Answer and Explanation:
The journal entries are shown below:
For Vaughn:
Equipment $16,080
Accumulated Depreciation $25,460
To Equipment $37,520
To Cash $4,020
(Being the exchange is recorded)
For Bramble:
Equipment(new) $16,750
Accumulated Depreciation $13,400
Cash $4,020
Loss on exchange(balance item) $3,350
To Equipment(old) $37,520
(Being the exchange is recorded)
Only these entries are passed and it attains lacking of commercial substance
Answer:
Contribution margin ratio= 38.13%
Explanation:
Giving the following information:
Noel & Vang Company sells only one product at a regular price of $9.00 per unit. Variable expenses are 55% of sales, and fixed expenses are $40,000. Management has decided to decrease the selling price to $8.00 in the hope of increasing its volume of sales.
Contribution margin ratio= [(price - variable cost)/price]
= [(8-4.95)/8] = 0.3813 = 38.13%
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