900

WIP Inventory at the End of The Year = Beginning WIP Inventory +Total Added Cost to WIP - Cost of Goods Manufactured

= $29,700 + $223,900 - $223,700

= $29,900

5 0
3 years ago
1) Which of these is a social goal of any economic system?
vichka [17]

<u>A social goal of any economic system:</u>

All economic systems' broad goals saw as key to the U.S. economy are soundness, security, economic freedom, equity, economic growth, efficiency, and full employment.

Accomplishing these objectives is troublesome in light of the fact that—despite the fact that the objectives supplement each other now and again—by and large, there are exchange offs to confront. To keep up a solid economy, the national government looks to achieve three approach objectives: stable costs, full business, and financial development.

Notwithstanding these three arrangement objectives, the central government has different destinations to keep up the sound financial strategy. Monetary objectives are not in every case commonly perfect; the expense of tending to a specific objective or set of objectives is having fewer assets to focus on the rest of the objectives.

7 0
3 years ago
Standard rate per direct labor-hour $ 2 Standard direct labor-hours for each unit produced 3 Units manufactured 1,000 Actual dir
Nastasia [14]

Answer:

Variable overhead efficiency variance= $600 unfavorable

Explanation:

Giving the following information:

Standard rate per direct labor-hour $2

Standard direct labor-hours for each unit produced 3

Units manufactured 1,000

Actual direct labor-hours worked during the month 3,300

<u>To calculate the variable overhead efficiency variance, we need to use the following formula:</u>

<u></u>

Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

Variable overhead efficiency variance= (1,000*3 - 3,300)*2

Variable overhead efficiency variance= $600 unfavorable

5 0
3 years ago
A company earned $2,880 in net income for October. Its net sales for October were $12,000. Its profit margin is:
snow_lady [41]

Answer:

profit margin = 23.33%

Explanation:

profit margin = net profit /  net sales

  • net profit = $2,800
  • net sales = $12,000

profit margin = $2,800 / $12,000 = 0.233333 = 23.33%

The profit margin is a profitability ratio used to compare how many cents different companies are able to make from selling $1. Different companies have different sales levels, but we can group companies by industries and then compare them in order to determine which ones are more efficient at generating income. E.g. Company A sells $100 million but only makes $2 million in profits per year (PM = 2%), and it is much less efficient than Company B that sells $10 million and makes $1 in profits (PM  = 10%). Company A's costs are too high compared to Company B's costs.  

5 0
3 years ago
An entrepreneur recently purchased Cocoon's, a local deli, on the beach. To operate the business, she estimates that selling and
crimeas [40]

Answer:

27%

Explanation:

The computation of the net profit margin is shown below;

As we know that

net profit margin = Net profit ÷ sales

where

net profit is

<u>Particulars                                                                 Amount </u>

Sales (200 customers × $12 × 350 days) $840,000

Less: cost of goods sold (200 customers × $4.50 × 350 days) -$315,000

Gross profit $525,000

Less:

Selling and admin expense -$98,510

Depreciation expense - $20,000

Bank loan interest -$76,265

Net income before tax $330,225

Less tax at 32% -$105,672

Net income after tax $224,553

Now the net profit margin is

= $224,553 ÷ $840,000

= 27%

6 0
2 years ago
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