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3 years ago

. You record the debit entry for transaction (A) 5/1 in the journal as Date Description Debit Credit

2 answers:

6 0

If you record the debit entry for transaction (A) 5/1 in your journal, the Date Description Debit Credit would be May 1 Equipment—Office 690.00.

Hope this helps!!

Fiesta28 [93]3 years ago

5 0

D May 1 A/P—J. C. Hollings, Inc. 690.00

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The Sports Warehouse operates in two distinct segments; equipment and apparel. The income statements for each operating segment

tatuchka [14]

Answer:

Vertical analysis of The Sports Warehouse's two operating segments.

Equipment Apparel

Amount$ % Amount$ %

sales 1,700,000 100 2,850,000 100

Cost of goods sold 1,100,000 64.7 1,400,000 49.1

Gross profit 600,000 35.3 1,450,000 50.9

Operating expenses 250,000 14.7 500,000 17.5

operating income 350,000 20.6 950,000 33.3

other income/expenses 25,000 1.50 (60,000) 2.1

income before tax 375,000 22.1 890,000 31.22

income tax expense 90,000 5.30 280,000 9.8

net income 285,000 16.8 610,000 21.4

The a) Apparel segment is more profitable than the b) Equipment segment

Explanation:

Vertical analysis ios made by taking a percentage of each lsited items of income statement to a base value. Normally the base value is the sales value. In this question I have calculated all the percentage based on the sales value.

Gross Margin

By comparing the Gross margin of both segments, 50.9% of apparel is more than that of 35.3% of Equipment. So, Apparel segment is more profitable.

Net Margin

By comparing the Net margin of both segments, 21.4% of apparel is more than that of 16.8% of Equipment. So, Apparel segment is more profitable.

4 0

3 years ago

Read 2 more answers

The receipt of dividends and interest from abroad as a result of ownership of foreign assets by a country's residents is recorde

Shalnov [3]

Answer:

income-generating assets under the current account of the balance of payment.

Explanation:

In international trade to balance of payments between countries looks at inflow and outflow of funds as a result of trade.

When there is balance of trade deficit the country imports from others. When there is balance of payment surplus the country exports to others.

The fund movement is recorded in various accounts. These are current account, capital account, and financial account.

The current account is used to record funds recieved from goods, services, income, and current transfers.

The receipt of dividends and interest from abroad as a result of ownership of foreign assets by a country's residents is recorded as

income-generating assets under the current account of the balance of payment.

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3 years ago

Reedy Company reports the following information for 2012:

asambeis [7]

Answer:

Ending WIP= $13,500

Explanation:

<u>First, we need to calculate the factory overhead:</u>

Factory overhead= 25,000*0.75= $18,750

<u>Now, the ending WIP inventory:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

68,250 = 11,000 + 27,000 + 25,000 + 18,750 - Ending WIP

Ending WIP= $13,500

4 0

3 years ago

Carl is a self-employed real estate agent. For the current year, his self-employment net earnings (revenues minus expenses) are

lisov135 [29]

Answer:

$12,240

Explanation:

Social security Tax = $80,000 x 12.4%

Social security Tax = $9,920

Medicare Tax = $80,0000 x 2.9%

Medicare Tax = $2,320

Total tax = $9,920 + $2,320

Total tax = $12,240

3 0

3 years ago

Suppose a monopolist's costs and revenues are as follows: ATC = $50.00; MC = $35.00; MR = $45.00; P = $55.00. The firm should

bekas [8.4K]

Answer:

The firm should increase output and reduce price

Explanation:

For a monopolist, there can be one of the following three scenarios at a time point in time:

Scenario one, MR = MC: For a monopolist, profit is maximized at the point where marginal revenue (MR) is equal to to marginal cost (MC), i.e. where MR = MC.

Scenario two, MR < MC: But when the MR < MC, it indicates that the monopolist is currently producing a higher quantity of output and it is not maximizing profit. In order to maximize profit, the monopolist has to reduce output until MR = MC.

Scenario three , MR > MC: But when the MR > MC, it indicates that the monopolist is currently producing a lower quantity of output and it is not maximizing profit. In order to maximize profit, the monopolist has to increase output until MR = MC. Also, the monopolist has to reduce price in order to sell the increased quantity of output.

From the question, the monopolist falls into scenerio three as MR > MC, i.e. $45 > $35. Therefore, the monopolist should increase output until MR = MC and reduce price in order to maximize profit.

3 0

3 years ago