Answer:
Explanation:
In the given transaction, it would impact the income statement and the balance sheet in the increment manner
That means The income statement would increase by $96,000 as it reflect the wages expense in the debit side of the income statement
And, the balance sheet would increase by $96,000 as it reflect the wages payable in the credit side of the balance statement under the current liabilities side of the balance sheet
Answer:
b. $48,000
Explanation:
According to the given situation the computation of accounts receivable balance is shown below:-
Jan Feb Mar April
Sales $120,000 $140,000 $150,000
Cash Sales
at 20% $24,000 $28,000 $30,000
Credit Sales
at 80% $96,000 $112,000 $120,000
Collection in same
month at 60% $57,600 $67,200 $72,000
Collection in next
month at 40% $50,000 $38,400 $44,800 $48,000
Therefore the accounts receivable balance as of March 31 is $48,000
Answer:
cost of goods available for sale: $ 5,300
cost of goods sold : $3,500
ending inventory : $7,100
Explanation:
<em>FIFO is an Inventory Management System that Sales the Oldest Stock first followed by the recent stock acquired.</em>
<u>cost of goods available for sale:</u>
January 1 : 350×$4.00 = $1,400
January 8: 650×$6.00 = $3,900
Total $ 5,300
<u>cost of goods sold :</u>
January 9 and January 28 : 350 × $4.00 = $1,400
: 350 × $6.00 = $2,100
Total = $3,500
<u>ending inventory :</u>
January 31 : 300 × $6.00 = $1,800
: 760 × $7.00 = $5,300
Total = $7,100
Answer:
Option (C) Controlling
Explanation:
The budget set is part of planning but variance analysis conducted time to time is reflection of emphasizing control over the operations of the company. The manager tries to better allocate the resources of the firm to increase the efficiency and economical flow of operations.
Answer:
The answer is: Cash and marketable securities $5,406,393
Explanation:
We have:
+ Current ratio = Current asset / Current liabilities = 2; with Current liabilities is given at $8 million => Current asset is $16 million;
+ Current asset = Inventory + Account Receivable + Cash and marketable securities <=> Cash and marketable securities = $16 million - Inventory - Account Receivable ( as current asset is calculated above at $16 million)
+ Average collection period = Account Receivable/ Credit Sales x 365 <=> Account Receivable = Average collection period/365 x Credit sales = 30/365 x 64 million = $5,260,274
+ Inventory turnover = Sales / Inventory <=> Inventory = Sales/ Inventory turnover = 64 million / 12 = $5,333,333
=> Cash and marketable securities = 16,000,000 - 5,333,333 - 5,260,274 = $5,406,393.
