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pishuonlain [190]

3 years ago

12

Average American household income $50,000 per year Roundtrip airfare from Los Angeles (LAX) to Las Vegas (LAS) $100 per roundtri

p Room rate at the Exhilaration Hotel and Casino, which is near the Triple Sevens $250 per night

1 answer:

Gwar [14]3 years ago

7 0

Answer:

See the pictures for detailed answer.

Explanation:

See the pictures for explanation.

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Reeves Co. filed suit against Higgins, Inc., seeking damages for copyright violations. Higgins' legal counsel believes it is pro

GaryK [48]

Answer: Higgins should report this litigation as a contingent liability.

Explanation: A liability that is contingent upon an event, that is, dependent on a future event that may or may not happen is called contingent liability. Potential law suits, pending investigations are some of the examples of contingent liability.

A contingent liability will only be recorded if there is likely probability that the event on which such liability depends will occur and the amount of liability could be reasonably estimated.

6 0

3 years ago

At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $831,000.

pychu [463]

Answer:At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $831,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $416 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions. View transaction list 1 Record the estimated bad debts expense. 2 Wrote off P. Park's account as uncollectible. 3 Reinstated Park's previously written off account 4 Record the cash received on account. Credit Note :· journal entry has been entered Record entry Clear entry View general journal

7 0

2 years ago

Rovinsky Corporation, a company that produces and sells a single product, has provided its contribution format income statement

matrenka [14]

Answer:

Net operating income= 46,500

Explanation:

<u>First, we need to calculate the unitary contribution margin:</u>

Unitary contribution margin= 152,000 / 7,600

Unitary contribution margin= $20

Now, the net income for 7,500 units:

Total contribution margin= 20*7,500= 150,000

Fixed expenses= (103,500)

Net operating income= 46,500

8 0

3 years ago

Suppose Kitchen HelpersKitchen Helpers manufactures cast iron skillets. One model is a 10-inch skillet that sells for $36. Kitc

9966 [12]

Answer:

The budgeted gross profit for July is $ 11,000.

Explanation:

total cost of goods sold per july = $8,800

total units sales = $ 550

cost of goods sold for unit = $16

budgeted sale per unit is = $36

budgeted gross profit for unit = selling price - cost of goods sold

= $36 - $16

= $20

total budgeted gross profit for july

= total units sales in july *gross profit per unit

= 550*$20

= $ 11,000

Therefore, The budgeted gross profit for July is $ 11,000.

3 0

4 years ago

Melissa invests $37,000 today in a savings account that pays 4 percent interest compounded annually. She wants to know the total

yulyashka [42]

Answer:

c. N = 7, I/Y = 4, PV = 37,000

Explanation:

In financial Calculator the following key wii be pressed to calculate the the balance of the account (Future value)

For the number of year enter N = 7

Interest per year enter I/Y = 4

For present value enter PV = 37,000

This will calculate Malissa's account balance after 7 years which is $48,689.

So the correct answer is c. N = 7, I/Y = 4, PV = 37,000.

6 0

3 years ago