When buying or selling a futures contract, the trader commits what amount of funds the amount of the initial margin. A futures contract is a legal agreement to buy or sell assets, mainly commodities, at a set price but it will be delivered and paid for later. Based on the definition of a futures contract, the trader will have to commit to the initial amount that was set to be traded when the legal agreement was made.
Answer:
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Answer:
When revenue has been received but the service has not been rendered, the revenue will not be recognized and will instead be treated as a liability called unearned revenue.
Date Account Title Debit Credit
Oct. 31 Cash $7,720,000
Unearned Ticket revenue $7,720,000
Date Account Title Debit Credit
Nov. 5 Unearned Ticket Revenue $1,930,000
Ticket Revenue $1,930,000
<u>Working </u>
Ticket revenue = 1/4 * 7,720,000
= $1,930,000
Answer:
unitary absorption production cost= $128
Explanation:
The a<u>bsorption costing method</u> includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
<u>First, we need to calculate the unitary fixed manufacturing overhead:</u>
<u></u>
Unitary fixed overhead= 441,000 / 7,000= $63
<u>Now, the unitary absorption production cost:</u>
unitary absorption production cost= 51 + 12 + 2 + 63
unitary absorption production cost= $128
