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3 years ago

Journalize the entries for the following transactions

Business

1 answer:

Zanzabum3 years ago

4 0

Answer and Explanation:

The journal entry is shown below:

a. Cash $116,300

To Sales $116,300

(Being the merchandise is sold for cash is recorded)

Cost of Merchandise Sold $72,000

To Merchandise Inventory $72,000

(Being the cost of the merchandise is recorded)

b. Accounts Receivable $755,000

To Sales $755,000

(Being the merchandise is sold on account is recorded)

Cost of Merchandise Sold $400,000

To Merchandise Inventory $400,000

(being the cost of the merchandise is recorded)

c. Cash $1,950,000

To Sales $1,950,000

(Being the merchandise is sold for cash is recorded)

Cost of Merchandise Sold $1,250,000

To Merchandise Inventory $1,250,000

(Being the cost of the merchandise is recorded)

d. Cash $330,000

Sales $330,000

(Being the merchandise is sold for cash is recorded)

Cost of Merchandise Sold $230,000

To Merchandise Inventory $230,000

(Being the cost of the merchandise is recorded)

e. Credit Card Expense $81,500

To Cash $81,500

(Being cash paid is recorded)

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Moonbeam Company manufactures toasters. For the first 8-months of 2017, the company reported the following operating results whi

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Answer:

Moonbeam Company

a. Incremental Analysis:

Sales revenue:

Units of toasters (21,600 at $8.12) $175,392

Variable costs (21,600 * $7.12) 153,792

Shipping costs 3,100

Total incremental costs $156,892

Incremental net income $18,500

b. Moonbeam should accept the special order. It has the required capacity to deliver the additional toasters. It will generate an incremental income of $18,500, which is better than nothing.

Explanation:

a) Data and Calculations:

Sales (350,000 units) $4,375,000

Cost of goods sold 2,600,000

Gross profit 1,775,000

Operating expenses 840,000

Net income $935,000

Operating capacity = 75%

Current sales = 350,000

Plant capacity = 466,667 units (350,000/75%)

Total Per Unit

Sales (350,000 units) $4,375,000 $12.50

Variable cost of goods sold = 1,820,000 ($2,600,000 * 70%)

Variable operating expense = 672,000 ($840,000 * 80%)

Total variable costs = $2,492,000 $7.12

Net income = $1,883,000

Special Order:

Incremental Sales revenue

Units of toasters (21,600 at $8.12) $175,392

Variable costs (21,600 * $7.12) 153,792

Shipping costs 3,100

Total incremental costs $156,892

Incremental net income $18,500

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3 years ago

Each stock's rate of return in a given year consists of a dividend yield (which might be zero) plus a capital gains yield (which

Alenkasestr [34]

Answer:

The correct answer is True.

Explanation:

The stock rate of return is a measure of the profitability of the shares over a period of time. There are a number of measures of performance of the shares, which include their own characteristics and benefits during a profitability analysis. The period during which stock returns are measured is chosen based on personal preferences, but portfolio managers usually measure it on a daily, weekly, monthly and annual basis.

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3 years ago

Write a memo to management detailing the various classification of costs and provide two reasons for which it is important to cl

katrin2010 [14]

Answer: Direct or indirect cost, Fixed or variable cost, classification by nature, classification by function, it is important for the development of cost data which can help the management in the cost planning and control objectives of the organization. It is important for ascertaining the purpose for which the cost being classified is to fulfilled in the organization.

Explanation:

Cost classification can be said to be a process of grouping costs according to the characteristics which can be attributable to the cost in the organization and which determined their uses in the organization. Classification of cost can be divided into four namely.

Direct Cost or indirect cost : The direct cost is the cost which can be directly identified with a process, production, job or other business activities. In direct cost there is nothing like sharing or apportioning cost between the products. Examples are Direct materials, Direct Labour, Direct Expenses. While indirect cost are the cost which cannot be directly traced to the items being costed by the organization. It is a cost which can be incurred jointly by two or more products. Examples are indirect materials, indirect labour, and indirect expenses.

Fixed or variable cost : Fixed cost is said to be a cost which tend not to change with the level of activities such as output or turnover. Examples are rent, rates, insurance, executives salaries. While variable cost are the cost which vary with changes in the level of output or sales. It is a cost which increase or decrease in proportion to the changes in the level of activity such as Labour and materials

Classification by nature : This relates to the nature of the cost such as the materials, labour and expenses. The materials can be broken down into raw materials, while labour can be broken down into supervision, cleaning, clerical or office work. While expenses can be broken down into rent, power, depreciation and so on.

Classification by function : This is the classification of cost according to the functions to which the cost relates. Examples are production cost, selling cost,distribution cost,and so on. However, these cost classification are important for the following two reasons

(i) It is important for the development of cost data which can help the management in the cost planning and control objectives of the organization.

(ii) It is important for the ascertaining the purpose for which the cost being classified is to fulfilled in the organization

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3 years ago

1+2+3+4+5+6+7+8+9+10+11+12+13+14

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Answer:

105

Explanation:

1+2+3+4+5+6+7+8+9+10+11+12+13+14 = 105

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Answer:

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