Answer:
Paradise Travel Service
Balance Sheet as of May 31, 20Y6:
Assets:
Cash $52,000
Accounts receivable 38,000
Supplies 3,000
Land 450,000
Total assets $543,000
Liabilities and Equity:
Accounts payable 18,000
Common Stock 100,000
Retained Earnings 425,000
Total liabilities and
equity $543,000
Explanation:
a) Data and Calculations:
Paradise Travel Service
Income Statement for the year ended May 31, 20Y6:
Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000
Total expenses 765,000
Net Income $135,000
Statement of Retained Earnings for the year ended May 31, 20Y6:
Retained Earnings, June 1, 20Y5 $300,000
Net Income 135,000
Dividends 10,000
Retained Earnings, May 31, 20Y6 $425,000
b) The balance sheet shows the balances of assets, liabilities and equity at the end of an accounting period. It derives its name from the accounting equation, which states that assets = liabilities + equity. This equation implies that the two sides always balance each other.
Answer:
a. 1.11%
Explanation:
The computation of the maximum sales growth rate is shown below:-
Sales 90% Capacity = $850,000,000
Sales at 100% Capacity = $850,000,000 ÷ 90% × 100%
= $944,444,444.4
Growth in Sales by using unused capacity = Sales at 100% Capacity - Sales 90% Capacity
=$944,444,444.4 - $850,000,000
= $94,444,444.4
Growth rate =Growth in Sales by using unused capacity ÷ Sales last year
-94444444.4 ÷ $850,000,000
= 1.11%
Based on the costs described and the operating profit, the depreciation expense was <u>$330,000</u>
<h3>Depreciation expense</h3>
- Is an expense owning to fixed assets losing value.
- Is deducted from the Sales revenue.
You can find the depreciation expense as:
Operating income = Sales - Cost of goods sold - Admin expenses - Depreciation
150,000 = 750,000 - 200,000 - 70,000 - Depreciation
Depreciation = 750,000 - 200,000 - 70,000 - 150,000
= $330,000
In conclusion, depreciation was $330,000.
Find out more about depreciation at brainly.com/question/23057744.
Answer:
Sharp Shot Camera Shop
General Ledger
Cash in Bank
Date Account Titles Debit Credit
Apr. 10 Sales $150
Apr. 20 Sales 24
Apr. 24 Sales 380
Accounts Receivable
Date Account Titles Debit Credit
Apr. 4 Sales $3,000
Sales
Date Account Titles Debit Credit
Apr. 4 Accounts Receivable $3,000
Apr. 10 Cash 150
Apr. 20 Cash 24
Apr. 24 Cash 380
Explanation:
a) Data and Calculations:
Apr 4 Credit Sales = $3,000
Apr. 10 Cash Sales = $150
Apr. 20 Cash Sales = $24
Apr. 24 Cash Sales = $380
b) The initial records are made in the journal which debits Cash and Accounts Receivable and credits Sales Account for each transaction.
Answer:
The correct answer is A
Explanation:
Interior solution is the solution or a choice which is to be made through an agent and that could be characterized as an optimum which is located or situated at the tangency of two curves on the graph.
The utility maximization of the consumer states or defines that the consumer decide or take decision to allocate the incomes so that the last dollar amount which is spent on each and every product bought yields the same amount of the additional marginal utility.
Therefore, the interior solution to the utility maximization of the consumer problem states that the consumer consuming the optimal amounts of all the goods.
