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3 years ago

A company has sales of $752,800 and cost of goods sold of $301,800. its gross profit equals:

1 answer:

Elena-2011 [213]3 years ago

7 0

Revenue = $752,800
Cost of goods sold = $301,800

To solve for the gross profit:
Gross profit = revenue - cost of goods sold
Gross profit = $752,800 - $301,800
Gross profit = $451,000

The gross profit shows the profits a company has after taking their costs to make the product and subtract them from the sales they had.

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he following information pertains to Lightning Inc., at the end of December: Credit Sales $ 20,000 Accounts Payable 10,000 Accou

agasfer [191]

Answer:

What is the appropriate amount of Bad Debt Expense?

Bad debt expense $ 1,178

Allowance for Uncollectible Accounts $ 1,178

Explanation:

The total amount of Allowance for Uncollectible Accounts is a credit of $0,400

Initial Balance

Accounts Receivable $ 10,400

Allowance for Uncollectible Accounts $ 0,400

The aging method indicates that the total amount must be :

Acc. Rec Allow.

7% $ 7,000 $ 0,490 Not yet due

15% $ 1,700 $ 0,255 1-30 days

49% $ 1,700 $ 0,833 more than 30 days

$ 10,400 $ 1,578

It's necessary to entry the next journal entry to meet the amount indicated by the aging method.

Bad debt expense $ 1,178

Allowance for Uncollectible Accounts $ 1,178

7 0

2 years ago

Pitt Enterprises manufactures jeans. All materials are introduced at the beginning of the manufacturing process in the Cutting D

il63 [147K]

Answer:

$1.88; $2.00

Explanation:

Equivalent Units Produced for direct material:

= Opening Work In Progress + Introduced + Closing units

= units × Degree of completion

= (59,000 × 0%) + (159,000 × 100%) + (84,000 × 100%)

= 0 + 159,000 + 84,000

= 243,000

Equivalent Units Produced for conversion costs:

= Opening Work In Progress + Introduced + Closing units

= Units × Degree of completion

= (59,000 × 65%) + (159,000 × 100%) + (84,000 × 20%)

= 38,350 + 159,000 + 16,800

= 214,150

Cost Per Equivalent Units for direct material:

= Total Cost Incurred ÷ Equivalent Units Produced

= $456,840 ÷ 243,000

= $1.88

Cost Per Equivalent Units for conversion cost:

= Total Cost Incurred ÷ Equivalent Units Produced

= $428,300 ÷ 214,150

= $2.00

5 0

3 years ago

Two decades ago when the United states entered info the North American Free Trade Agreement with Canada and Mexico, there was si

stepan [7]

Answer: It was believed by some politicians and unions that NAFTA poses more harm to the United States economy unlike TTIP.

Explanation:

The North American Free Trade Agreement (NAFTA) is an agreement entered into by Canada, United States, and Mexico that ensures free trade among the countries as it was created to remove tariff barriers to different sectors of the economy and ensure free trade.

The Transatlantic Trade and Investment Partnership (TTIP) is a trade agreement which is proposed between the United States and the European Union with the aim of promoting economic growth and trading activities.

Some politicians and trade unions were in disagreement with NAFTA because it led to job losses especially in the manufacturing firms in the U.S. Companies also threatened to relocate to Mexico in order to keep their workers from joining trade unions and this suppressed wages as workers could not negotiate for better wages.

NAFTA allowed trucks from Mexico to enter the United States. These Mexican also entered the United States illegally by crossing the border. These were some of the reasons some people were not in agreement with NAFTA.

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2 years ago

When an accelerated depreciation method is used to calculate depreciation expense: Multiple Choice the accumulated depreciation

erastovalidia [21]

Answer:

the net book value of the asset halfway through its useful life will be less than if straight-line depreciation is used.

Explanation:

Let me use an example to illustrate this.

An asset has a useful life of 4 years. It costs $1000. It has a salvage value of 0

If the straight line depreciation method is used , the depreciation expense every year = $1000/ 4 = $250

The net book value halfway through its useful life = $1000 - ($250 x 2) = $500

If double declining method is used, the depreciation expense in the first year would be = 2/4 x $1000 = $500

The net book value at the beginning of year 2 = $1000 - $500 = $500

Depreciation expense in year 2 = 2/4 x $500 = $250

The net book value at the beginning of year 3 = $500 - $250 = $250

We can see that the net book value halfway through the useful is lower when double declining depreciation method is used

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3 years ago

Interest inventory that classifies people according to 6 different types

harkovskaia [24]

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3 years ago