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3 years ago

When might be the best time to start saving for retirement?

1 answer:

6 0

Hello.

The answer to your question is ''<span>consistently saving a little money for retirement when you are in your twenties is much better than saving a lot more money when you are in your fifties.''</span>

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On January 1, Concord Corporation had 113000 shares of $10 par value common stock outstanding. On March 17 the company declared

Alik [6]

Answer and Explanation:

The Journal entry is shown below:-

March 17

Stock Dividend Dr, $84,750 (113,000 × 5% × $15)

To Common Stock Dividend Distributable $56,500 (113000 × 5% × $10)

To Paid in capital in excess of Par - Common Stock $28,250

(Being stock dividend is recorded)

Here we debited the stock dividend and we credited the Common Stock Dividend Distributable and Paid in capital in excess of Par - Common Stock

6 0

3 years ago

Mission Foods produces two flavors of tacos, chicken, and fish, with the following characteristics:

postnew [5]

Answer:

1. $858,000

2. Chicken = 24,000 units and Fish = 36,000 units

Explanation:

The computation is shown below:

1. The anticipated level of profits for the expected sales volumes is

= Expected sales of chicken × (Selling price per taco - Variable cost per taco) + Expected sales of fish × (Selling price per taco - Variable cost per taco) - total fixed cost

= 200,000 × ($3 - $1.50) + 300,000 × ($4.50 - $2.25) - $117,000

= $300,000 + $675,000 - $117,000

= $858,000

2. The break even volume is

Let we assume the sale units be X

So, total units sold for chicken = 40X

And, for the fish it is = 60X

Sale units of chicken × (Selling price per taco - Variable cost per taco) + Sale units of chicken × (Selling price per taco - Variable cost per taco) = Total Fixed cost

0.40X × (3 – 1.50) + 0.60X × (4.50 – 2.25) = $117,000

0.60X + 1.35X = $117,000

1.95X = $117,000

So, the X is 60,000 units

So for chicken it is 60,000 × 40% = 24,000 units

And for fish it is 60,000 × 60% = 36,000 units

7 0

3 years ago

Sally is in the business of purchasing accounts receivable. Last year, Sally purchased an account receivable with a face value o

marusya05 [52]

Answer:

Sally’s basis in the Account Receivable is $60,000

She has a bad debt deduction of $0. There is no Bad debt deduction for Sally. Rather she made a profit on the transaction.

Explanation:

The Account Receivable can be defined as a Debt Instruments. Debt instruments in accounting are valued at Lower of Cost or Net Realizable Value.

Cost is the amount of cash or its equivalent that was expended to obtain an asset. The cost of this Account Receivable therefore is 60,000

Net realizable value (NRV) is the value that can be realized from the sale of an asset. Net Realizable value of the Account Receivable therefore is 80,000.

Therefore the value to be utilized as the value of the Account Receivable 60,000.

Below is the accounting entries to record the transaction and recognized profit.

For the Face Value of the Debt

Debit: Account Receivable Account(Debtors) 60,000.00

Credit: Account Receivable Purchase Account 60,000.00

For the payment of the A/R

Debit: Account Receivable Purchase Account 60,000.00

Credit: Bank 60,000.00

For the settlement received on the A/R

Debit: Bank 65,000.00

Credit: Account Receivable Account(Debtors) 60,000.00

Credit: Profit & Loss 5,000.00

8 0

3 years ago

1. Give one example of professional behavior in a salon and how a cosmetologist could

lana [24]

Answer:

Appropriate language, a cosmetologist can demonstrate this by always speaking in a tone and at a volume that is appropriate for the setting, and never using foul language no matter what.

3 0

3 years ago

MacKenzie Company sold $640 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 5.5% serv

Ne4ueva [31]

Answer and Explanation:

The Journal entry is shown below:-

Cash Dr, $604.80 ($640 × 5.5%)

Card Expense $35.20

To Sales $640

(Being sale is recorded)

Here we debited the cash and expenses as assets are increasing also it increased the expenses On the other hand it also increased the sales. Also assets and expenses contains normal debit balance and the sales revenue contains normal credit balance

6 0

3 years ago