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dimulka [17.4K]
3 years ago
6

A security business invoices its 30,800 customers on the first day of each month, with each of two computers doing half the job.

One invoicing machine produces at the rate of 7,700 per hour, and the other at the rate of 6,800 per hour. When the first computer finishes its run, how many invoices did the second computer still need to produce?A. 1525
B. 1200
C. 1750
D. 1800
E. 1400
Business
1 answer:
defon3 years ago
3 0

Answer:

Option (D) is correct.

Explanation:

Given that,

Total invoices = 30,800

Number of computers = 2

Rate at which invoices produces by first computer = 7,700 per hour

Rate at which invoices produces by second computer = 6,800 per hour

Number of invoices produces by each computer:

= Total invoices ÷ Number of computers

= 30,800 ÷ 2

= 15,400

Now, the time taken by the first computer to reach out its goal of 15,400:

= Number of invoices produces by First computer ÷ Rate of producing invoices

= 15,400 ÷ 7,700

= 2 hours

The total invoices produced by the second computer in 2 hours:

= Rate at which it produces invoices × 2 hours

= 6,800 per hour × 2 hours

= 13,600

So, the number of invoices still need to produce by the second computer is as follows:

= Total invoices produces by second computer - Total invoices produces in 2 hours

= 15,400 - 13,600

= 1,800

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The following transactions apply to Jova Company for Year 1, the first year of operation:
aleksandr82 [10.1K]

Answer:

<u>Year 1: </u>

a. Issued $17,000 of common stock for cash.  ⇒ ASSET SOURCE

Dr Cash 17,000

    Cr Common stock 17,000

b. Recognized $63,000 of service revenue earned on account.  ⇒ ASSET SOURCE

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    Cr Accounts receivable 56,400

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    Cr Cash 36,600

e. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. ⇒ ASSET USE  

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    Cr Allowance for doubtful accounts 132

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a. Recognized $70,500 of service revenue on account.   ⇒ ASSET SOURCE

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    Cr Service revenue 70,500

b. Collected $64,400 from accounts receivable.  ⇒ ASSET EXCHANGE

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c. Determined that $860 of the accounts receivable were uncollectible and wrote them off.  ⇒ ASSET EXCHANGE

Dr Bad debt expense 860

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d. Collected $300 of an account that had previously been written off.  ⇒ ASSET EXCHANGE

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Dr Cash 300

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e. Paid $48,100 cash for operating expenses.  ⇒ ASSET USE

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    Cr Cash 48,100

f. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1 percent of sales on account.  ⇒ ASSET USE

Dr Bad debt expense 117

    Cr Allowance for doubtful accounts 117

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Dr Cash 36,800

Dr Accounts receivable 6,468

Cr Common stock 17,000

Cr Service revenue 63,000

Dr Operating expense 36,600

Dr Bad debt expense 132

Income Statement

<u>Year 1</u>

Service revenue                                       $63,000

Expenses:

  • Operating expense $36,600
  • Bad debt expense $132                 <u>($36,732)</u>

Net income                                                $26,268

Balance Sheet

<u>Year 1</u>

Assets:

Cash $36,800

Accounts receivable $6,468

Total Assets $43,268

Equity:

Cr Common stock 17,000

Retained earnings $26,268

Total equity $43,268

Statement of changes in stockholders' equity

<u>Year 1</u>

Beginning balance                       $0

Common stock issued               $17,000

Net income                              <u>  $26,268</u>

Ending balance                          $43,268

<u>trial balance year 2</u>

Dr Cash 16,600

Dr Accounts receivable 5,123

Cr Service revenue 70,500

Dr Operating expense 48,100

Dr Bad debt expense 677

Income Statement

<u>Year 2</u>

Service revenue                                       $70,500

Expenses:

  • Operating expense $48,100
  • Bad debt expense $677                 <u>($48,777)</u>

Net income                                                $21,723

Statement of changes in stockholders' equity

Beginning balance:

Common stock issued               $17,000

Retained earnings                     $26,268

Net income                               <u>  $21,723</u>

Ending balance                          $64,991

Balance Sheet

<u>Year 2</u>

Assets:

Cash $53,400

Accounts receivable $11,591

Total Assets $64,991

Equity:

Cr Common stock 17,000

Retained earnings $47,991

Total equity $64,991

Statement of cash flows

<u>Year 2</u>

Net income                                           $21,723

Adjustments to net income:

Increase in accounts receivable         <u>($5,123)</u>

Net cash from operating activities     $16,600

Net cash increase                               $16,600

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Ending cash balance                         $53,400  

3 0
3 years ago
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Answer:

Explanation:

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Answer: $8

8 0
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