Answer:
The journal entries are as follows:
(i) On March 31,
Finished Goods A/c Dr. $56,400
To Work in Process $56,400
(To record the completion of the two jobs)
(ii) On March 31,
Cash A/c Dr. $38,000
To sales $38,000
(To record the sale Job 10)
(iii) On March 31,
Cost of goods sold A/c Dr. $21,400
To finished goods $21,400
(To record the cost of the job sold)
Answer:
it depends on how many u get and what type and what store u get them from.
Explanation:
Answer:
B. $1,500 F
Explanation:
Flexible Planning Activity
Budget Budget Variance
Customer served (q) 17 20
Travel expense ($500q) $8,500 $10,000 $1,500 (Favorable)
Workings
<u>Travel Expense </u>at 500q
Flexible budget = 500 * (17) = $8,500
Planning budget = 500 * (20) = $10,000
Answer:
The solution to the given problem is given below.
Explanation:
1. Do you believe that the company needs outside financing?
Yes, Company needs outside finance total $ 40,000 as $25,000 in month of Feb and $15,000 in month of Apr
il.
2. What is the minimum line of credit to request from a lender?
Minimum line of credit needed is $40,000
3. Do you think you are a good candidate for the line of credit? Why?
Yes, we are good candidate for line of credit because we can start repayment by May and repay by July and after repayment we will have ending March Cash balance $100,000
.
Detailed calculations are attached with the image.
Exact interest method is using 365 days instead of 360.
We are going to use the formula: I = Prt, we will derived
the formula of rate.
r = I /Pt would be our formula, plugging in our amounts.
r = 93.37 / 2000 / (284/365)
= 93.37 / 2000 (0.7781)
= 93.37 / 1556.1643
= 0.06 or 6% when converted to percent.
To check:
I = Prt
= 2000 x 0.06 x 284/365
= 120 x 0.7781
= 93.37
