Answer:
1.March 1
Dr Cash 7,500
Cr Unearned Revenue 7,500
2.July 31
Dr Unearned Revenue 7,500
C Design Services Revenue 7,500
Explanation:
1.Preparation of journal entry for March 1 journal entry
Based on the information given we were told that the designer receives the amount of $7,500 as a check in advance from a customer which means that the journal entry will be:
Dr Cash 7,500
Cr Unearned Revenue 7,500
2.Preparation of the July 31 journal entry.
Based on the information given we were told that the designer completed the design work for this customer which means that the journal entry will be:
July 31
Dr Unearned Revenue 7,500
C Design Services Revenue 7,500
Preliminary calculations:3 units of A at $ 55.00 each - $ 165.004 units of B at $ 30.50 each - $ 122.001 unit of C at $ 32.00 each - $ 32.00Selling price of a composite unit - $ 319.00
Contribution margin of A ($ 165.00 x 30%) - $ 49.50Contribution margin of B ($ 122.00 x 25%) - $ 30.50Contribution margin of C ($ 40 x 50%) - $ 20.00Contribution margin of composite unit - $ 100.00
(a) Break-even point in composite units = $ 67,200 / $ 100 = 672 composite unitsBreak-even point in sales dollars = 672 x $ 319 = $ 214,368.00
(b) At break-even point,672 x 3 = 2,016 units of A672 x 4 = 2,688 units of B672 x 1 = 672 units of C
The statement 'Fraud, Abuse, potential health privacy violation and unethical behavior are examples of issues that should be highlighted to compliance department' is True.
A successful compliance program promotes a compliance culture within an organization. For an effective compliance program it is necessary to
- Prevents, detects and corrects non-compliance.
- Is fully implemented and customized to an organization's particular operations and circumstances.
- Has sufficient resources
- Promotes the Organization's Standards of Conduct
- Establishes clear channels of communication for reporting non-compliance.
To avoid, identify, and address noncompliance as well as Fraud, Waste, and Abuse, an efficient compliance program is necessary (FWA). Non-compliance has an impact on everyone. Without tools it is difficult to prevent and everyone is at stake.
In case of unethical behavior or employee misconduct the organization can take following actions
- Exclusion from all Federal health care programs
- Discipline
- Termination
To learn more about Compliance Department
brainly.com/question/28262560
#SPJ4
Answer:
$1,280,000 = cost of goods purchased
Explanation:
Giving the following information:
Inventory decreased by $80,000
COGS= $1,200,000
<u>If inventory decreased, the beginning inventory is lower than the beginning inventory</u>. We will use the following formula:
COGS= beginning finished inventory + cost of goods purchased - ending finished inventory
1,200,000 = cost of goods purchased - 80,000
1,280,000 = cost of goods purchased
