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3 years ago

14. The Martins used records of their past expenditures to complete their budget

Business

1 answer:

Wittaler [7]3 years ago

7 0

Answer:

Expected monthly expenses = $2369

Given:

Average monthly living expenses = $912

Fixed monthly expenses = $1,457

Annual expenses = $3,078

Find:

Expected monthly expenses

Computation:

Expected monthly expenses = Average monthly living expenses + Fixed monthly expenses

Expected monthly expenses = $912 + $1457

Expected monthly expenses = $2369

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Answer:

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National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first mon

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Answer:

National Park /Tours Co.

National Park Tours Co.

Unadjusted Trial Balance

May 31, 2019

Account Titles Debit Credit

Cash $10,700

Equipment 25,000

Drawing 3,500

Accounts receivable 3,500

Accounts payable $ 1,750

Fees Earned 13,900

Supplies 2,450

Capital 34,700

Operating expenses 5,200

Totals $50,350 $50,350

Explanation:

a) Data and Calculations:

T-accounts

Cash

Account Titles Debit Credit

Beth Worley, Capital (1) 34,700

Supplies (2) 2,450

Equipment (3) 4,500

Operating expense (4) 3,800

Accounts payable (5) 18,750

Accounts receivable (6) 10,400

Operating expense (8) 1,400

Drawings (9) 3,500

Balance 10,700

Totals $45,100 $45,100

Equipment

Account Titles Debit Credit

Cash (3) 4,500

Accounts payable (3) 20,500

Balance 25, 000

Totals $25,000 $25,000

Beth Worley, Drawing

Account Titles Debit Credit

Cash (9) 3,500

Accounts Receivable

Account Titles Debit Credit

Fees Earned (7) 13,900

Cash (6) 10,400

Balance 3,500

Totals $13,900 $13,900

Accounts Payable

Account Titles Debit Credit

Equipment (3) 20,500

Cash (5) 18,750

Balance 1,750

Totals $20,500 $20,500

Fees Earned

Account Titles Debit Credit

Accounts receivable (7) 13,900

Supplies

Account Titles Debit Credit

Cash (2) $2,450

Beth Worley, Capital

Account Titles Debit Credit

Cash (1) 34,700

Operating Expenses

Account Titles Debit Credit

Cash (4) 3,800

Cash (8) 1,400

Balance 5,200

Totals $5,200 $5,200

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3 years ago

Moe ’s Electric sales vacuum cleaners with a one-year warranty to fix any defects. For the current year, 200 vacuums have been s

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Answer:

$900

Explanation:

Given that

Total repair up to end of year = 12

Estimated need to be repaid = 8

Average cost = $45

The computation of warranty expense for the current year is shown below:-

For computing the warranty expense for the current year first we need to find out the total repaired cost which is here below

Total repaired cost = Total repair up to end of year + Estimated need to be repaid

= 12 + 8

= 20

Warranty expense for the current year = Average cost × Total

= $45 × 20

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Therefore for computing the warranty expense for the current year we simply applied the above formula.

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