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3 years ago

The balance sheet reports revenues and selling costs for a period of time.

1 answer:

3 0

I would say false, the sheet that reports the revenues and the costs is known as the income statement. the balance sheet is the sheet that would report all of the assets (such as the cash, accounts receivable, or others). The balance sheet will also report all the liabilities (including the accounts payable, notes payable and others). Lastly, the balance sheet will also report the equity or the capital account of the business. So in a nutshell, the balance sheet reports the assets, liabilities, and owner's equity.

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Prepare journal entries to record the following transactions entered into by the Merando Company: 2016 June 1 Received a $10,000

ankoles [38]

Answer and Explanation:

The Journal entries are prepared below:-

1. Notes Receivable Dr $10,000

To dan Gore $10,000

(Being notes receivable is recorded)

2. Barlow Dr $14,000

To Inventories $14,000

(Being inventory is recorded)

3. Inventories Dr, $1,000

To Barlow $1,000

(Being inventory is recorded)

4. Cash Dr, $12,740 ($13,000 × 98%)

Discount Dr, 260

To Barlow $13,000

(Being cash received is recorded)

5. Interest receivable Dr, $350 ($10,000 × 6% × 7 ÷ 12)

To Interest revenue $350

(Being interest revenue is recorded)

6. Cash Dr, $10,600

To Interest receivable $350

To Interest revenue $250 ($10,000 × 6% × 5 ÷ 12)

To Notes receivable $10,000

(Being cash received is recorded)

5 0

4 years ago

The Stagnant Growth Corporation has paid a constant dividend of $2.50 per year for the past 3 years and is expected to continue

AleksAgata [21]

Answer:

20.83%

Explanation:

Data provided

Dividend = $2.50

Required rate of return = 12%

The computation of the current price of the stock is shown below:-

The current price of stock = Dividend ÷ Required rate of return

= $2.50 ÷ 12%

= 20.83%

So, for computing the current price of the stock we simply divide the dividend by required rate

6 0

3 years ago

For 2018, Winters Manufacturing uses machineminushours as the only overhead costminusallocation base. The direct cost rate is $

valina [46]

Answer:

Profit margin = $3 per unit

Explanation:

<em>The profit margin earned is the difference between selling price and the manufacturing cost</em>

Manufacturing cost per unit = variable cost + fixed overhead cost per unit

overhead absorption rate = estimated overhead/estimated machine hours

=$220,000/20,000 machine hours

= $11 per hour

Manufacturing cost per unit = 2 + (11 × 2) = $24 per unit

Profit margin = 27 - 24

= $3 per unit

5 0

3 years ago

Companies in the ________ countries have a strong paternalistic orientation, and assume that individuals will work for one compa

amid [387]

Answer: Countries in the MORE HIERARCHICAL SOCIETIES

Explanation:

There are hierarchical societies in some nations of the world where compliance and almost blind obedience and followership is virtually above everything and everyone. In such countries, obedience is expected of you without asking so many questions. In these countries, asking questions or attempts to have a mind of your own can make you become isolated, despised or rejected if you don't comply or conform to others.

In these hierarchical societies, irrespective of how odd you think the actions of others are, you may generally be seen as a mischief-maker and will be immediately placed at the bottom of the society.

In the case of companies that are situated in these hierarchical societies, self-determination right is never encouraged. They generally believe that people will work for a company for the majority of their lives.

5 0

3 years ago

Assume the sales price is $10 per unit, variable cost is $5 per unit, and fixed cost is $1,000. How would the break-even point i

Oxana [17]

Answer:

it would increase by 300 units

Explanation:

Breakeven quantity are the number of units produced and sold at which net income is zero

Breakeven quantity = fixed cost / price – variable cost per unit

Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments

If production is zero or if production is a million, Mortgage payments do not change - it remains the same no matter the level of output.

Hourly wage costs and payments for production inputs are variable costs

Variable costs are costs that vary with production

If a producer decides not to produce any output, there would be no need to hire labour and thus no need to pay hourly wages.

Initial breakeven = 1000 / (10 - 5) = 200

New breakeven = 1000 /(10 - 8) = 500

Change in breakeven = 500 - 200 = 300

8 0

3 years ago

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