Answer: See explanation
Explanation:
The necessary closing entries from the available information at December 31 will be calculated thus:
1. Dec 31
Dr Services Revenue $13000
Cr Income Summary $13000
2. Dec 31
Dr Income Summary $10000
Cr Wages expense $8400
Cr Rent expense $1600
3. Dec 31
Dr Income Summary = $13000 - $10000 = $3000
Cr D. Mai, Capital $3000
4. Dec 31
Dr D. Mai, Capital $800
Cr D. Mai, Withdrawals $800
<span>Nutrition Labeling and Education Act
This act requires nutrition labeling on food and standardizes terms such as serving size, "low fat", "light", and the such. It prevents things such as claiming "low calorie" cause the "calories per serving" is only half of the competitors, while specifying an absurdly low serving size that's also half the size the competitors use.</span>
Answer:
1
Db Salaries expenses__4000
Cr Accrued salaries__________4000
Accrued on December 31
Explanation:
Accrued salaries refers to the amount of liability remaining at the end of a reporting period for salaries that have been earned by employees but not yet paid to them.
Weekly payroll 5000
Day payroll 1000
Monday-Thursday 4000
1
Db Salaries expenses__4000
Cr Accrued salaries__________4000
Accrued on December 31
Answer:
The price/book ratio is 2.45
This price/book ratio indicates that the Chang, Inc company has 2.45 higher market value of the stock than the book value of the equity
Explanation:
For computing the price/book ratio, we have to apply the formula which is shown below:
= Market price of equity ÷ book value of equity
where,
the market value of equity = firm's earnings per share × price/earnings ratio × number of outstanding common stock shares
= $3.00 × 12.25 × 50,000 shares
= $1,837,500
And, the book value of equity is $750,500
Now put these values to the above formula
So, the answer would be equal to
= $1,837,500 ÷ $750,500
= 2.45
This price/book ratio indicates that the Chang, Inc company has 2.45 higher market value of the stock than the book value of the equity
Answer:
c. difference between total variable costs and total costs at a particular activity level
Explanation:
The high low method consists of calculating costs on the basis of highest & lowest activity & comparing their corresponding total costs.
Variable cost per unit is found by : change in cost divided by the change in activity level for two points
Variable Cost per unit = <u>Highest activity cost - Lowest activity cost </u>
Highest activity units - lowest activity units
Fixed Cost is thereafter calculated by subtracting Total Variable Costs from Total Cost
Fixed Cost = Highest Activity Total Cost - [ (Variable cost per unit) x (highest activity units)
Fixed Cost = Lowest Activity Cost - [ (Variable cost per unit) x (lowest activity units)]
