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Harman [31]
2 years ago
11

The economic entity assumption requires that the activities of an entity be kept separate and distinct from the activities of it

s owner and all other economic entities.
a. True
b. False
Business
1 answer:
exis [7]2 years ago
7 0

Answer:

The correct answer is letter "A": True.

Explanation:

In <em>Accounting</em>, the entity principle states that the activities of the company must be recorded separately from the activities of the company's owners. By doing so, all the assets and liabilities of the firm will be excluded from the ones that the owners possess.

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Majesty Productions accepted a $7,200, 120-day, 6% note from Swartz Studio on March 1. On the date the note matures, Swartz is u
weeeeeb [17]

Answer:

D. Debit Accounts Receivable $7,344; credit Interest Revenue $144; credit Notes Receivable $7,200.

Explanation:

Interest: $7,200 × .06 × 120/360 = $144

The entry that Majesty should record on the maturity date for this dishonored note is :

Debit Accounts Receivable $7,344

Credit Interest Revenue $144

Credit Notes Receivable $7,200.

5 0
3 years ago
Read 2 more answers
During March, Patt, Inc. purchases and uses 8,800 pounds of materials costing $35,640 to make 4,000 tiles. Patt's standard mater
omeli [17]

Answer and Explanation:

The computation is shown below:

Total material cost variance

= (Standard quantity × standard price) - (actual quantity × actual price)

= (4,000 tiles × 2 pounds of material × $4) - (8,800 pounds × $35,640 ÷ 8,800 pounds)

= (8,000 pounds × $4) - ($8,800 pounds × $4.05)

= $3,640 unfavorable

For material price variance

= Actual Quantity × (Standard Price - Actual Price)

= 8,800 × ($4 - $4.05)

= $440 unfavorable

For material quantity variance

= Standard Price × (Standard Quantity - Actual Quantity)

= $4 × (8,000 pounds - 8,800 pounds)

= $3,200 unfavorable

The favorable variance is that in which the standard cost is more than the actual cost and the inverse goes to unfavorable variance

4 0
3 years ago
Using the variable cost method, determine the selling price (rounded to the nearest dollar) for 30,000 units using the following
Brilliant_brown [7]

Answer:

c. $8

Explanation:

Calculation to determine the selling price

First step is to calculate the Markup percent

Markup percent= (90,000 + 150,000) / (30,000 x 15)

Markup percent = .533

Now let calculate the selling price

Selling price=533 x $15 per unit

Selling price= $8

Therefore the Selling price will be $8

7 0
3 years ago
Mankus Inc. is considering using stocks of an old raw material in a special project. The special project would require all 120 k
Digiron [165]

Answer:

$760

Explanation:

The computation of the relevant cost is shown below:

= Discounted price per kilogram × number of kilograms - delivery cost  

= $6.75 × 120 kilograms - $50

= $810 - $50

= $760

The delivery cost is already involved in the total cost. So, we have to deduct it to find out accurate relevant cost . The other information which is given is not relevant. So, we ignored it

5 0
2 years ago
Andalus Furniture Company has two manufacturing plants, one at Aynor and another at Spartanburg. The cost in dollars of producin
Bad White [126]

Answer:

9 in Aynor and 31 in Spartanburg

Explanation:

we need to build the following:

    A              B           C

           units    COST

Aynor          9           =93 + 80*B2 + POWER(B2;2)*7

Spartanburg 31           =147 + 20*B2 + POWER(B2;2)*3

             =b2 + b3   = c2 + c3

We stablish that we want to minimize c3

changing cell b2 and b3

with the restriction that must be integer solution and b4 should equal 40

5 0
3 years ago
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