Answer:
It includes the balance of stocks at the start and end of the year. The main purpose of this account is to determine Gross Profit which is difference between the revenue from trading and the cost of sales. The purpose of the profit and loss account is to.
Explanation:
The inappropriate use by managers may get out and stop customers from shopping there
Answer:
$1,000 Unfavorable
Explanation:
Calculation to determine what Sheridan Company's materials quantity variance is
Using this formula
Direct Material Price Variance = (Standard quantity allowed - Actual quantity of materials) * materials price standard
Let plug in the formula
Direct Material Price Variance=(5200 pounds-5700 pounds)*$2.00 per pound
Direct Material Price Variance=-500 pound*$2.00 per pound
Direct Material Price Variance=-$1,000
Unfavorable
Therefore Sheridan Company's materials quantity variance is $1,000
Unfavorable
Answer: Expected loss of $2.45
Explanation:
The expected gain is a weighted probability of the expected outcomes and their individual probabilities.
There is one $455 prize out of 100 tickets so the probability is: 1/100 = 0.01
There are two $75 prizes so the probability is: 2/100 = 0.02
There are four $20 prizes so the probability is: 4/100 = 0.04
There is a chance that you will lose the $10 and that probability is the :
= 1 - 0.01 - 0.02 - 0.04
= 0.93
Expected gain (loss) = (0.01 * 455) + (0.02 * 75) + (0.04 * 20) + (0.93 * -10)
= ($2.45)
Answer: $370,000
Explanation:
Based on the information given in the question, the total budgeted cash collections in April would be calculated as the addition of the sales value from February to April and this will be:
February sale = 5% × $700,000 = $35,000
Add: March sale = 25% × $500,000 = $125,000
Add: April Sale = 70% × $300000 = $210000
Total Collection = $370000