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Sliva [168]
3 years ago
15

Presented below is information related to Lexington Real Estate Agency.

Business
1 answer:
Ber [7]3 years ago
3 0

Answer:

Oct 1

DR Cash............................................................................$20,000

CR Common Stock.........................................................................$20,000

Oct 2. No entry required

Oct 3

DR Office Furniture .....................................................$2,300

CR Accounts Payable................................................................$2,300

Oct 6

DR Accounts Receivable.............................................$3,600

CR Service Revenue - Realty services...................................$3,600

Oct 27

DR Accounts Payable ..................................................$850

CR Cash .......................................................................................$850

Oct 30

DR Salaries Expense ....................................................$2,500

CR Cash ..........................................................................................$2,500

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Concord has the following inventory information. July 1 Beginning Inventory 30 units at $15 $450 7 Purchases 90 units at $23 207
serg [7]

Answer:

COGS= $2,060

Explanation:

Giving the following information:

July 1: Beginning Inventory 30 units at $15 $450

July 7: Purchases 90 units at $23 2070

July 22: Purchases 10 units at $20 200

Ending inventory in units0 30 units

<u>First, we need to calculate the number of units sold:</u>

Units sold= total units - ending inventory in units

Units sold= 130 - 30

Units sold= 100

<u>Now, to calculate the cost of goods sold under the FIFO (first-in, first-out), we need to use the cost of the firsts units incorporated into inventory:</u>

COGS= 30*15 + 70*23

COGS= $2,060

4 0
3 years ago
You are a newly hired​ manager, and you attend your first meeting. you soon realize that the topic of discussion is the identifi
tatyana61 [14]
<span>from your college bcis class, you recall that they would be in the: </span>requirements analysis <span>phase of the sdlc process. 
During the requirements analysis phase of the SDLC process, we will gather all the system requirement, users' requirement, and the operational requirement of the business process.</span>
4 0
3 years ago
Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expe
yulyashka [42]

Answer:

See bekow

Explanation:

Number of direct labor hours = 555,000 / 15 = 37,000

Overhead cost = $57,000 + $158,500 + $28,800 + $22,100

3 0
3 years ago
Risk that affects a large number of assets, each to a greater or lesser degree, is called _________risk.
Svetlanka [38]

Answer:

c. Systematic risk.

Explanation:

Risk that affects a large number of assets, each to a greater or lesser degree, is called systematic risk.

This ultimately implies that, a systematic risk is practically impossible to predict, as well as to be avoided completely by business owners or companies. One of the most effective ways to mitigate a systematic risk is through the use of a correct asset allocation technique or through hedging but diversification of risks wouldn't reduce or mitigate a systematic risk.

Some examples of systematic risks includes changes to law, hike in interest rates, tax reforms, natural disasters such as flooding, earthquake, bushfire, bank failures, change of foreign policy etc.

5 0
2 years ago
Cutter Enterprises purchased equipment for $84,000 on January 1, 2018. The equipment is expected to have a five-year life and a
Anna71 [15]

Answer:

$25,200 and $58,800

Explanation:

The computation of the depreciation expense and the book value using the sum-of-the-years'-digits method is shown below:

The depreciation expense is

= (Purchase cost - residual value)  × useful life ÷ (sum of years)

= ($84,000 - $8,400) × 5 years ÷ (1 + 2 + 3 + 4 + 5)

= $75,600 × 5 years ÷ 15 years

= $25,200

And, the book value is

= Purchase cost - depreciation expenses

= $84,000 - $25,200

= $58,800

We simply applied the above formulas

6 0
3 years ago
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