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MrRa [10]
3 years ago
8

A company reports the following amounts at the end of the year:

Business
1 answer:
Inga [223]3 years ago
8 0

Answer:

33.33%

Explanation:

Given:

Sales revenue = $360,000

Cost of goods sold = $240,000

Net income = $53,000

Now,

the gross profit = Sales revenue - Cost of goods sold

or

The gross profit = $360,000  - $240,000  = $120,000

Thus,

the company's gross profit ratio = \frac{\textup{Gross Profit}}{\textup{Sales revenue}}

or

The company's gross profit ratio =  \frac{120,000}{\textup{360,000}

or

The company's gross profit ratio = 33.33%

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Prepare the adjusting entry to record bad debts under each separate assumption. Bad debts are estimated to be 1.5% of credit sal
VARVARA [1.3K]

Answer:

A. Dr Bad debts expense 85,230

Cr Allowance for Doubtful accounts 85,230

B. Dr Bad debts expense 75,870

Cr Allowance for Doubtful accounts 75,870

C.,Dr Bad debts expense 80,085

Cr Allowance for Doubtful accounts 80,085

Explanation:

Preparation of the adjusting entry to record bad debts under each separate assumption

A. Dr Bad debts expense 85,230

Cr Allowance for Doubtful accounts 85,230

(5,682,000*1.5%)

B. Dr Bad debts expense 75,870

Cr Allowance for Doubtful accounts 75,870

[(1,905,000+5,682,000)*1%]

C.Dr Bad debts expense 80,085

Cr Allowance for Doubtful accounts 80,085

[(1,270,100*5%)+16,580]

8 0
2 years ago
Vaughn Manufacturing can sell all the units it can produce of either Plain or Fancy but not both. Plain has a unit contribution
Annette [7]

Answer:

Vaughn should produce Plain as it makes greater profit.

Explanation:

Vaughn Manufacturing can sell all the units it can produce of either Plain or Fancy but not both.

Plain has a unit contribution margin of $86 and takes two machine hours to make and Fancy has a unit contribution margin of $111 and takes three machine hours to make.

There are 2400 machine hours available to manufacture a product.

Profit per machine hour for Plain

= \frac{86}{2}

= $43

Profit per machine hour for Fancy

= \frac{111}{3}

= $37

The difference in profit

= $43 - $37

= $6

Plain makes $6 more profit per machine hour than Fancy.

7 0
3 years ago
Consider the following binomial experiment: a study in a certain community showed that 6% of the people suffer from insomnia. if
Oxana [17]
To determine the standard deviation of the number of people who suffer from insomnia, you need to use the following formula:
= sqr of npq

= √10,200 people in the community x 0.6 people who suffer from insomnia x 0.91 = ?
= √10,200 x 0.6 x 0.91 = <span>√55.143 = 7.43 

= 7.43</span>
6 0
3 years ago
1. Define business. Explain the functions of business.
kotegsom [21]

\large{ \tt{☄ \: ANSWER}} :

↦ Business is an economic activity that is directed towards acquiring and earning profit and wealth through customer's satisfaction. It plays an important role for the economic development of the country and uplift living standard of the people. Some of the functions of business are described below :

  • Creation of utilities : For the fulfillment of needs of customers , business creates various types of utilities. A business has many components and each component is involved in the creation of the certain utility. For instance : manufacturers create from utility , transportation system created place utility , warehousing time utility and insurance companies risk utility.

  • Generation of employment : Business is a source of employment. Various types of employees are required to a business. In industries , both skilled and unskilled manpower are required for production , distribution and auxiliaries functions. Hence , the development of industry and commerce helps to solve the unemployment problem of a nation.

  • Earning Foreign Currency : Business is the main source of earning Foreign Currency. Foreign currency can be earned by exporting surplus products and services to foreign countries. The development of export trade brings favourable balance in payment.

  • Provides investment opportunities : Business provides investment opportunities to the investors in production and distribution activities. Depending on the nature of investment ; investors receive dividend , interest or other financial benefits. The persons of organizations having sufficient capital can invest their money in production and commercial activities according to their interest , capability and knowledge.

\large{ \tt{✺ \: STUDY \: TIP}} :

  • FEED YOUR BRAIN : Foods like apples , walnuts and blueberries can improve your ability to focus , retain information and remain mentally alert. ♪

ツ Hope I helped! ♡

☼ Have a wonderful day / evening ! ☪

# StayInAndExplore ! ☂

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3 0
3 years ago
Sadie owns a hair salon. She gives her hairdressers two options for using her​ facility, equipment, and salon​ products: Option​
Sonja [21]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

Option​ 1: they can pay Sadie​ $5 per haircut plus​ 20% of their revenue.

Option​ 2: they can pay a flat chair rental of​ $1,000 per month.

The hairdressers charge their customers ​$40 per haircut.

Option1= 5*cut + 8*cut= $13 per cut

Option 2= $1000

1000= 13x

77=x

77 haircuts.

8 0
3 years ago
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