Has a _____ percent of chance of being schizophrenic.

On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The ra

olga_2 [115]

Answer and Explanation:

1.1 The Journal Entry is shown below:-

a. Cash Dr, $5,400

To Sales $5,400

(Being Sales Held is recorded)

b. Warranty Expense Dr, $330

Estimated Warranty Liability $330

(Being warranty expense recognized is recorded)

($5,500 × 6%)

c. Estimated Warranty Liability Dr, $435

To Inventory $435

(Being warranty Executed is recorded)

(29 razors × $15)

d. Cash Dr, $16,200

To Sales $16,200

(Being Sales Held is recorded)

e. Estimated Warranty Liability Dr, $360

To Inventory $360

(Being Warranty Executed is recorded)

(24 × $15)

f. Warranty Expense Dr, $972

To Estimated Warranty Liability $972

(Being warranty expense recognized is recorded)

($16,200 × 6%)

2. The computation of warranty expense is reported for November 2016 and December 2016 is shown below:-

Warranty Expense for Nov 2016 = $5,500 × 6%

= $330

Warranty Expense for Dec 2016 = $16,200 × 6%

= $972

3. The computation of warranty expense is reported for January 2017 is given below:-

Warranty Expense for Jan 2017 =$10,800 × 6%

= $648

4. The computation of balance of the Estimated Warranty Liability account as of December 31, 2016 is given below:-

Balance of Estimated Warranty Liability on 31 Dec 2016 = Estimated Warranty Liability For Nov 2016 + Estimated Warranty Liability For Dec 2016 - Warranty Claim in Dec 2016

= $330 + $972 - $648

= $654

5. The computation of balance of the Estimated Warranty Liability account as of December 31, 2017 is given below:-

Balance of Estimated Warranty Liability on 31st Jan 2017 = Balance of Estimated Warranty Liability on 31 Dec 2016 + Estimated Warranty Liability for Jan 2017 - Warranty Claim in Jan 2017

= $654 + $648 - (29 × $15)

= $654 + $648 - $435

= $867

6 0

3 years ago

What concerns might a gap employee working in one of its stores have because of its social stance?

DochEvi [55]

There are many concerns that gap employees because of its social stance.

Gap employees may not be convinced there efforts are the one that took the organisation and making the environment a better working place. Workers have filed a problem in case of female abuse and behaviour.

The monitoring system does not guarantee a full proof security system. They have lodged more complaints about harrassment. It also shows in affectiveness in terms of operations.

The effects are made in supply chain relations only just to improve the production process but all the organisation that want its employees to work in safer environment.

To learn more about employee here,

brainly.com/question/18633637

#SPJ4

6 0

1 year ago

Which of the following errors would cause the adjusted trial balance to be unequal? a. The adjustment for prepaid insurance was

zalisa [80]

Answer: Option (C) is correct.

Explanation:

There is a adjustment entry for depreciation of $3,545 but the amount that is debited as depreciation expense is different from the amount that is credited as accumulated depreciation.

Depreciation Expense A/C Dr. $3,454

To Accumulated Depreciation $3,545

This will lead to an unequal adjusted trial balance.

Option 'A' and 'B' has no effect on the adjusted trail balance to be unequal because whole transaction is omitted.

Option 'D' also has no effect on adjusted trail balance because the debit and credit amount will still match.

3 0

3 years ago

Which of the following costs would continue to be incurred even if a segment is eliminated? A. Direct fixed expenses B. Variable

stich3 [128]

Answer:

The correct answer is C. Common fixed costs.

Explanation:

A fixed cost is an expense that the company must incur, even if the company operates at medium speed, or does not, which is why they are so important in the financial structure of any company.

This is the case, for example, of payments such as leasing, since this, if nothing is sold, must be paid. It also happens with almost all labor payments, public services, insurance, etc.

Perhaps the main component of fixed costs is labor, therefore, it is not surprising that companies struggle every day for greater labor flexibility that allows them to convert those fixed costs into variables.

7 0

2 years ago

Rey Company’s single product sells at a price of $216 per unit. Data for its single product for its first year of operations fol

erastovalidia [21]

Answer:

1. Using Absorption Costing

Income Statement

Sales 20,000 X $216 = $4,320,000

Less: Cost of Goods Sold (Note 1) =($1,240,000)

Gross Margin = $3,080,000

Less: Operating Expenses

Selling and Administrative Expense = ($560,000)

(Note 2)

Net Income = $2,520,000

Note:

Cost of goods Sold = All the direct variable cost + direct fixed cost = Direct materials + Direct Labor + Direct Overhead = $20 +$28 + $6 = $54 per unit, Total = $54 X 20,000 units = $1,080,000 + Fixed cost = $160,000 = $1,240,000
Selling And Administrative Expense = Variable + Fixed, Variable = $18 X 20,000 units = $360,000, Fixed Expenses = $200,000, Total = $560,000

2. Using Variable Statement

Sales 20,000 X $216 = $4,320,000

Less: Variable Costs

Direct Material $20 X 20,000 = ($400,000)

Direct Labor $28 X 20,000 = ($560,000)

Variable Overhead $6 X 20,000 = ($120,000)

Variable Selling Expense $18 X 20,000 = ($360,000)

Contribution Margin = $2,880,000

Less: Fixed Costs

Fixed Overhead = ($160,000)

Fixed Selling & Administrative = ($200,000)

Net Income = $2,520,000

Note: Under Variable Statement first variable expenses are deducted to get the value of contribution, and then fixed expenses are deducted to get net income, whereas in absorption costing firstly manufacturing expenses are deducted to get gross margin and then operating expenses like selling and administrative expenses are deducted to get the net income.

But Net income is same in both cases.

5 0

3 years ago