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Elan Coil [88]
3 years ago
14

You have taken a short position in a futures contract on corn at $3.74 per bushel. Over the next 5 days (Day 1 to Day 5) the con

tract settled at 3.68, 3.71, 3.67, 3.64, and 3.61. Before you can reverse your position in the futures market you are notified on Day 5 to complete delivery. What will you receive on delivery per bushel and what is the net amount per bushel you receive in total
Business
1 answer:
eimsori [14]3 years ago
3 0

Answer:

Explanation:

In finance, short selling (also known as shorting or going short) is the practice of selling assets, that have been borrowed from a third party with the intention of buying identical assets back at a later date to return to the lender.

So in the given scenario the investor would be at lose of

Selling price = 3.74 per bushel

Purchase price = 3.61 per bushel

therefore lose of $ 0.13 per bushel you need to pay off.

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The Madden Company uses a process costing system. During September the mixing department transferred out 65,000 units. The Septe
iren [92.7K]

Answer:

Total balance in the work-in-process inventory account on September 30th was  $ 121000 + $ 110825= $ 231825

Explanation:

Cost per equivalent unit for material = $ 5.50

Equivalent units of materials = 22,000

Cost of Materials = $ 121,000

Cost per equivalent unit for labor and overhead = $ 5.50

Equivalent units of materials = 20,150

Cost of labor and FOH = $ 110825

Total balance in the work-in-process inventory account on September 30th was = Material + Labor + OH=  $ 121000 + $ 110825= $ 231825

5 0
2 years ago
Susan drops by Dean's garage sale and buys a painting for $10 that both she and Dean think is a copy of a piece by Matisse, a we
zloy xaker [14]

Answer:

Dean probably will be able to get the painting back.

A mutual mistake was made since both parties involved, Dean and Susan, made an important factual error. They both were convinced that the painting was an ordinary copy and that it was worth very little money.

5 0
3 years ago
At the end of 2021, Kingbird Co. has accounts receivable of $762,000 and an allowance for doubtful accounts of $22,520. On Janua
mixer [17]

Answer:

a. Debit Allowance for doubtful debt $4,398

   Credit Accounts receivable $4,398

   Being entries to write off receivable due from Madonna Inc.

b. $739,480  before and after the write-off

Explanation:

When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.  

To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.

The realizable value of accounts receivable before the write off is the net of the accounts receivable and the allowance for doubtful debt

=  $762,000 - $22,520

= $739,480

This amount remains the same after the write off as the write off will reduce the balances in both the allowance for doubtful debt account and accounts receivable.

6 0
3 years ago
Windsor, Inc. uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:
FinnZ [79.3K]

Windsor's gross profit for the month is:C. $1520.

<h3>Gross profit</h3>

First step

January purchase:

Purchase= 130 - (210 - 130)

Purchase=130-80

Purchase= 50 units

Sales revenue= (260 + 50) x 9

Sales revenue=310×9

Sales revenue= $2,790

Second step

Cost= (260 x 4) + (50 x 4.60)

Cost=1,040+230

Cost= $1,270

Third step

Gross profit:

Gross profit= 2,790 - 1,270

Gross profit= $1,520

Therefore the correct option is C.

Learn more about gross profit here:brainly.com/question/942181

#SPJ1

4 0
1 year ago
Hadley Corporation, which has only one product, has provided the following data concerning its most recent month of operations:
Nady [450]

Answer:

the total period cost for the month under variable costing is $46,700

Explanation:

Product Cost Under Variable Costing = Direct Materials + Direct Labor + Variable Overheads

Period Cost Under Variable Costing = Fixed Manufacturing Overheads + All Non-Manufacturing Overheads (Variable and Fixed)

<u>Calculation for the total period cost - Varible Costing</u>

Variable selling and administrative expense ( $ 7× 1,070 Units)       $ 7,490

Fixed manufacturing overhead                                                          $ 13,530

Fixed selling and administrative expense                                        $ 25,680

Total period cost for the month                                                         $46,700

4 0
2 years ago
Read 2 more answers
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