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strojnjashka [21]
3 years ago
5

Kincaid Company provided consulting services of $2,500 to a customer who paid $1,300 and promised to pay the remainder next mont

h. Which of the following journal entries correctly records this transaction?
A Cash 1,300
Accounts Payable 1,200
Consulting Revenue 2,500
B Cash 1,300
Accounts Receivable 1,200
Consulting Revenue 2,500
C Cash 1,300
Consulting Revenue 1,300
D Consulting Revenue 2,500
Cash 1,300
Accounts Receivable 1,200
Business
1 answer:
Anon25 [30]3 years ago
6 0

Answer:

B. Cash 1,300  Dr, Accounts Receivable 1,200 Dr, Consulting Revenue 2,500 Cr

Explanation:

                             Kincaid Company

                                  Journal Entry

Date      Description                             Debit       Credit

              Cash                                      $1,300

                     <em>Accounts Receivable                      $1,200</em>

                     Consulting Revenue                        $2,500

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3 years ago
Which food was received in the temperature danger zone
Luba_88 [7]
Temperature danger zone is defined as the specified range of temperature at which micro organisms grow rapidly in food. The danger zone ranges from 40F to 140F. To keep food out of danger zone, cold food must be kept at or below 40F while hot food must be kept at or above 140F. From the question given above, three of the food fall in the temperature danger zone, but cottage cheese is still safe at 40F because of the fermentation process by which it was made and shell egg is still safe at 43F because it has shell to protect it. Thus, the correct answer is POTATO SALAD AT 46F.
5 0
3 years ago
For question 2b, can anyone explain to me whether this statement is correct or. not ​
lawyer [7]
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4 0
3 years ago
LeCompte Corp. has $312,900 of assets, and it uses only common equity capital (zero debt). Its sales for the last year were $620
Gnom [1K]

Answer:

LeCompte Corp.

The profit margin that LeCompte Corp. would need in order to achieve the 15% ROE, holding everything else constant is:

A) 7.57%.

Explanation:

a) Data and Calculations:

Assets = $312,900

Common Equity = Assets = $312,900

Sales for the last year = $620,000

Net income after taxes = $24,655

Expected return on equity (ROE) = 15%

ROE (in amount) =  $312,900 * 15% = $46,935

Profit margin = Returns on Equity/ Sales * 100

= $46,935/$620,000 * 100

= 7.57%

b) The expected returns on equity in dollars is equal to the net income.  Therefore, we can use the ROE to calculate the profit margin.  The profit margin expresses the relationship between sales and profit.  It shows the profit made from each dollar sales.

4 0
3 years ago
At year end, CurlZ, Inc.'s inventory consists of 370 bottles of CleanZ at $3 per bottle and 270 boxes of DyeZ at $10 per box. Ma
sasho [114]

Answer:

$3,270

Explanation:

Inventory should be value at lower of cost and market value.

Bottles of CleanZ:

Cost of inventory = Bottles of CleanZ × Price per bottle

                             = 370 × $3

                             = $1,110

Market value of inventory:

= Bottles of CleanZ × Market value per bottle

= 370 × $3.20 per bottle

= $1,184

Lowest of cost and market value of inventory is $1,110.

Boxes of DyeZ:

Cost of inventory = Boxes of DyeZ × Price per box

                             = 270 × $10

                             = $2,700

Market value of inventory:

= Boxes of DyeZ × Market value per box

= 270 × $8 per box

= $2,160

Lowest of cost and market value of inventory is $2,160.

Therefore, the DyeZ. CurlZ should report its inventory at:

= Lowest of cost and market value of inventor for (CleanZ + DyeZ)

= $1,110 + $2,160

= $3,270

3 0
3 years ago
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