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OLga [1]
3 years ago
15

Colortime bakers wants to make 30 pounds of a berry mix that costs $3 per pound to use in their pancake mix. they are using blue

berries that cost $2 per pound and blackberries that cost $3.50 per pound. how many pounds of blackberries should be used in this mixture?
Business
1 answer:
LuckyWell [14K]3 years ago
5 0
We know that the total cost will be 30 lb * $3/lb = $90. We can thus set up an equation such that: 90 = 3.5*b + 2*(30-b), where b is the weight of blackberries and 30-b represents that which is not blackberries, that is, the blueberries.   
We solve the equation as: 
 90 = 3.5b +60 -2b = 1.5b + 60
 30 = 1.5b
 b = 20
  Thus 20 lbs of blackberries (and 10 lbs of blueberries) are needed.
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Newton Corporation entered into the following transactions during its first year of operations. (Assume all transactions involve
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Answer:

Newton Corporation

Net income for the year = $120

Explanation:

a) Data and Calculations:

Direct materials cost =   $400

Direct labor cost =            800

Manufacturing overhead 400

Total manufacturing cost $1,600

Cost per unit = $8

Ending Inventory of finished goods = 150 units * $8 = $1,200

Cost of goods sold = 50 * $8 = $400

Sales revenue = 50 * $12 = $600

Newton Corporation

Income Statement

For the year ended December 31:

Sales Revenue     $600

Cost of goods sold 400

Gross income       $200

Selling & Admin.

 expense                 80

Net Income          $120

b) Newton Corporation's net income is the difference between the Sales Revenue, cost of goods sold and selling and administrative expenses.

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Recording estimates of future discounts LO P6 ProBuilder has the following June 30 fiscal-year-end unadjusted balances:
Wittaler [7]

Answer:

A. Date       Account Title and Explanation       Debit    Credit

   June 30   Sales discounts                                 $72

                    ($2,400 * 3%)

                          Allowance for sales discounts                 $72

                      (To record the expected sales discounts)                    

B. Date      Account Title and Explanation       Debit    Credit

    June 30  Sales Discounts                                $62

                     ($72 - $10)

                             Allowance for sales discounts               $62

                      (To record the expected sales discounts)

5 0
3 years ago
1, A specialized computer used to collect, store, and report all the information about a sales transaction.
Llana [10]

Answer:

1. Point-of-sale (POS) terminal.

2. Terminal summary.

3. Batching out.

4. Cash receipts journal.

5. Sales discount.

6. Selling price.

7. Accounts receivable ledger.

8. Sales journal.

9. Cash sale.

10. Batch report.

11. Sales tax.

12. Markup.

13. Schedule of accounts receivable.

Explanation:

Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, account payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP) and financial accounting standards board (FASB).

Thus, it's the field of accounting that involves specific processes such as recording, summarizing, analysis and reporting of financial transactions with respect to business operations over a specific period of time. Financial experts or accountant uses either the cash basis or accrual basis of accounting. Some of the terminologies used in financial accounting with their description respectively include the following;

1. Point-of-sale (POS) terminal: a specialized computer used to collect, store, and report all the information about a sales transaction.

2. Terminal summary: the report that summarizes the cash and credit card sales of a point-of-sale terminal.

3. Batching out: the process of preparing a batch report from a point-of-sale terminal.

4. Cash receipts journal: a special journal used to record only cash receipt transactions.

5. Sales discount: a cash discount on a sale taken by the customer.

6. Selling price: the amount a business receives from the sale of an item of merchandise.

7. Accounts receivable ledger: a subsidiary ledger containing all accounts for charge customers.

8. Sales journal: a special journal used to record only sales of merchandise on account.

9. Cash sale: a sale in which the customer pays for the total amount of the sale at the time of the transaction.

10. Batch report: a report of credit card sales produced by a point-of-sale terminal.

11. Sales tax: a tax on a sale of merchandise or services.

12. Markup: the amount a business adds to the cost of merchandise to establish the selling price.

13. Schedule of accounts receivable: a listing of customer accounts, account balances, and total amount due from all customers.

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