Answer:
$32,000
Explanation:
Cost of goods sold refers to all direct expenses incurred in producing goods and excludes all selling and indirect costs.
Cost of goods sold = Sales value - Gross Profit
Gross profit = Sales value - Direct costs - overhead costs
Gross profit per unit = $120 - ($50 + $ 20 + $10)
Gross profit per unit = $40 per unit
Gross profit in value = $40 per unit × No of units = $40 × 400 units = $16,000
Budgeted sales value = Selling price per unit × Budgeted sales units
= $120 × 400 chairs = $48000
Thus, budgeted cost of goods sold = Budgeted sales value - Gross Profit in value
= $48000 - $16000 = $32000
<u>Note</u>: While computing gross profit, selling and administrative expenses would be excluded since those are used while computing net income. Also, cost of goods sold excludes selling and administrative i.e . indirect costs.
Answer:
A: Juan has dividend income of $250,000
Explanation:
Related party = dividend (extent of E&P)
Posting accounts to the post closing trial balance follows the exact
same procedures as preparing the other trial balances. Each account
balance is transferred from the ledger accounts to the trial balance.
All accounts with debit balances are listed on the left column and all
accounts with credit balances are listed on the right column.
The process is the same as the previous trial balances. Now the ledger accounts just have post closing entry totals.
An post closing trial balance is formatted the same as the other trial balances in the accounting cycle displaying in three columns: a column for account names, debits, and credits.
Since only balance sheet accounts are listed on this trial balance,
they are presented in balance sheet order starting with assets,
liabilities, and ending with equity.
As with the unadjusted and adjusted trial balances,
both the debit and credit columns are calculated at the bottom of a
trial balance. If these columns aren’t equal, the trial balance was
prepared incorrectly or the closing entries weren’t transferred to the
ledger accounts accurately.
As with all financial reports,
trial balances are always prepared with a heading. Typically, the
heading consists of three lines containing the company name, name of the
trial balance, and date of the reporting period.
The post closing trial balance is a list of all accounts and their balances after the closing entries
have been journalized and posted to the ledger. In other words, the
post closing trial balance is a list of accounts or permanent accounts
that still have balances after the closing entries have been made.
This accounts list is identical to the accounts presented on the
balance sheet. This makes sense because all of the income statement
accounts have been closed and no longer have a current balance. The
purpose of preparing the post closing trial balance is verify that all
temporary accounts have been closed properly and the total debits and
credits in the accounting system equal after the closing entries have
been made.
This group is in the _____ stage of team development. select one:
c. forming
Answer:
With 95% of confidence, there is no statistical evidence to confirm that the mean of all account balances is different from $1,000.
Explanation:
Null hypothesis (H0): μ=1000
Alternative hypothesis (H1): μ≠1000
We must use the z distribution because we know the population standard deviation.
z-statistic formula:
z= (xbar-m)/(σ/(sqrt(n)))
xbar: sample mean
m: hypothesized value
σ: population standard deviation
n: number of observations
z=(1,040-1,000)/(200/sqrt(64))
z-statistic= 1.6
Because the problem do not specify the significance level, we will use 5%
The critical value from the z distribution with, 64-1 degrees of freedom and 2.5% significance level (because is a two-tail test) , is 1,96.
Because the z-statistic is less than the critical value, there is no statistical evidence to confirm that the mean of all account balances is different from $1,000.