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Over [174]
2 years ago
6

Beachside Coffee Shop, in an effort to streamline its accounting system, has decided to utilize a cash receipts journal in its o

perations. If the company records the cash sale of food for $18, which is the correct entry?
Business
1 answer:
Kisachek [45]2 years ago
5 0

Answer:

the available options for the question are,

A. Cash Cr. $18, Food Revenue Dr. $18,

B. Cash Dr. $18, Food Revenue Dr. $18

C.Cash Dr. $18, Food Revenue Cr. $18

D. Cash Cr. $18, Food Revenue Cr. $18

and the correct answer is C.Cash Dr. $18, Food Revenue Cr. $18

Explanation:

the answer is simple. once they implement the accounting system, all the transaction will have at least a double entry.

when a cash sale is made for $18, this is a revenue stream for the business, while the cash balance of the business increases as well. Revenue account is an income and an increase in income is treated as increase in credit while the cash balance is an asset, and the increase of the asset is treated as a debit.

if you look at options A, B and D, all of these transactions are either mixed up or have both credits or debits which is wrong, because of this, only the answer C is correct.

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Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2019: (Loss amounts should be indica
Anika [276]

Answer:

$8,940

Explanation:

For computing the amount of the gain first we have to need to do the following calculations

a. Net short term gain or loss is shown in the attachment

b. Net long term gain or loss is shown in the attachment

c. Net capital gain arise from these transactions are as follows

= Short term capital gain or loss + Long term capital gain or loss

= -$240 + $9180

= $8,940

d.The whole net capital gain of $8,940 will be taxable at a preferential rate.

7 0
3 years ago
Why do retailers offer credit?​
SpyIntel [72]

Answer:

Iam sorry

Explanation:

I don't know the answer

4 0
2 years ago
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Thad is worried about the selling price. Rumors are circulating that other retro brands of cycles may be revived. If so, the sel
Step2247 [10]

Answer:

$3,130,000

Explanation:

Net operating income = Total revenue - Total cost

Total revenue = price x quantity = $9,500 x 400 = $3,800,000

Total cost = $670,000

Net operating income = $3,800,000 - $670,000 = $3,130,000

I hope my answer helps you

3 0
2 years ago
The accounting process begins with: Multiple Choice Analysis of business transactions and source documents. Preparing financial
Kitty [74]

Answer:

The accounting process begins with Analysis of business transactions and source documents

Explanation:

The Accounting process begins by<em> identifying the transactions and events</em> that occurred in the business.

After identification, the events and transactions have to be<em> recorded in appropriate Account</em> using the <em>proper books of entry</em>.

A list of Balances known as the <em>Trial Balance</em> is then computed when the Accounts are closed.

The Trial Balance is then used <em>to prepare financial statements</em>.

Financial Statements are then <em>Analysed</em> to assist various stakeholders and users of financial statements to <em>make decisions</em>.

6 0
2 years ago
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Minor Electric has received a special one-time order for 600 light fixtures (units) at $8 per unit. Minor currently produces and
chubhunter [2.5K]

Answer:

700 units

Explanation:

Calculation for the what the size of the order will be.

Using this formula

Unit to sell= Total additional fixed costs + desired profit / Contribution margin per unit=

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Units to sell=700 units

Therefore the size of the order will be 700 units

6 0
2 years ago
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