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rusak2 [61]
2 years ago
9

Specter Consulting purchased $8,900 of supplies and paid cash immediately. What general journal entries will Specter Consulting

make to record this transaction? Assume the companyâs policy is to initially record prepaid and unearned items in balance sheet accounts?
Business
1 answer:
sergiy2304 [10]2 years ago
7 0

Answer:

Debit Supplies $8,900; Credit Cash $8,900

Explanation:

Based on the information given the general journal entries that Specter Consulting will make to record this transaction assuming the companyâs policy is to initially record prepaid and unearned items in balance sheet accounts will be :

Debit Supplies $8,900

Credit Cash $8,900

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Madison Corporation sells three products (M, N, and O) in the following mix: 3:1:2. Unit price and cost data are: M N O Unit sal
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Answer:

The answer is 629,000.

Explanation:

  • For each unit of M sold, the price is 7 and the cost is 3, so the contribution margin is 4;
  • For each unit of N sold, the price is 4 and the cost is 2, so the contribution margin is 2;
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  • With the mix, 1 unit of sale contributes (contribution per mix) 3*M+1*N+2*O = 3*4+1*2+2*3 = 20

For covering the 340,000 of fixed costs, you have to sale 340,000/20 units. That's equal to 17,000 units.

Each unit of sales is equal to (price per mix) 7*M+4*N+6*O = 7*3+4*1+6*2 = 37. So, with 17,000 units, the total sales will be 17,000 * 37 = 629,000.

3 0
3 years ago
Question 4 Ivanhoe Company reports the following information (in millions) during a recent year: net sales, $10,794.0; net earni
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Answer:

ROA = 0.08 or 8%

Asset turnover = 2.4

Profit Margin = 0.033 OR 3.3%

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All of the above requirements can be calculated as follows according to  their formula

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Average assets = (4025 + 4970 )/ 2

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Requirement A. Return on assets

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ROA = $359.8 / $4497.5(w)

ROA = 0.08 or 8%

Requirement 2 Asset turnover

Asset turnover = Net Sales / Average assets

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Asset turnover = 2.4

Requirement 3 Profit Margin

Profit margin = Net income / Net sales

Profit margin = $359.8/$10,794

Profit Margin = 0.033 OR 3.3%

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