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3 years ago

Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred:

Business

1 answer:

FromTheMoon [43]3 years ago

7 0

Answer:

Explanation:

Journal entry is a record of transaction in their respective accounts using the debit and credit system. Debit entry represents an increase and credit a decrease.

S / NO Particulars Debit Credit

1 Cash 200,000

Share stock 200,000

2 Inventory 483,000

Account payable 483,000

3. Account receivable 675,000

Sales 675,000

Cost of goods 405,000

Inventory 405,000

4 Cash 562,000

Account receivable 562,000

5 Account payable 431,000

Cash 431,000

6 Motor Vehicle 39,000

Cash 39,000

7 Rent 25200

Prepaid rent 2100

Cash 27300

8 Operating Expenses 20,000

Cash 18,000

Operating exp payable 2,000

9 Depreciation 2,000

Motor Vehicle 2,000

10 Dividends payable 8500

Cash 8500

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The following units of an item were available for sale during the year:

valina [46]

Best answer

a firm has beginning inventory of 300 units at a cost of 11 each. production during the period was 650 units at 12 each. if sales were 700 units what is the cost of goods sold (assume FIFO)

4 0

3 years ago

On January 1, 2018, M Company granted 90,000 stock options to certain executives. The options are exercisable no sooner than Dec

hram777 [196]

Answer:

$120,000

Explanation:

Given that,

stock options = 90,000

Each option can be exercised to acquire one share of $1 par common stock for $12.

Total Value of the option = stock options × fair value of the options

= $90,000 × $5

= $450,000

company to estimate that 10% of the options would be forfeited, so,

= 90% of Total Value of the option

= 0.9 × $450,000

= $405,000

2 out of 3 years = $405,000 × 2/3

= $270,000

$=\frac{Total\ value\ of\ the\ options}{no.\ of\ years}$

$=\frac{450,000}{3}$

= $150,000

Compensation expense (2019) = $270,000 - $150,000

= $120,000

6 0

3 years ago

Andrina always spends 30 % of her income on thingamabobs. Assume that her income increases by some percentage while the price of

Leni [432]

Answer

What is Income Elasticity of Demand?

Income elasticity of demand is the ratio of percentage change in quantity of a product demanded to percentage change in the income level of consumer. It is a measure of responsiveness of quantity demanded to changes in consumers income.

Income elasticity of demand indicates whether a product is a normal good or an inferior good. When the quantity demanded of a product increases with an increase in the level of income and decreases with decrease in level of income, we get a positive value for income elasticity of demand. A positive income elasticity of demand stands for a normal (or superior) good. When the quantity demanded of a product or service decreases in response to an increase and increases in response to decrease in the income level, the income elasticity of demand is negative and the product is an inferior good.

Formula

Income Elasticity of Demand Ei%\ Change in Quantity Demanded%\ Change in Consumers Income

Percentages are calculated using the mid-point formula, i.e. by dividing the change in quantity by average of initial and final quantities, and change in income by the average of initial and final values of income. Therefore:

Income Elasticity of Demand - Ei = Qf - Qi ÷ Qf + Qi ÷ 2 ÷ If - Ii / If + Ii ÷2

Income Elasticity of Demand - Ei = % Change in Quantity Demanded ÷ % change in consumer Income

Where:

Qf - is the final initial quantities demanded of the product,

Qi - is initial quantities demanded of the product,

If - is the final incomes of consumer

Ii - is the initial incomes of consumer.

∴

Question

What is her income elasticity of demand for thingamabobs?

Solution:

From the Problem, it can be deduced that -

Qf - assume it to be 60 since it is not given

Qi - assume it to be 50 thingamabobs?

If - assume it to be 40% since it is not given

Ii - 30%

Assume the % increase in Income to be

∴

Ei = 60 -50/ 60 + 50 ÷ 2 ÷ 40 - 30 / 40 + 30 ÷ 2

Ei = 10/110 /2 ÷ 10/70 ÷ 2

Ei = 10/11 X 70/10 ÷ 2

Ei = 10/55 x 14

Ei = 28/11 = 0.73%

Therefore the Income elasticity of demand for Adrina is 0.73 %

5 0

3 years ago

the five mission areas outlined in the national response framework are prevention, protection, mitigation, response, and _______

IgorLugansk [536]

Answer:

recovery

Explanation:

There is one framework for each of the five mission areas wich are Prevention,protection, mitigation,response, and Recovery

Hope this helped you!

8 0

3 years ago

How did speculative investing weaken the stability of the stock market?

tiny-mole [99]

Heavy speculation is a bad idea in any market since it has a tendency to inflate prices to unrealistic levels. That is basically what many investors prior to the Great Depression did when they thought the market would keep going higher and higher. They borrowed money, sold their houses, etc.. to buy into the stock market thanks to that kind of speculation without even considering the underlying reasons for why the market is there in the first place.

7 0

3 years ago