Answer:
1.
Dr. Net Sales ¥ 1,888,622
Cr. Income Summary ¥ 1,888,622
2.
Dr. Income Summary ¥1,770,833
Cr. Cost of sales ¥ 1,254,981
Cr. Advertising expense ¥ 118,308
Cr. Other expense ¥ 397,544
Explanation:
Closing Entries are passed to close the temporary accounts of a business for the year. These accounts are closed and their balances are transferred to income summary account.
First we will close the the revenue / income accounts and then expenses or cost accounts.
The total cost of direct labor for the month will be $ 49350, if the company has budgeted production at 940 units for the month, each unit requires 3.5 hours of labor to produce and the average labor rate is $15 per hour.
Explanation:
The given is,
Total units produced in a month
= 940 unit per month
Time for each unit
= 3.5 unit per hour
Labor rate = $15 per hour
Step:1
Total Labor working hours for 940 units,
= Total units × Time for each unit
= 940 × 3.5
= 3290 hours
Step:2
Labor cost total working hours
= Total Labor working hours × Labor cost per hour
= 3290 × 15
= $ 49350
Result:
The total cost of direct labor for the month will be $ 49350, if the company has budgeted production at 940 units for the month, each unit requires 3.5 hours of labor to produce and the average labor rate is $15 per hour.
Answer:
25 Days
Explanation:
Average Account receivables:
= (Accounts receivables, beginning of year + Account receivables, end of year) ÷ 2
= (45,000 + 35,000) ÷ 2
= 40,000
Account Receivables Turnover = Net Sales on Account ÷ Average Account Receivables
Account Receivables Turnover = 584,000 ÷ 40,000
= 14.6 times
No. of Days Sales in Accounts Receivables:
= No. of Days in a year ÷ Account Receivables Turnover
= 365 ÷ 14.6
= 25 Days
Answer:
Brian's demand is perfectly inelastic.
Crystal's demand is unit elastic.
Explanation:
Given that
Brian said = 10 gallons of gas
where, Crystal says = $10 worth of gas
By seeing the above information, we concluded that the Brain's demand is perfectly inelastic as the demand of the gallons are fixed
And, the crystal demand is unitary elastic as the expenditure would remain unchanged or fixed
In addition, the perfectly inelastic is when elasticity is zero
, and unitary elastic is when elasticity is equal to one
The meaning of being saturated or reaching the point of saturation in the business terms is the time in which a market does not generate any more demand for a certain market. This may be due to increase competition, decrease need or the product became unusable. For sellers, saturation means two things, first is that this is the chance for you to give your business a makeover. You can level up your products or service or try a new strategy for your business. The endpoint is that you need to diversify so that the customers will not get tired of the same product of service all over again. If you observed that with all the things you possibly did to keep the product or service growing, you haven't seen any change the market demand then the second thing you may want to do is to stop your business because it will only be a waste of time, research and money.
