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alexandr402 [8]
2 years ago
6

I In your business, assets, and liabilities have historically varied with sales. Assets are usually 82 percent of sales, and lia

bilities are usually 54 percent of sales. Your sales next year will be $208,000 which represents an increase of $40,000. Your profit margin is 11.99 percent. You anticipate that you will have an 42 owner payout of net profit. Using the percentage of sales method, determine the amount of additional financing or surplus for your business next year. (answer to two decimal places, negative numbers start with -)
Business
1 answer:
Butoxors [25]2 years ago
8 0

Answer and Explanation:

<u>Computation table for Surplus amount:                                    </u>

<u>Particular                                           Current year  Future year </u>

Sales                                                       $168,000    $208,000

<u>Less</u><u>: Net Profit 11.99% of sales            $20,143.8    $24,932.2   </u>

Cost (sales - 11.99%)                            $147,856.8   $183,060.8  

<u>Owner's payout 42% of cost                $62,099.856  $76,885.536</u>

<u>Surplus (Cost - Owner payout)           $85,756.944  $106,175.264 </u>

<u></u>

<u>Computation table for additional financing fund:              </u>

<u>Particular                                     Current year   Future year </u>

Assets 82% of sales         $137,760   $170,560

<u>Less</u><u>: Liabilities 54% of sales        $90,720    $112,320    </u>

<u>Additional Funding          $47,040          $58,240    </u>

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Answer:

1. Dr Cash $8,290

Cr Common stock $8,290

2. Dr Supplies $980

Cr Cash $390

Cr Accounts payable $590

3. No Entry $0

No Entry $0

Explanation:

Preparation of the entries to record the transactions

1. Based on the information given if he deposited the amount of $8,290 of his own money into this account in exchange for common stock the journal entry will be:

Dr Cash $8,290

Cr Common stock $8,290

(Being To record the investment)

2. Based on the information given in a situation where he Purchased photography supplies at a total cost of the amount of $980 which means that if The business paid the amount of $390 in cash, and the balance is on account the journal entry will be:

Dr Supplies $980

Cr Cash $390

Cr Accounts payable $590

($980-$390)

(Being To record the purchase of supplies)

3. Based on the information given in a situation where he Obtained the estimates on the cost of photography equipment from the three different manufacturers which means that no transaction or entry will be recorded.

No Entry $0

No Entry $0

4 0
3 years ago
Marigold Company sells one product. Presented below is information for January for Marigold Company.
oksian1 [2.3K]

Answer:

Jan 4

Dr Accounts Receivable 632

Cr Sales Revenue 632

Jan 11

Dr Purchases 870

Cr Accounts payable 870

Jan 13

Dr Accounts Receivable 1,035

Cr Sales Revenue 1,035

Jan 20

Dr Purchases 972

Cr Accounts payable 972

Jan 27

Dr Accounts receivable 1,070

Cr Sales Revenue 1,070

Jan. 31

Dr Inventory $660

Dr Cost of Goods Sold $1,702

Cr Purchases $1,842

Cr Inventory $520

Explanation:

Preparation of all the necessary journal entries, including the end-of-month closing entry to record cost of goods sold.

Jan 4

Dr Accounts Receivable 632

Cr Sales Revenue(79*8) 632

(to record Cost of Goods Sold)

Jan 11

Dr Purchases (145*6) 870

Cr Accounts payable 870

( to record the purchase)

Jan 13

Dr Accounts Receivable 1,035

Cr Sales Revenue(115*9) 1,035

(to record the cost of Goods Sold)

Jan 20

Dr Purchases(162*6) 972

Cr Accounts payable 972

( to record the purchase)

Jan 27

Dr Accounts receivable 1,070

Cr Sales Revenue(107*10) 1,070

( to record the cost of Goods Sold)

Preparation of the journal entry assuming the physical count indicates that the ending inventory for January is 110 units

Jan. 31

Dr Inventory $660

($6* 110)

Dr Cost of Goods Sold $1,702

($520+$1,842-$660)

Cr Purchases $1,842

($870 + $972)

Cr Inventory $520

(104* $5)

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Answer:

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Explanation:

In this method, the seller often acts as a Consult to the customer and tries to understand the specific needs and wants of the customer before making the sale. This is a unique way to market the products and to grab the customer loyalty in the long run.

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2 years ago
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Answer:i dont answer

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3 years ago
Wind Productions uses flexible budgets. Items from the budget for March in which 3,000 units were produced and sold appear below
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Answer:

$40,000

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= $4,000 units × $10 per unit

= $40,000

5 0
3 years ago
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