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3 years ago

The following transactions are July activities of Craig's Bowling, Inc

Business

1 answer:

Strike441 [17]3 years ago

4 0

Answer:

Craig's Bowling, Inc

Income Statement for the month of July

Sales ($13,300 + $8,000) $21,300

Less: Cost of goods sold ($3,490)

Gross profit $17,810

Less: Expenses

Insurance ($1,800 / 3) $600

Wages $4,500

Repair expenses $1,800

Electricity bill $2,000

Total expenses ($8,900)

Net profit $8,910

Note:

Note that the purpose of the income statement is to calculate the profit or loss for a specific period, and not the cash flows during that period. Hence, transactions c., d. and e. are not to be recorded in the income statement for the month of July.

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Which of the following individual situations typically leads to increased income needs, reduced risk tolerance, and greater need

bazaltina [42]

Answer:

The correct answer is option C) Responsibility for others

Explanation:

Being responsible for the financial needs for others is one of the biggest factors that leads the individual towards increased income, reduced risk and increases future financial protection.

They have to pay for not only themselves, but others too, most commonly their family. Therefore, they think of investing in assets that have a high profit return and low risk of failure such as buying a property for future purposes or looking for a job that has more long term privileges.

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3 years ago

An investor who has a margin account with his brokerage firm buys 100 shares of Quick Flip Inc. Later that day, the investor sel

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Answer:

Yes this sequence of transaction is considered as a day trade.

Explanation:

As per the definition of the day trading, Day trading is defined as the purchase and sale of a security within a single trading day. It can occur in any marketplace but is most common in the foreign exchange (forex) and stock markets.

As per this definition, the trading has to be done such that the purchase and sale is made on the same day. As indicated in the question ,this is the case so the given sequence of transactions is a day trade.

6 0

3 years ago

Richard participated in a study conducted by an advertising agency. During his interview, he was asked to gauge the services pro

Rasek [7]

Answer:

The correct answer is letter "A": product-specific preplanning inputs.

Explanation:

Product-specific preplanning input is a series of efforts carried out by advertisements agencies to collect information about industry competitors, work processes, and consumers patterns and preferences on determined products that will allow them to create a strategy to merchandise a new good or service in the market.

Product-specific preplanning input makes use of focus group interviews and demographic and psychographic segmentation as feeds to create marketing strategies.

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3 years ago

Which of the following statements is CORRECT?a. One defect of the IRR method versus the NPV is that the IRR does not take accoun

KIM [24]

Answer:

d. One defect of the IRR method versus the NPV is that the IRR does not take proper account of differences in the sizes of projects.

CORRECT As the project yields over time can differ. This generates that projects with a lower IRR can achieve a higher NPV at lower rates.

There is a crossover point after which a projects NPV are equal and from there the one with higher IRR obtains better NPV

Explanation:

a. One defect of the IRR method versus the NPV is that the IRR does not take account of the time value of money.

FALSE both method consider time value of money

b. One defect of the IRR method versus the NPV is that the IRR does not take account of the cost of capital

FALSE The IRR can be compared against the cost of capital to indicate wether or not a project should be preferable

.c. One defect of the IRR method versus the NPV is that the IRR values a dollar received today the same as a dollar that will not be received until sometime in the future.

FALSE IRR considers the time value of money

e. One defect of the IRR method versus the NPV is that the IRR does not take account of cash flows over a project's full life.

FALSE it considers all the cash flows over the project's full life.

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3 years ago

A firm incurs $35,000,000 of actual OH costs. It has a PDOH rate of $450 per machine hour and 100,000 machine hours were actuall

ella [17]

Answer:

c. Debit: Overhead Control $10,000,000

Credit: Cost of Goods Sold $10,000,000

Explanation:

The journal entry to close the overhead account is presented below:

Overhead Control A/c Dr $10,000,000

To Cost of Goods Sold A/c $10,000,000

(Being the overhead account is closed)

The computation is shown below:

= Applied overhead - actual overhead

where,

Applied overhead equal to

= $450 × 100,000 machine hours

= $45,000,000

And, the actual overhead is $35,000,000

So, the amount would be

= $45,000,000 - $35,000,000

= $10,000,000

Since the applied overhead is greater than the actual overhead, so we debited the overhead control account and credited the cost of goods sold account

5 0

3 years ago