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rosijanka [135]
3 years ago
15

Partial balance sheets and additional information are listed below for Funk Company. Funk Company Partial Balance Sheets as of D

ecember 31 2021 2020 Assets Cash $ 39,000 $ 19,500 Accounts receivable 93,500 89,600 Inventory 24,500 39,000 Liabilities Accounts payable $ 57,500 $ 71,000 Additional information for 2021: Net income was $169,000. Depreciation expense was $29,000. Sales totaled $790,000. Cost of goods sold totaled $324,000. Required: Prepare the summary entry for the amount of cash received from customers during 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) g
Business
1 answer:
mart [117]3 years ago
5 0

Answer:

$786,100

Explanation:

Funk Company

Accounts receivable $93,500 -$ 89,600

=$3,900

Sales totaled $790,000 - $3,900

=$786,100

Hence;

Cash (received from customers)$786,100

Add Accounts receivable $3,900

Sales revenue $790,000

Therefore the amount of cash received from customers during 2021 will be $786,100

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Explain how a Target price for farm crops is an example of a price floor.​
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Answer: A target price for farm crops is an example of price floor because it’s fixed ahead of harvests with the interest of farmers in mind.

Explanation: A quick definition of both concepts would be of help. A price floor is usually fixed by government legislation and it ensures that the price of a commodity or service does not fall below a certain minimum. In the case of farm crops, a floor price makes sure that the farmers are guaranteed a level of profit in case there is poor harvest for any reason whatsoever. The price floor must be fixed above the equilibrium price for this to be effective.

A target price is an expectation of the future price of commodities or services, and hence prices are fixed ahead of the harvest in the case of farm crops. This is so because as explained earlier, future conditions might change and become unfavorable, therefore making the current market price unprofitable for farmers. If for example, a sack of potatoes currently sells for $30, the government may fix the price floor ahead of the harvest season at $45 per sack. This implies that after harvesting farmers can still sell at $30. However if the harvest turns out to be bad perhaps due to natural disasters, pests or fungal attacks, etc, then the farmers can go ahead and sell at $45 and possibly higher. No farmer is allowed to sell below $45 (since that is the ‘floor’). That way, farmers would still have some profit guaranteed and would be encouraged to remain in the farming business.

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3 years ago
Any changes to a firm's projected future cash flows that are caused by adding a new project are referred to as:
attashe74 [19]

Answer: A just took the quiz

Explanation:

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3 years ago
In order to calculate _____ using cost plus markup, a seller needs to know two things the cost of the item in the market.
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I believe it’s selling price
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3 years ago
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Breezy Company is disposing of equipment that was originally purchased for $550,000 and has $145,000 of accumulated depreciation
BARSIC [14]

Answer:

$405,000

Explanation:

The calculation of total amount is shown below:-

If the company disposes of the equipment to buy the new equipment, the sunk cost will be the old equipment's book value.

Sunk cost = Book value of the old Equipment

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Therefore for computing the sunk cost we simply deduct the accumulated Depreciation from cost of equipment

7 0
3 years ago
In a finance lease:
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Answer:

A) the lessee records an asset and a liability for the present value of lease payments.

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In a finance lease, the lessee business must estimate the present value of its obligations under the lease contract (using the lease's interest rate as the discount rate) and record it in the balance sheet as:

  • a debit entry under the fixed asset account
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7 0
2 years ago
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