Answer:
you cannot journalize these transactions. you can prepare an income statement which is not the same:
Sales revenue $393,500
Sales discounts ($8,800)
Sales allowances ($18,600) <u> ($27,400)</u>
Net sales revenue $366,100
Cost of goods sold <u>($205,200)</u>
Gross profit $160,900
Operating expenses:
Rent ($33,000)
Freight out ($8,200)
Insurance ($13,600)
Salaries ($60,200) <u>($150,000)</u>
Operating income $10,900
Income taxes <u>($5,300)</u>
Net income $5,600
Other comprehensive income <u> $2,000</u>
Total income $7,600
Answer:
a. The regular semimonthly earnings
regular semimonthly earnings = [34 hours + 34 hours + (10 hours - 2 hours)] x [$2,437 / (34 hours x 4)] = 76 hours x $17.92/hr = $1,361.85
b. The overtime earnings
overtime earnings = 2 hours x [$2,437 / (34 hours x 4)] x 1.5 = $53.76
c. The total earnings
total earnings = $1,361.85 (regular earnings) + $53.76 (overtime earnings) = $1,415.61
Answer:
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Answer:
B) overhead cost/cost of goods sold
Explanation:
Overhead costs: all expenses not directly attributed to the production of a good or service (e.g. insurance, legal fees, administrative expenses, etc.)
Costs of goods sold: all costs directly attributed to the production of a good or service (e.g. direct labor, direct materials)
Income elasticity of demand measures the receptiveness of the quantity demanded for a good or service to a change in income.
It's calculated as the ratio of the percentage change in quantity demanded to the percentage change in income.
Explanation:
Hope this helps!!
