Answer:
Spending variance will be equal to -729
Explanation:
We have given wages and salary is $2060 per month plus $442 per birth
We have given total number of birth = 117
So standard cost = $2060+117×$442 = $53774
Actual wages and salary for the month is = $54500
We have to find the spending variance
Spending variance is given by
Spending variance = Standard cost - actual cost = $53774 - $54500 = -729
So spending variance will be equal to -729
Answer:
Net income= $98,200
Explanation:
Giving the following information:
Division A:
The contribution margin of $79,300
Division B:
Contribution margin of $126,200.
The total traceable fixed costs are $72,400 and total common fixed costs are $34,900.
<u>To calculate the net operating income, we need to deduct from the combined contribution margin the fixed costs.</u>
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Net income= (79,300 + 126,200) - 72,400 - 34,900
Net income= $98,200
Answer:
a. $33,000.
b. $36,000.
Explanation:
Net income is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is also called net earnings.
Now, Cash accounting recognizes revenue and expenses only when money changes hands, but accrual accounting recognizes revenue when it's earned, and expenses when they're billed (but not paid).
a. 2014 Cash-basis net income:
Primo Industries collected $105,000 from customers in 2019
Primo Industries also paid $72,000 for expenses in 2019
=105,000-72,000
=$33,000
b. 2014 accrual-basis net income.
=(105,000-25000+40000)-(72000-30000+42000)
=120000-84000
=$36,000
Answer and Explanation:
The Journal entry is shown below:-
1. Sales revenue Dr, $226,700
To Income revenue $226,700
(Being close accounts with credit income balances is recorded)
2. Income revenue Dr, $134,010
To Sales discount $4,410
To Cost of goods sold $129,600
(Being close accounts with debit expenses account is recorded)
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