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emmainna [20.7K]
3 years ago
7

If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for th

e month of May? If there is a loss, enter it with parentheses or a negative sign.May 1: Prepaid rent for three months, $2,100May 5: Received and paid electricity bill, $70May 9: Received cash for meals served to customers, $1,530May 14: Paid cash for kitchen equipment, $3,780May 23: Served a banquet on account, $1,780May 31: Made the adjusting entry for rent (from May 1).May 31: Accrued salary expense, $3,260May 31: Recorded depreciation for May on kitchen equipment, $670
Business
1 answer:
tino4ka555 [31]3 years ago
7 0

Answer:

Net loss -$1,390

Explanation:

The computation of the net income is given below:

Service revenue    

On cash $1,530

ON credit $1,780

Service revenue $3,310

Less: Expense    

Utilities expense  -$70

Rent expense  -$700

Salaries expenses  -$3,260  

Depreciation expense -$670

Total expenses -$4,700

Net loss -$1,390

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Answer:

Overhead  application rate

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  Budgeted machine hours

= <u>$900,000</u>

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= $30 per machine hour

Overhead cost assigned to the product

= Overhead application rate x Actual machine hours  

= $30 x 12,000 hours

= $360,000                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

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In this case, there is need to determine the overhead application rate, which is the ratio of budgeted overhead to budgeted machine hours.

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3 years ago
The manager of an orchard expects about 70% of his apples to exceed the weight requirement for ""Grade A"" designation. At least
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Answer:

D) 356

Explanation:

ME = Z x √[(P x Q) / N]  

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  • 90% confidence level (Z) = 1.645 (by convention)
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0.04 = 1.645 x √[(0.7 x 0.3) / N]

0.04 = 1.645 x √(0.21 / N)

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