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4 years ago

Sam will finish high school this year. He does not think he needs any further education. This is a misconception. True False

Business

2 answers:

muminat4 years ago

8 0

I belive that the answer will be true

marishachu [46]4 years ago

5 0

The correct answer is true.

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The Laser world income Statement for 2021 is as follows:

scoray [572]

Answer:

journal entries to record revenues and gains:

Dr Cash 193,000

Cr Sales revenue 193,000

Dr Cash 35,000

Cr Asset 30,000

Cr Gain on sale of asset 5,000

journal entry to record COGS:

Dr Cost of goods sold 108,900

Cr Merchandise inventory 108,900

journal entries to record expenses:

Dr Depreciation expense 7,500

Dr Vehicle expense 2,800

Dr Interest expense 15,600

Dr Pension expense 7,500

Cr Cash 50,600

Dr Other operating expenses 18,400

Cr Cash 18,400

journal entries to record dividends (declaration and payment):

Dr Retained earnings 13,800

Cr Dividends payable 13,800

Dr Dividends payable 13,800

Cr Cash 13,800

6 0

3 years ago

PB11.

lukranit [14]

COMPLETE QUESTION IS AS UNDER:

LO 7.4 Prepare a flexible budgeted income statement for 47,000 units using the following information from a static budget for 45,000 units:

Sales price 50

DIRECT MATERIAL COST per unit 12

DIRECT LABOR COST per unit 5

VARIABLE MANUFACTURING overhead per unit 3

FIXED MANUFACTURING OH $25,000

VARIABLE SALES AND ADMINISTRATION COST per unit 3

FIXED SALES AND ADMINISTRATION EXPENSE $9,000

TAXES @15% OF INCOME BEFORE TAXES

Answer:

FLEXIBLE BUDGETED INCOME STATEMENT FOR ACTUAL PRODUCTION 47000 UNITS

SALES REVENUE (50*47,000) 2,350,000

COST OF SALE

DIRECT MATERIAL COST (12*47,000) 564,000

DIRECT LABOR COST (5*47,000) 235,000

V.MANUFACTURING OH (3*47,000) 141,000 (940,000)

OPERATING PROFIT 1,410,000

FIXED MANUFACTURING OH (25,000)

V.SALES AND ADMINISTRATION COST (3*47,000) (141,000)

FIXED SALES AND ADMINISTRATION EXPENSE (9,000)

PROFIT BEFORE INTEREST AND TAX 1,235,000

TAX @15% (1,235,000*30%) (185250)

PROFIT AFTER TAX 1,049,750

Explanation:

Flexed budget is based on very simple formula which is:

Total cost = Cost rate per unit * Numbers of actual units sold

3 0

3 years ago

A price floor set at $60 would create a surplus of 20 units. a. True b. False

NikAS [45]

Answer:

True

Explanation:

3 0

2 years ago

Read 2 more answers

Samantha has a loan with an interest rate of 6.67 percent now, but the rate could increase 2 percent next year. What lending ter

stiv31 [10]

Answer: 3 Variable Rate Loan.

The variable rate loan best describes the loan agreement because the rate can vary and become a different percent over the course of the loan agreement. When you agree to loan terms with variable interest rates it is important to remember when they will change and check the interest rate amounts at any given time over the course of the loan, sometimes the loan terms jump drastically if not paid by the initial given rate.

6 0

3 years ago

Read 2 more answers

Replacement costs have been estimated as $350,000 for a property with a 70-year economic life. The current effective age of the

tiny-mole [99]

Answer: The estimated market value of the property using the cost approach is $330000

Explanation: The first step is to determine the value of the reproduction, which is equal to $ 350000.

Then we must subtract its accumulated depreciation, which is calculated as follows: ( (350000 x 15) / 70 ) = $ 75000.

350000 - 75000 = 275000

And last step we must add the estimated value of the site that is $ 55000.

275000 + 55000 = $ 330000 is the value estimated by the cost approach.

3 0

3 years ago