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Airida [17]
3 years ago
5

A landscaping company accepts MasterCard as payment for $1,000 worth of services. MasterCard charges a service fee of 2 percent.

Which of the following would be recorded by the store? Multiple Choice Debit $20 to Service Fee Expense Debit $1,000 to Cash Credit $980 to Service Revenue Credit $980 to Cash
Business
1 answer:
Novosadov [1.4K]3 years ago
3 0

Answer:

Dr   Cash     1020

               Cr         Service revenue   1000

               Cr          Service fee           20

Explanation:

 Service fee is expense of individual who is purchasing not store's expense.

- Total cash received by store is $ 1020 because 2% is service charges by master card,its is income of master card not store so store will treat as liability.

The only revenue of store is $1000.

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E3-27 (book/static) The Home Style Eats has two restaurants that are open 24 hours a day. Fixed costs for the two restaurants to
vazorg [7]

Answer:

Explanation:

1.

Contribution Margin=Sales - variable cost =$8.75-$3.50=$5.25

Contribution Margin Ratio = Contribution Margin / Sales = $5.25/ $8.75=60%

Pre-Tax Net Income=Net Income/(1-tax rate)

$117,600/(1-0.36)=$183,750

Target Revenue =Fixed cost +Target Pre-Tax net Income/Contribution margin Ratio =($430,500+$183,750)/0.6=$1,023,750

2. Number of customers needed to Break Even

Fixed costs/Contribution margin per unit=$430,500/$5.25=82,000 Customers

Number of customers to earn 117,600 = (Fixed costs + 117,600)/5.25 = (430,500+117,600)/5.25 = 104,400

3.  

Sales (170,000*8.75)   1,487,500

Less: Cost of goods sold   (170,000*3.50)  -595,000

Contribution margin  892,500

Less: fixed costs  -430,500

Net Income before tax  462,000

Less: tax rate (462,000*36%)  - 166,320

Net Income after tax   295,680

3 0
2 years ago
Process costing would be most likely used by a A. salsa company. B. soft drink manufacturer. C. cereal company. D. all of the ab
Lana71 [14]

Answer:

All of the above would use process costing.

Explanation:

Process costing can be defined as a method of assigning manufacturing costs whereby the cost of each unit produced is assumed to be the same cost for every unit.

Process costing is most commonly applied when goods are produced in large numbers and when the costs linked to individual units cannot be easily differentiated from each other.

Under process costing, costs rise over a fixed period of time, and are then assigned to all the units produced throughout that period.

4 0
2 years ago
The City of Crescent Hill operates a central motor pool as an internal service fund for the benefit of the city’s other funds an
poizon [28]

Answer: Option C

Explanation: In simple words, expenditures refers to the outflow of resources by an organisation for creating some service or good.

   In the given case, the fund operated by the city of crescent billed them $30,000 and this outflow of money is made with the objective of providing support to the other departments.

Hence from the above we can conclude that this is an expenditure.

7 0
3 years ago
assume amanda always maximizes her total utility given her budget constraint. every morning for breakfast she has two eggs and t
vredina [299]
The answer <span>must be equal to 20 utils. :)</span>
5 0
3 years ago
A not-for-profit firm uses a small convenience sample to gather data on customer reactions. It invites a small group of customer
Rzqust [24]

Answer:

D. informal surveys is the correct answer

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  • Informal survey objectives are to develop an understanding and to collect on the farmers' and customer's situations and also to plan the process to find a solution for these types of problems.
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