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3 years ago

Which of the following is an example of money as a unit of account?

1 answer:

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The answer is lending your bestfriend 25 dollars to buy a guitar.
Unit of costs is the amount incurred by a particular company to be able to produce, store and sell the number of the same products. In the given example. 25 dollars is the cost of the guitar or the unit of costs.

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ABC uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retai

Licemer1 [7]

Answer:Ending Inventory at Cost= $981,248.40

Explanation:

Cost Retail

Beginning inventory $393,500 $594,000

purchases $3,408,000 $5,193,600

freight in $159,500,

net markups $414,000

Total $3,961,000 $6,201,600

Sales $4,666,000

Ending Inventory at Retail:=(Beginning inventory + purchases +net markups - Sales during the current year

594,000 + $5,193,600 + $414,000- $4,666,000, = $1,535,600

Cost to Retail Ratio:( Beginning inventory + purchases+freight in)/ (Beginning inventory + purchases +net markups )

=($393,500 + $3,408,000 +$159,500,) ÷ (594,000 + $5,193,600 + $414,000) =$3,961,000/$6, 201, 600= 0.638= 0.639

Ending Inventory at Cost: Ending Inventory at Retail x Cost to Retail Ratio

$1,535,600 x 0.639 = $981,248.40

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3 years ago

During 2012, Robby's Camera Shop had sales revenue of $170,000, of which $75,000 was on credit. At the start of 2012, Accounts R

klio [65]

Answer:

1) December 31, 2012, bad debt write off

Dr Bad debt expense 1,700

Cr Accounts receivable 1,700

December 31, 2012

Dr Bad debt expense 1,125

Cr Allowance for doubtful accounts 1,125

2) Bad debt expense must be recorded in the income statement and it reduces net income. Both transactions reduce net accounts receivable on the balance sheet.

3) It doesn't seem to be appropriate because just one bad account (J. Doe) was higher than 1.5%. A large % of accounts receivable is still outstanding (= $27,275 / $75,000 = 36.4%) and they should include approximately four months of credit sales. This means that unless the company issues a very long credit, a much larger percent is past due.

Explanation:

net accounts receivable January 1, 2012 = $15,100

credit sales 2012 = $75,000

collections on accounts receivable $60,000

net accounts receivable December 31 = $15,100 + $75,000 - $60,000 - $1,700 - $1,125 = $27,275

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3 years ago

A job was budgeted to require 3 hours of labor per unit at $8.00 per hour. the job consisted of 8,000 units and was completed in

kiruha [24]

The total labor cost of variance is the difference of the two presented costs. The actual cost of production is presented below,
actual cost of production = $198,000
The other cost can be calculated through the equation,
cost of production = (3 hours/labor u)(($8/unit)(8,000) = $192,000
Thus, the total labor cost variance is approximately $6,000.

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3 years ago

Read 2 more answers

Carillo Industries collected $108,000 from customers in 2017. Of the amount collected, $25,000 was for services performed in 201

Elis [28]

Answer and Explanation:

The computation is shown below;

But before reaching to the final answers, first do the following calculations

Cash collected $108000

Add Services performed in 2017(not collected) $36000

less Services performed in 2016(collected in 2017) $25000

Revenue for 2017 $119,000

Cash paid in 2017 $72,000

Add Expense incurred not yet paid for 2017 $42000

Less Expense paid for 2016 -$30000

Expense for 2016 $84000

Now

a. Cash basis

Revenue $108000

Less Expenses -$72,000

Net income $36000

b. Accrual basis

Revenue for 2017 $119,000

Less Expenses for 2017 $84,000

Net income $35,000

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3 years ago

Larry, the owner of small hotel resort, would like to advertise his hotel in major American newspapers and magazines as a part o

timama [110]

Answer:

Serendipity

Explanation:

From the question we are informed about Larry, who is the owner of small hotel resort, would like to advertise his hotel in major American newspapers and magazines as a part of his larger strategy. However, he doesn't have enough money to do so. One day, he meets Todd, the owner of a group of newspapers and magazines, who offers him advertising space in his publications on the condition that Larry provides him with a free stay at the hotel. This is an example of Serendipity.

Serendipity can be regarded as unplanned fortunate discovery, which is a common occurrence that could take place throughout the history of a particular product invention as well as scientific discovery. It can be explained as the luck that comes to some people way as they are finding or creation of interesting things as well as valuable things by chance

5 0

3 years ago