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Mekhanik [1.2K]
2 years ago
9

illustrate the effects on the accounts and financial statements of recording the following transcations. If no account or activi

ty is affected, select "no effect from the dropdown and leave the corresponding number entry box blank. a. sold merchandise for cash, $107500. The cost of the goods sold was $53,750
Business
1 answer:
jeyben [28]2 years ago
6 0

Answer:

Sale of Merchandise for Cash

Revenue (Shareholders Equity) = Increase $107500

Cash (Asset) = Increase $107500

Liabilities = No Effect

Cost of Goods Sold

Shareholders Equity = Decrease $ 53750

Inventory (Asset) = Decrease $53750

Liabilities = No Effect

Explanation:

Sale of Merchandise for Cash

Recognition of  Revenue increases Profit in Income Statement and consequently increases shareholders equity.

Assets of Cash are increasing to depict inflow of economic benefits

Cost of Goods Sold

Cost of Goods sold represent outflow of economic benefits

Assets of Inventory are decreasing

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A manufacturer produces 400 units when the market price is $10 per unit and produces 600 units when the market price is $12 per
vodka [1.7K]

Answer:

C. 2.2.

Explanation:

Mid point elasticity is calculated as follows:

<em>% change in qty supplied/ % change in price</em>

<em />

<em>% change in qty supplied</em>

= (600-400)/(600+400)/2

= 0.4

<em> % change in price </em>

= (12 -10)/(12+10)/2

= 0.181

Mid point elasticity

= 0.4/0.18

=2.2

             

5 0
2 years ago
Read 2 more answers
Which of the following funds of a governmental unit uses the same basis of accounting as an enterprise fund?
ycow [4]

Answer:

The correct answer is a. Special revenue.

Explanation:

A special revenue fund is an account established by a government to raise money that must be used for a specific project. Special income funds provide an extra level of responsibility and transparency to taxpayers that their taxes will be used for a specific purpose.

Example: A city could establish a special income fund to pay the costs associated with stormwater management. The money from this fund could only be used for stormwater management expenses, such as street sweeping, sewer and ditch cleaning, system maintenance and a public awareness campaign. The city would have to publicly report where it raised the money from the special income fund and how it spent the budget of the special income fund.

3 0
3 years ago
A sample of 51 observations will be taken from an infinite population. The population proportion equals 0.85. The probability th
3241004551 [841]

Answer:

c. 0.0819

Explanation:

The mean = 0.85

standard error of the proportion is:     sp = sqrt(pq/n)

= sqrt ((.85)(0.15) / 51) = 0.05

P(0.9115 < X < 0.946) = P( (0.9115 - 0.85) / 0.05 < z < (0.946 - 0.85) / 0.05 )

= P(1.23 < z < 1.92)

= P(z < 1.92) - P(z < 1.23) = 0.0819

8 0
2 years ago
Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. E
ch4aika [34]

Answer:

$4,92

Explanation:

Step 1 Calculate the Total Cost of conversion costs incurred during the process.

<u>Total Cost of conversion costs</u>

Cost of conversion in Beginning inventory  $8,800

Add Cost of conversion for April                  $43,612

Total                                                                $52,412

Step 2 Calculate cost per equivalent unit for conversion costs

cost per equivalent unit = Total Cost of conversion / Total equivalent unit for conversion

                                        = $52,412 / 10,650

                                        = $4,92

Therefore, the cost per equivalent unit for conversion costs using the weighted average method would be $4,92.

5 0
3 years ago
According to entry-level analysis project (elap) statistics, what percentage of therapists are leaving the profession in the fir
Soloha48 [4]
<span>According to the ELAP report 40%-50% of therapists are leaving this profession with in 24 months or 2 years after the graduation. the report also says this was due to the unrealistic expectations about the physical demands of massage work.</span>
6 0
3 years ago
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