16. The right-hand side of the balance sheet should include entries for B. both the liabilities and the owner's equity. This side is the credit side. The left-hand side is the debit side. It is composed of the assets only.
17. The descriptive entry under the owner’s equity should appear as C. Tom Cotton, Capital.
18. A single ruled line should be drawn on the column line above the amount for total assets, total liabilities, and owner’s equity EXCEPT for C. Total Liabilities and Owner’s Equity.
19. A double-ruled line should be drawn under the amount for B. both total assets and total liabilities and owner’s equity.
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Answer:
B. greater than $4.50 but no more than $5.00
Explanation:
From the given statement in the question it can be observed that the Curly was not operating a hot dog cart when the price of hot dogs was $ 4.50.
But curly started operating a hot dog cart when the price risen to $5.
Therefore,
Curly's reservation price will be in between $4.50 to $5.
Reservation price is the minimum price which is acceptable to the producer, on the producer side.
Answer:
The revenue principle requires the revenue to be recorded by the company on January 3, 2020.
Explanation:
Revenue recognition principle states that income is recorded when it is earned irrespective of when the cash is received.
Earning of Income neither means receiving of order as on December 15, 2019 nor commitment of completing the order as on December 28, 2019.
The customer pays for the services on January 6, 2020. This date will not be considered as the date of income earning.
Date of Income earning is when the services are rendered that is on January 3, 2020.
Answer:
Total overhead= $21,400
Explanation:
Giving the following information:
Variable manufacturing overhead per unit= $1.60
Fixed manufacturing overhead= $3.00*5,000= $15,000
4,000 units are produced
<u>Because the production level is between the relevant range, the total fixed costs remain constant.</u>
Total overhead= 1.6*4,000 + 15,000
Total overhead= $21,400