In order to calculate _____ using cost plus markup, a seller needs to know two things the cost of the item in the market.

Martin Company needs additional time to pay its accounts payable to Boster Company. Martin makes a written promise to pay Boster

Anika [276]

The answer, on the point of view of Boster, is A. Debit notes receivable and credit accounts receivable (not payable i think). This is from the point of view of Boster. So to Boster, he will have an accounts receivable by Martin company. So what Martin did is that he offered a promissory note to Boster. This will increase Boster's notes receivable. At the same time, this will also lessen Boster's accounts receivable since this turned into a notes receivable.

3 0

3 years ago

Hillside issues $2900000 of 9% 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. T

DaniilM [7]

Answer:

Dr. Cash $3,549,590

Cr. Premium on Account Receivable $649,590

Cr. Bond Payable Account $2,900,000

Explanation:

The difference between the face value of the bond and the sale value of the bond is known as premium or the discount on the bond. If the face value is higher from the sale value the bond is issued on the discount and if the sale value of the bond is higher than the face value the bond is issued on the premium.

Premium on the Bond = Face value - Sale value = $3,549,590 - $2,900,000 = $649,590

The Premium will be amortized during the life of the bond to maturity and deducted from the interest expense.

3 0

3 years ago

The following is the adjusted trial balance of Wilson Trucking Company.

Troyanec [42]

Answer:

<u>PART 1:</u> Wilson Trucking Company reported Net Income of $15,854 for the year ended December 31, 2017.

<u>PART 2:</u> As per the statement of changes in equity, K. Wilson Capital Account Balance as at December 31, 2017 is $190,124

* Please note that figures in brackets represent negative values.

Explanation:

Wilson Trucking Company

Income Statement for the year ended December 31, 2017

<u>Revenue </u>

Trucking Fees $115,500

<u>Less Expenses:</u>

Depreciation expense of Trucks $(26,043)

Salaries expense $(54,170)

Office supplies expense $(9,500)

Repairs expense -Trucks $(9,933)

Net Income $15,854

Wilson Trucking Company

Statement of changes in Equity for the year ended December 31, 2017

K. Wilson Capital Account Balance as at December 31, 2016 $193,270

Add: Net Income for the year $15,854

Less: K. Wilson withdrawals during the year $(19,000)

K. Wilson Capital Account Balance as at December 31, 2017 $190,124

7 0

3 years ago

A firm that sells baseballs has estimated that at its current level of production its variable costs are $70 while its fixed cos

ella [17]

The firm's total profit for this year based on the firm's current level of production is $180.

<h3>What is the total profit?</h3>

The total profit is the difference between sales revenue and total (variable and fixed) costs.

<h3>Data and Calculations:</h3>

Sales revenue = $300

Variable costs = (70)

Contribution $230

Fixed costs (50)

Total profits $180

Thus, the firm's total profit for this year based on the firm's current level of production is $180.

Learn more about total profits at brainly.com/question/21613450

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6 0

2 years ago

Baldwin's Traditional product Basket finished 2019 with an awareness of 72%. One-third of Basket's existing awareness is lost ev

Katyanochek1 [597]

Answer:

they should spend $2 in promotions

Explanation:

Baldwin's Traditional product Basket will lose 1/3 of its 2019 awareness (72%), which will result in only a 48% during 2020. If the product manager wishes to end 2020 with a 92% awareness, they must spend in promotion enough money to raise awareness by 44%.

The first $1 million spent in promotions will increase awareness by 26%, to a total of 74% (= 48% + 26%).
The second $1 million spent in promotions will increase awareness by 18%, to a total of 92% (= 74% + 18%).

8 0

3 years ago