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charle [14.2K]
2 years ago
12

Holly's Ham, Inc. sells hams during the major holiday seasons. During the current year 11,000 hams were sold resulting in $220,0

00 of sales revenue, $55,000 of variable costs, and $24,000 of fixed cost. How many units must be sold to make $63,000?
a. 5,800
b. 17,400
c. 4,320
d. 3,600
Business
1 answer:
yuradex [85]2 years ago
6 0
I’m not sure but I think it’s A
sorry if it’s wrong
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Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbro
Virty [35]

Answer:

Scarbrough will receive and record cash of $538,685

The journal entry to record this transaction would be:

                             Debit        Credit  

Cash                 $2,900,300  

Interest Expense $89,700  

Notes Payable                 $2,990,000

Debit Cash for $2900300, debit Interest Expense for $89700, and credit Notes Payable for $2990000

Explanation:

In order to calculate the amount Scarbrough will receive and record cash we would have to make the following calculation:

Scarbrough will receive and record cash=Receivables-Amount of the hold back-Withheld as fee income-Less: Withheld as interest expense

Receivables= $600,000  

Amount of the hold back=$600,000 x 5%=$30,000  

Withheld as fee income=$600,000 x 3%=$18,000  

Withheld as interest expense=$600,000 × 15% × 54/365=$13,315  

Therefore, Scarbrough will receive and record cash=$600,000- $30,000-$18,000-$13,315=$538,685

Scarbrough will receive and record cash of $538,685

According to the given data to journal entry to record this transaction would be the following:

 

                              Debit        Credit  

Cash                 $2,900,300  

Interest Expense $89,700  

Notes Payable                 $2,990,000

Interest Expense=$2,990,000 x 3%=$89,700

5 0
2 years ago
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,500 units at $5 Feb. 17 Purchase 3,3
Alenkasestr [34]

Answer:

ending inventory using FIFO = $11,700

ending inventory using LIFO = $7,500

ending inventory using average method = $9,435

Explanation:

date         item                               units             price             total

Jan. 1        beginning inv.             2,500             $5             $12,500    

Feb. 17     purchase                      3,300             $6             $19,800

July 21      purchase                     3,000             $7             $21,000

Nov. 23    purchase                      1,200             $8              $9,600

total                                              10,000                             $62,900

Dec. 31     ending inv.                   1,500                              

ending inventory using FIFO = (1,200 x $8) + (300 x $7) = $11,700

ending inventory using LIFO = 1,500 x $5 = $7,500

ending inventory using average cost = 1,500 x $6.29 = $9,435

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Burger Buddies restaurant chain is attempting to bring back their fried fish sandwich. It is an
worty [1.4K]

The marketing firm need to focus their efforts on

product modification.

<h3>What is product modification</h3>

Product Modification includes changes that are done on an existing product to make it more acceptable.

This could include branding, changing the quantity and colour to help increase the demand.

Therefore, The marketing firm need to focus their efforts on product modification.

Learn more on marketing here,

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Answer: The amount of bad debt expense the company would record would be $3,470.

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In this scenario, Simple Co. estimated, using the aging method, that the allowance for doubtful accounts is $3,800. However, it had a credit balance of $330 in the same account. The reinstate the allowance account to $3,800, $3,470 has to be adjusted for by debiting bad debt expense and crediting allowance for doubtful account.

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Explanation: !!!

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