The answer is B if that is the correct one
Answer:
Paradise Travel Service
Balance Sheet as of May 31, 20Y6:
Assets:
Cash $52,000
Accounts receivable 38,000
Supplies 3,000
Land 450,000
Total assets $543,000
Liabilities and Equity:
Accounts payable 18,000
Common Stock 100,000
Retained Earnings 425,000
Total liabilities and
equity $543,000
Explanation:
a) Data and Calculations:
Paradise Travel Service
Income Statement for the year ended May 31, 20Y6:
Fees earned $900,000
Office expense 300,000
Miscellaneous expense 15,000
Wages expense 450,000
Total expenses 765,000
Net Income $135,000
Statement of Retained Earnings for the year ended May 31, 20Y6:
Retained Earnings, June 1, 20Y5 $300,000
Net Income 135,000
Dividends 10,000
Retained Earnings, May 31, 20Y6 $425,000
b) The balance sheet shows the balances of assets, liabilities and equity at the end of an accounting period. It derives its name from the accounting equation, which states that assets = liabilities + equity. This equation implies that the two sides always balance each other.
Answer:
$122000
Explanation:
Given:
Cost of materials used = $45,000
Direct labor costs = $48,000
Factory overhead = $39,000
Beginning work in progress = $18,000
Ending Work in Process = $28,000
Question asked:
What is the cost of goods manufactured ?
Solution:
Cost of goods manufactured = Direct Materials Used + Direct Labor Used + Manufacturing Overhead + Beginning Work in Process - Ending Work in Process
Cost of goods manufactured = $45,000 + $48,000 + $39,000 + $18,000 - $28,000
Cost of goods manufactured = $122000
Therefore, cost of goods manufactured of Gunner Manufacturing is $122000.
Answer:
B. The long-run average total cost curve is derived by tracing out all of the firm's short-run average total cost curves.
To find the Inn's nightly cost before tax is added you will divide the total cost of the room $144.16 by the tax rate of 6%. When you divide the tax rate you will move the decimal over and use the number 1.06 (6%). When you divide $144.16 by 1.06 the answer is $136 per night before tax. To check your work you can multiply $136 by 1.06 giving you a total cost of $144.16 after tax.
