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eduard
2 years ago
6

The following transactions occurred during June: June 1 Purchased two new maintenance carts (noncurrent assets) on account at $7

50 each. Payment is due in 30 days. June 8 Accepted $500 of advance payments from customers for services to be provided next month. June 15 Received the June utility bill for $300. Payment is due and made in 30 days. June 20 Billed customers for $1,500 services provided. Payment is due in 30 days. June 30 Received $500 from customers who were billed on June 20. What journal entry is required to record the purchase of the carts on June 1
Business
1 answer:
Helen [10]2 years ago
8 0

Answer:

Journal Entry to record the purchase of the carts on June 1:

June 1:

Debit Maintenance Equipment $1,500

Credit  Accounts Payable $1,500

To record the purchase of 2 maintenance carts on account.

Explanation:

a) Data and Analysis:

June 1 Maintenance Equipment $1,500  Accounts Payable $1,500

June 8 Cash $500 Unearned Service Revenue $500

June 15 Utility Expense $300 Utility Payable $300

June 20 Accounts Receivable $1,500 Service Revenue $1,500

June 30 Cash $500 Accounts Receivable $500

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Lorico [155]

Answer:

Total cost= $350,400

Explanation:

Giving the following information:

For Gundy Company, units to be produced are 5,280 in quarter 1 and 6,400 in quarter 2. It takes 2.0 hours to make a finished unit, and the expected hourly wage rate is $15 per hour.

Quarter 1:

Direct labor cost= 5,280*2= 10,560 hours

Quarter 2:

Direct labor cost= 6,400*2= 12,800 hours

Total cost= (10,560 + 12,800)*15= $350,400

7 0
3 years ago
Return on assets is equal to:________
Sunny_sXe [5.5K]

Return on assets is equal to<u> </u><u>a.</u><u> profit margin times asset turnover.</u>

An asset is a resource with a financial fee that a man or woman, enterprise, or country owns or controls with the expectancy that it will provide a destiny benefit. belongings are said on an employer's stability sheet. They're offered or created to increase a firm's fee or gain the firm's operations.

Despite all that in mind, an automobile is an asset due to the fact you may speedy advertise and convert it to coins, albeit for less than what you paid. That alone makes it an asset via definition. It is those added expenses and the steady decline in cost that make a car a depreciating asset.

Suitable properties are gadgets you could spend money on a good way to produce earnings for you like stocks, rental homes, actual property crowdfunding initiatives, and a web enterprise. these also can respect in cost overtime except producing money for you.

Learn  more about assets here brainly.com/question/25746199

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6 0
2 years ago
The goal of this exercise is to demonstrate your understanding of the total logistic cost factors, which are expenses to be mini
brilliants [131]

Answer and Explanation:

Stockouts logistics cost factor-

Safeway,

Kmart

Transportation logistics cost factor-

Hyundai,

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Inventory logistics cost factor-

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logistics cost factors are cost factors associated with logistics ( concerned with acquisition, storage and transportation ofresources) based on the kind of business or kind of products or services a company is into. From the above we see that logistics cost factors vary as the companies are into different products or services and industries and therefore face different logistics costs associated with their production and or delivery. Every company aims to achieve logistics efficiency through minimizing costs associated with their logistics costs factors example Hyundai with transportation logistics cost factors would aim to reduce it's logistics cost factors and maximise profits by its locating it's manufacturing plant close to where it imports parts for it's vehicle manufacturing so as to reduce cost of transporting vehicle parts to manufacturing plant

7 0
3 years ago
The condensed income statement for the Consumer Products Division of Fargo Industries Inc. is as follows (assuming no service de
hichkok12 [17]

Explanation:

The computation is shown below:

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Return on investment = Income from operations ÷ invested assets

= $13,200,000 ÷ $55,000,000

= 0.24 or 24%

For Investment turnover

Investment turnover = Sales ÷ Invested assets

= $82,500,000 ÷ $55,000,000

= 1.5

For Profit margin

Profit Margin =  Income from operations ÷ Sales

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= 0.16 or 16%

The return on investment

= Profit margin × investment turnover

= 16% × 1.5

= 24%

4 0
3 years ago
Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants o
makvit [3.9K]

Answer:

The Marketing Concept

Explanation:

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The organization utilizes market data to develop a strategy that is able to maintain a balance between satisfying the customer's need and achieving its own goals.

3 0
3 years ago
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