Answer:
Bread sticks: 6 × $2.50 = $15
Pizza: $12.99
$15 + $12.99 = $27.99
Tax: 7% = 0.07
$27.99 × 0.07 = $1.96 (approximate)
$27.99 - $1.96 = $26.03
hope this helped you!
Answer:
Journal Entries for Pina in 2020:
July 1:
Debit Accounts Receivable with $2,050
Credit Sales Account with $2,050
Being sales on account
Sept 1:
Debit Cash with $2,050
Credit Accounts Receivable with $2,050
Being cash received
Oct 15:
Debit Cash with $320
Credit Installation Service Income with $320
Being cash receipt for installation service
Explanation:
a) The value of actual sales excluding installation is equal to $2,050. So, the Sales and Accounts Receivable are credited and debited respectively with this amount.
b) Installation service was completed on October 15, 2020. The element of the contract value $320 is recognized in the accounts on this date and the respective cash and income accounts are debited and credited.
Answer:
$1,892.8
Explanation:
Variable cost per minute:
= Change in cost ÷ Change in minute
= (4,000 - $2,640) ÷ (480 - 170)
= 1,360 ÷ 310
= 4.39 per minute
Fixed cost:
= January total bill - (January minutes × Variable cost per minute
= 4,000 - (480 × 4.39)
= 4,000 - 2,107.2
= $1,892.8
Therefore, the fixed portion of the total cost is $1,892.8
Answer:
Dr. Cr.
Adjusting Entry
December 31
Account Receivable $8,500
Revenue $8,500
Reversing Entry
January 1
Revenue $8,500
Account Receivable $8,500
Cash Receipt
January 15
Cash $14,500
Revenue $14,500
Explanation:
On December 31 the accrued revenue is recording to comply with the accrual principle by debiting account receivable and crediting revenue account.
A reverse entry of accrued revenue was made on January 1 to eliminate its effect. it does not mean that company has negative revenue it is made to adjust the the cash receipt event of the transaction when its effect will be nil by a credit entry with.
Cash received on January 15 is recorded against the revenue.
Answer and Explanation:
The computation is shown below:
a. For recognized gain or loss
= Equipment + land + liability on land - adjusted basis
= $43,000 + $5,000 + $12,000 - $44,000
= $16,000
It should be the lower amount of the boot received i.e. $12,000 + $5,000 i.e. $17,000 or the $16,000 so here the recognized gain is $16,000
b. Now the basis of the assets received is $5,000