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Ymorist [56]
3 years ago
14

Craig's collected $15,000 from customers for games played in july. craig's sold bowling merchandise inventory from its pro shop

for $8,000; received $3,000 in cash and customers owed the rest on account. [the cost of goods sold (expense) related to these sales is $6,800.] craig's received $4,000 from customers who purchased merchandise in june on account. the men's and ladies' bowling leagues gave craig's a deposit of $2,500 for the upcoming fall season. craig's paid $800 on the electricity bill for june (recorded as an expense in june). craig's paid $3,500 to employees for work in july. craig's purchased $1,500 in insurance for coverage from july 1 to october 1. (part is an expense for july and part is a prepaid expense to be used in future months.) craig's paid $700 to plumbers for repairing a broken pipe in the restrooms. craig's received the july electricity bill for $900 to be paid in august.
Business
1 answer:
tekilochka [14]3 years ago
7 0

Answer:

cash 15,000 debit

  account receivables 15,000 credit

cash  3,000 debit

A/R    5,000 debit

  service revenue 8,000 credit

COGS  6,800 debit

   Merchandise   6,800 credit

Cash  4,000 debit

 A/R               4,000 credit

Cash   2,500 debit

  *unearned revenue   2,500 credit

**utilties payable   800 debit

       cash                   800 credit

salaries expense 3,500 debit

      cash                      3,500 debit

***prepaid expene        375  debit

prepaid insurance   1,125  debit

     cash                             1,500 credit

repairs expense      700 debit

      cash                           700 credit

utilities expense      900 debit

   utilities payable            900 credit

Explanation:

We will record following the debit = credit rule

* It will be considered unearned revenue as we didn'0t perform the services we have the obligation to do so therefore, it is a liability.

**as the expense was recorded previously a payable was created to recognize the obligation to pay our utilities. Therefore, we write-off the payable

*** 1,500 is the full contract value for 4 months:

1,500 / 4 = 375 per month

one most is declared as expense and the remainder as prepaid.

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According to Adam​ Smith, which of the following is necessary for the proper functioning of the market​ system?
nlexa [21]

Answer:

The correct answer is the option C: For markets to work, people must be free to pursue their self-interest.

Explanation:

To begin with, Adam Smith was a Scottish economist, philosopher and author known as ''The Father os Economics'' and whose works established the basics of today's economics.

To continue, in Smith's most known classic work, ''An Inquiry into the Nature and Causes of the Wealth of Nations'', he established the concept called the <u><em>''invisible hand''</em></u><u> </u>that states that <u><em>in order to the economy to work properly, the people must be free to pursue their self-interest products without no restrictions from the government</em></u>.

4 0
3 years ago
Adam Holmes is the Processing Manager of Empire Mortgage Company, a firm that processes loan applications for a number of region
Elina [12.6K]

Answer:

a. <u>Labor variances for 14 PT staff: </u>

Labor rate variance = (Standard Rate – Actual Rate) x (Actual time per app) * (number of apps. completed)

= ($50 - $52) x 1.40 x 2,604

= $7291.20 (Unfavorable)

Labor Efficiency variance = [(Standard hours per app. X number of app.) - (Actual time per App. * number of apps.)] * Std. rate

= [(1.20 * 2,604) - (1.40 * 2,604)] * $50

= [3,124.80 - 3,645.60] * $50

= $26,040 (Unfavorable)

Labor Cost variance = Labor rate variance + Labor efficiency variance

= $7,291.20 (Unfavorable) + $ 26,040 (Unfavorable)

= $33,331.20 (Unfavorable)

<u>Labor variances for 10 SD staff</u>:

Labor rate variance = (Standard Rate – Actual Rate) x (Actual time per app) * (number of apps. completed)

= ($45 - $47) * 1.20 * 1,600

= $3840 (Unfavorable)

Labor Efficiency variance = [(Standard hours per app. X number of app.) - (Actual time per App. * number of apps.)] * Std. rate

= (1.40*1,600) – (1.20*1,600)]*$45

= [2,240 – 1,920] * $45

= $14,400 (Favorable)

Labor Cost variance = Labor rate variance + Labor efficiency variance

= $3,840 (Unfavorable) + $ 14,400 (Favorable)  

= $10,560 (Favorable)

5 0
3 years ago
Name the currency that is used by 19 member states and 330 million people, though some politicians and economists are calling fo
xeze [42]
The answer to the question mentioned above is "the Euro".

Euro is the name of the currency that is used and by 19 members states and 330 million people, though some politicians and economist are calling for its retirement. This is the official currency of the Eurozone.
8 0
3 years ago
Which economic player did John Maynard Keynes feel was capable of restarting the economy during the Great Depression?
777dan777 [17]
The economic player John Maynard Keynes felt that the government was capable of restarting the economy during the great depression.
   
so the answer is D. 




5 0
3 years ago
Street Company's fixed expenses total $150,000, its variable expense ratio is 60% and its variable expenses are $4.50 per unit.
Len [333]

Answer:

Break even in units = 50000 units

Explanation:

Break even point is a point where total revenues equal total cost and the firm makes no profit or no loss. Break even point in units is the number of units that must be sold in order for the firm to break even. The formula to calculate break even in units is,

Break even in units = Fixed costs / Contribution margin per unit

Where,

Contribution margin per unit = Selling price per unit - Variable cost per unit

First we will calculate the contribution margin per unit.

A variable cost ratio of 60% means that variable costs are 60% of selling price. This means that the remaining 40% is contribution margin per unit.

Now if the variable cost is 4.5 per unit which are 60% of selling price, the the selling price per unit will be,

4.5 = 0.6 / Selling price

Selling price = 4.5 / 0.6

Selling price = 7.5 per unit

Contribution margin per unit = 7.5 - 4.5 = 3 per unit

Break even in units = 150000 / 3

Break even in units = 50000 units

8 0
3 years ago
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