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Ksju [112]
3 years ago
9

X-Tel budgets sales of $70,000 for April, $120,000 for May, and $80,000 for June. In addition, sales commissions are 10% of sale

s dollars and the company pays a sales manager a salary of $7,000 per month. Sales commissions and salaries are paid in the month incurred. Prepare a selling expense budget for April, May, and June.
Business
1 answer:
ad-work [718]3 years ago
3 0

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

X-Tel budgets sales of $70,000 for April, $120,000 for May, and $80,000 for June. In addition, sales commissions are 10% of sales dollars and the company pays a sales manager a salary of $7,000 per month. Sales commissions and salaries are paid in the month incurred.

April:

Sales comission= 0.10*70,000= 7,000

Sales manager salary= 7,000

Total= 14,000

June:

Sales comission= 0.10*120,000= 12,000

Sales manager salary= 7,000

Total= 19,000

July:

Sales comission= 0.10*70,000= 8,000

Sales manager salary= 7,000

Total= 15,000

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although both tariffs and quotas are tools used to restrict or reduce trade, which of the statements best describes their differ
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Both tariffs and quotas are instruments used to impede or reduce trade. Both quotas and tariffs place restrictions on the quantity of imported commodities.

<h3>What are exports and imports?</h3>

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1 year ago
Accruals recorded in the Salaries and Wages Expense and Salaries and Wages Payable columns of the balance sheet and income state
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Incurred but unpaid

Explanation:

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3 years ago
Required information
ArbitrLikvidat [17]

Answer:

book value = $13,200 (purchase price) + $4,200 (paint) + $2,300 (accessories) = $19,700

useful life 5 years, salvage value $5,100

assuming the company uses straight line depreciation:

depreciation per year = ($19,700 - $5,100) / 5 years = $2,920 per year

the journal entries to record the purchase of the vehicle and the improvements are:

July 1, 2022, vehicle is purchased

Dr Suburban SUV 13,200

    Cr Cash 13,200

July 1, 2022, vehicle's paint and accessories

Dr Suburban SUV 6,500

    Cr Cash 6,500

the journal entry to record depreciation expense ($2,920 x 6 months)

December 31, 2022, depreciation expense

Dr Depreciation expense 1,460

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the journal entry to record insurance expense ($2,100 x 6 months)

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5 0
3 years ago
Booker Corporation had the following comparative current assets and current liabilities: Dec. 31, 2017 Dec. 31, 2016 Current ass
stiks02 [169]

Answer:

Liquidity measures for the year 2017 are as under:

Current Ratio = 1.5  

Working Capital = $100,000  

Acid Test Ratio = 0.95  

Accounts Receivables Turnover = 10 times  

Inventory turn over = 4 times  

Explanation:

<u>Current Ratio</u>

        Current Ratio = Current Assets ÷ Current Liabilities

                          <u>Dec 31, 2017</u>                                     <u>Dec 31, 2016 </u>

                      $300,000 ÷ $200,000                   $245,000  ÷ $155,000  

Current Ratio                 1.5                                                  1.6  

<u>Working Capital</u>  

       Working Capital = Current Assets – Current Liabilities

                          <u>Dec 31, 2017</u>                                     <u>Dec 31, 2016 </u>

                      $300,000 – $200,000                   $245,000  – $155,000

Working Capital         $100,000                                     $90,000  

 

<u>Acid Test Ratio</u>

        Acid Test Ratio = (Current Assets – Inventory)  ÷ Current Liabilities

                          <u>Dec 31, 2017</u>                                     <u>Dec 31, 2016</u>

($300,000 – $110,000) ÷ $200,000     ($245,000 – $90,000) ÷ $155,000

Acid Test Ratio           0.95                                                1.00  

 

<u>Accounts Receivables Turnover Times</u>  

Accounts Receivables Turnover = Credit Sales ÷ Average Accounts Receivables

Average Accounts Receivables = (Opening Accounts Receivables + Closing Accounts Receivables) ÷ 2

Average Accounts Receivables = ($55,000 + $95,000) ÷ 2 = $75,000

Accounts Receivables Turnover = $750,000  ÷ $75,000 = 10 Times

<u>Inventory Turnover Times</u>

Inventory Turnover = Cost of Goods Sold ÷ Average Inventory

Average Inventory = (Opening Inventory + Closing Inventory)  ÷ 2

Average Inventory =  ($110,000 + $90,000)  ÷ 2 = $100,000

Inventory Turnover =  $400,000  ÷ $100,000 = 4 Times

 

5 0
3 years ago
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