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3 years ago

A department within an organization that focuses on generating profits is called a(n

1 answer:

5 0

<span>A department within an organization that focuses on generating profits is called a <u>profit center.</u> This is pretty self-explanatory: a profit center is there to generate profit for a company or an organization. Cost center deals with paying bills and such, revenue center gains revenue, and sales center deals with sales.</span>

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Berkshire Inc. uses a periodic inventory system. At the end of 2020, it missed counting some inventory items, resulting in an in

grandymaker [24]

Answer:

Assets understated by $660,000, liabilities understated by $198,000, and shareholders' equity understated by $462,000

Explanation:

Calculation to determine the effect of this error on Berkshire's December 31, 2020 balance sheet

BERKSHIRE'S December 31, 2020 balance sheet

Assets=$660,000 Understated

Liabilities=$198,000 Understated

Shareholders' equity = $462,000 Understated

($660,000-$198,000)

Therefore the effect of this error on Berkshire's December 31, 2020 balance sheet will be:

Assets understated by $660,000, Liabilities understated by $198,000, and Shareholders' equity understated by $462,000

7 0

3 years ago

Dave Krug contributed $1,000 cash along with inventory and land to a new partnership. The inventory had a book value of $800 and

pav-90 [236]

Answer:

cash 1,000 debit

inventory 2,000 debit

land 5,000 debit

note payable 3,000 credit

Krug capital Account 5,000 credit

Explanation:

The land and inventories will be accepted at his market value.

Along with cash this are assets which enter the partnership so they are debited.

The note payable decreases the Krug capital contribution. It is credited.

Krug capital account balance will be to complete the entry and make debit = credit.

6 0

4 years ago

Maroon company's contribution margin ratio is 24%. total fixed costs are $84,000. what is maroon's break-even point in sales dol

Alla [95]

Fixed costs = $84,000
Contribution margin ratio = 24%

To find the break-even point in sales dollars:
Break-even in sales = Fixed costs/contribution margin ratio
Break-even in sales = 84,000/0.24
Break-even in sales = $350,000

5 0

4 years ago

Read 2 more answers

Sheridan Company produces flash drives for computers, which it sells for $12 each. Each flash drive costs $9 of variable costs t

Allushta [10]

Answer:

12%

Explanation:

Contribution margin ratio is calculated as

= Contribution margin / Sales

Sales [ $12 each × 1,000 drives sold] $12,000

Less Variable costs [$9 each x 1,000 drives sold]

($9,000)

Contribution margin

$3,000

Less Fixed costs

($1,000)

Operating profit

$1,000

Recall that contribution margin ratio

= [ Contribution margin / Sales] × 100

= [ $3,000 / $12,000 ] × 100

= 12%

Therefore, contribution margin ratio is 12%

8 0

3 years ago

Choose one real-world example of combining public choice and rent seeking to evaluate.

Lina20 [59]

Public Choice theory focuses on people's political decision-making processes. Rent seeking is the attempt to obtain a legal privilege that will allow you to earn money.

<h3>What is an example of Public Choice Theory?</h3>

Public choice theory is frequently used to explain how political decision-making results in outcomes that contradict public preferences.

Many advocacy groups and pork barrel projects, for example, are not in the best interests of democracy as a whole.

Learn more about public choice theory at;
brainly.com/question/1100980
#SPJ1

8 0

2 years ago