Answer:
Contribution margin income statement for the year ended December 31, 2019
Sales (10,000×$175) 1,750,000
Less Variable Costs (10,000×$116) (1,160,000)
Contribution 590,000
Less Fixed Costs (354,000)
Net Income/(loss) 236,000
Explanation:
Variable Costing Income = Contribution - Fixed Costs
Answer:
Enterprise Fund due from General Fund (Dr.) $50,000
Service Revenue (Cr.) $50,000
Explanation:
The enterprise used its general fund to provide electricity to the citizens. It has a collection period of 30 days for the general fund. This collection period is receivable duration during which company service revenue is to be collected. The general fund used by enterprise fund is collected 30 days later.
Answer:D. Property
Explanation:
The intellectual property is known as the non-material assets of a company that involves knowledge and company identity; it may include image, know-how, brands, patents, company name, etc. When Shelli rejects to use a design found on the internet, she respects the intellectual property of another company and protect her small boutique from a possible legal infringement.
Answer:
Equipment, credit, $229,100
Explanation:
we record the entry when we purchase the equipment is
we debit the equipment, and credit the cash/accounts payable depending on whether we paid the cash or purchased the equipment on account.
We debit the equipment because equipment is our asset, and when asset goes up we debit them. We credit the cash because again cash is our asset and when asset goes down we credit them.
Now at the time of disposal, we want to remove the asset from our balance sheet. Equipment is disposed now. In other words, equipment is our asset, and disposing the equipment means asset goes down, and we show this effect by credit the equipment.
Answer:
1. A) Gold coins
2. B) food stamp
3. Gold coins
Funds in a checking account
Funds in a savings account
100 shares of Google stock
Grocery Store Coupons
Food stamps
Explanation:
Money is legal tender that is generally acceptable for transaction within a geographical location mostly a country.
Gold coins is a form of money that is accepted it can be use for transaction immediately.
Funds in checking and savings accounts :-money is available but not in cash or coin, a card is needed to make of the money.
100 shares of google stock:- this is an investment that will yield dividend over a period of time, its not available for use at the moment.
Grocery store coupons is restricted to a specific grocery store and has no value outside.
Food stamp is not generally acceptable outside the designated points.
