Answer:
$1,486.29
Explanation:
To calculate Ted's account balance at the end of the month:
First, deduct the checks:
1400 - 350.45 - 200.01 - 11.53 - 68.10 - 177.37 = 592.54
Now, add the deposits:
592.54 + 450 + 450 = 1,492.54
The bank charges him a $0.25 fee for every check. He wrote five checks, so his fee is:
0.25 * 5 = 1.25
Deduct the fee from his account:
1,492.54 - 1.25 = 1,491.29
Finally, deduct the monthly account fee:
1,491.29 - 5 = 1,486.29
The first option is the correct option.
Hope this helps :)
Answer and Explanation:
The journal entry is shown below:
Cost of goods sold Dr $2,650 ($15,010 - $12,360)
To Inventory $2,650
(Being the cost of goods sold)
By recording this we debited the cost of good sold as it increased the expenses and credited the inventory as it decreased the assets so that the correct recording and posting could be done
Answer: True
Explanation:
Decision regarding an asset replacement is usually based on both the internal rate of return and the net present value of the incremental cash flows.
Therefore, it should be noted that this brings about the complications when comparing the development of relevant cash flows to the expansion decisions.
Answer:
production schedule for July = 815 10-inch skillets
Explanation:
price of 10-inch skillet $28
projected sales 625 units
costs:
- direct materials $6
- direct labor $3
- manufacturing overhead $5
- sales and administrative expenses $1,000
beginning inventory 60 units
ending inventory 40% of August sales
production during July = (projected sales - beginning inventory) + (40% x projected sales August) = (625 units - 60 units) + (40% x 625 units) = 565 units + 250 units = 815 10-inch skillets
