Answer:
(a)
Dr. Cr.
Feb 1
Investment $7,200
Cash $7,200
Jul 1
Cash $600
Dividend Income $600
Sep 1
Cash $4,300
Gain on sale $700
Investment $3,600
(b) Dividend will be shown as other income in the revenue section of Income statement. Gain on sale of common share will be reported on income statement after operating profit.
Explanation:
Per Share Purchase Price = 7200 / 600 = $12
300 Shares Purchase Price = $12 x 300 = 3,600
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Answer:
$15 per backpack
Explanation:
The average variable cost per of producing a backpack by using the high low method is shown below:
Variable cost per backpack = (High total cost - low total cost) ÷ (High backpack produced - low backpack produced )
= ($110,000- $87,500) ÷ (4,000 backpack produced - 2,500 backpack produced )
= $22,500 ÷ 1,500 backpack produced
= $15 per backpack
Answer:
Explanation:
The closing entry of the income summary account is shown below:
Income summary A/c Dr $81,300
To Retained Earning A/c $81,300
((Being the difference is credited to retained earning))
The retained earning balance is calculated by taking a difference between:
= Annual revenues - Expenditure
= $185,000 - $103,700
= $81,300
The income summary should always be closed after closing of revenue and expenditure account.
