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emmasim [6.3K]
3 years ago
9

Sheffield Corp. compiled the following financial information as of December 31, 2017:

Business
1 answer:
kramer3 years ago
3 0

Answer:

Explanation:.

You might be interested in
Palmona Co. establishes a $150 petty cash fund on January 1. On January 8, the fund shows $61 in cash along with receipts for th
saveliy_v [14]

Answer:

Palmona Co Journal entries

1.

Jan-01

Dr Petty cash 150

Cr Cash 150

2.

Jan-08

Dr Postage expense 35

Dr Merchandise inventory 14

Dr Delivery expense 16

Dr Miscellaneous expenses 24

Cr Cash 89

3. Jan-08

Dr Postage expense 35

Dr Merchandise inventory 14

Dr Delivery expense 16

Dr Miscellaneous expenses 24

Cash 89

4.

Jan-08

Dr Petty cash 300

(450-150)

Cr Cash 300

Explanation:

1. To establish petty cash fund

2.To record reimbursement

3.To record reimbursement

4. To record increase in fund balance from 150 to 450

6 0
2 years ago
Notes or accounts receivables that result from sales transactions are often called A. non-trade receivables.B. trade receivables
oksian1 [2.3K]

Answer:

B. trade receivables

Explanation:

Trade receivables are amounts billed by a company to its clients when it delivers goods or services to them in the ordinary course of business, not been collected at the sale moment, but in the future. This may or may not include interest.

Instead, non-trade receivables are amounts owed to the company that falls outside of the normal course of business, such as employee advances or insurance reimbursements.

7 0
3 years ago
Question number 6 I need help
tia_tia [17]

Answer:

6. a)

total fixed costs = $600,000

product mix:

1 Diablo: 2 Call of Duty: 3 Sekiro: 4 Starcraft II

Contribution margin per unit:

  • Diablo = $55 - $22 = $33
  • Call of Duty = $48 - 17 = $31
  • Sekiro = $33 - $12 = $21
  • Starcraft = $22 - $11 = $11

Contribution margin per product mix = $33 + (2 x $31)) + (3 x $21) + (4 x $11) = $172

break even number (in product mix) = $600,000 / $172 = 3,488.37 ≈ 3,489 product mixes

6.b)

  • Diablo = 3,489 games
  • Call of Duty = 3,489 x 2 = 6,978 games
  • Sekiro = 3,489 x 3 = 10,467 games
  • Starcraft = 3,489 x 4 = 13,956 games

7 0
3 years ago
At the beginning of the year, a company predicts total overhead costs of $690,900. The company applies overhead using machine ho
nignag [31]

Answer:

$9,400

Explanation:

We know,

predetermined overhead rate for machine hour = \frac{total overhead cost}{total machine hour}

Given,

Total overhead cost = $690,900

Total machine hours = 1,470

Putting the values into the formula, we can get

predetermined overhead rate for machine hour = \frac{690,900}{1,470}

predetermined overhead rate for machine hour = $470

When we use a separate job, the overhead cost will be = predetermined overhead rate × total hours used by the job.

The amount of overhead should be applied to Job 65A if that job uses 20 machine hours during January  = 20 hours × $470 = $9,400

6 0
3 years ago
What is the main reason the government creates regulations? to keep control over what is bought and sold in the us to make sure
zubka84 [21]

to make sure business is conducted safely and fairly

The government creates regulations in order to make sure business is conducted safely and fairly. Without regulation the market would have to auto regolate itself, which is a thing that it does, but the cost of this autoregulations are often too much. The government can help create basic directories to ensure that the trade is safe done.

5 0
3 years ago
Read 2 more answers
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