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Romashka-Z-Leto [24]
3 years ago
6

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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Edgar, Inc. has a materials price standard of $2.00 per pound. Six thousand pounds of materials were purchased at $2.20 a pound.
butalik [34]

Answer:

materials quantity variance: 1,200 unfavorable

Explanation:

(standard\:quantity-actual\:quantity) \times standard \: cost = DM \: quantity \: variance

std quantity 5400.00

actual quantity 6000.00

std cost  $2.00

(5,400 - 6,000) \times 2.00 = DM \: quantity \: variance

difference -600.00

quantity variance  $(1,200.00)

The difference between standard and actual quantity is negative. We used more pounds than expected, the variance will be unfavorable.

600 extra pounds at $2.00 each = 1,200

6 0
3 years ago
A trial balance can best be explained as a list of: Multiple Choice The balance sheet accounts used to show the equality of the
zalisa [80]

Answer:

All accounts and their balances at a particular date

Explanation:

The trial balance is the total of the all accounts belong to the income statement, retained earnings, balance sheet. Also their debit and credit balance are totalled and equalled to each other

So as per the given options, all other options except the above one are wrong as it represent to the particular statement i.e. totally incorrect

Therefore the above represent the answer

3 0
3 years ago
1. Day Corp. holds 10,000 shares of its $10 par value common stock as treasury stock reacquired in Year 2 for $120,000. On Decem
katovenus [111]

Explanation:

According to the accounting cost method , the reissuance of the treasury stock would be credited to the additional paid in capital which represents the remaining amount i.e deduct $120,000 from the $190,000

And, the net income for the year 6 is

= Increase in assets - Increase in liabilities - Increase in capital stock - Increase in additional paid in capital + Dividend payment

= $356,000 - $108,000 - $240,000 - $24,000 + $52,000

= $36,000

7 0
3 years ago
An unusual development in the wake of the 2007-2009 financial crisis was that nominal interest rates on some financial instrumen
bogdanovich [222]

Answer:

c. The real interest rate is 1 percent and the expected inflation rate is minus 2 percent

Explanation:

Nominal interest rate = real interest rate + expected inflation rate.

For the third option, the nominal interest rate: 1% + (-2%) = -1%

For the first option, the nominal interest rate: 2% + 1% = 3%

For the second option, the nominal interest rate: 0 + 2% = 2%

For the fourth option, the nominal interest rate: -2% + 3% = 1%

I hope my answer helps you

4 0
3 years ago
Raven Company has a target of earning $71,200 pre-tax income. The contribution margin ratio is 16%. What amount of dollar sales
Jlenok [28]

Answer:

$685,000  

Explanation:

First and foremost, the formula for determining the contribution margin ratio can be used to determine the target dollars sales as shown below:

contribution margin ratio=contibution margin/sales revenue

contribution margin ratio=16%

contribution margin required=pretax income+fixed costs

contribution margin required=$71,200+$38,400=$109,600  

16%=$109,600/sales revenue

16%*sales revenue=$109,600

sales revenue=$109,600/16%

sales revenue=$685,000  

6 0
2 years ago
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