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UkoKoshka [18]
3 years ago
6

Assume that the weekly payroll of in the woods is . December​ 31, end of the​ year, falls on​ Tuesday, and will pay its employee

on Friday for the full week. What adjusting entry will make on​ Tuesday, December​ 31?​ (Use five days as a full​ workweek.)
Business
1 answer:
shusha [124]3 years ago
6 0

Answer and Explanation:

The adjusting entry made on Tuesday is as follows

Salaries expense Dr $120  ($300 × 2 days ÷ 5  days)

         To Salaries payable $120

(Being the salaries expense is recorded)

here the salaries expense is debited as it increased the expenses and salaries payable is credited as it also increased the liabilities.

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Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies sug
IgorLugansk [536]

Answer:

1. The present yearly net operating loss is $65,700

2. Break even point in unit sales is 27,690 units, in dollars sales $2,575,170.00

3. The maximum annual profit that the company can earn is $23,300, at 30,500 units with a selling price per unit of $91

Explanation:

At breakeven point, the cost and revenue of the company are same such that the company neither a profit nor a loss. Operating profit or loss is the difference between the revenue and the cost of the company.

The cost of the company usually consist of the fixed and variable elements.

Given that the company’s present selling price is $93 per unit, and variable expenses are $63 per unit. Fixed expenses are $830,700 per year with present annual sales volume (at the $93 selling price) is 25,500 units

Hence the operating profit or (loss)

= $93 * 25,500 - ($63 * 25,500 + $830,700)

= $765,000 - $830,700

= ($65,700)

A loss of $65,700

Break even point in unit sales = Fixed costs / (Selling price per unit – Variable cost per unit)

= $830,700 / ($93 - $63)

= $830,700 / $30

= 27,690 units

In dollar sales

= $93 * 27,690

= $2,575,170.00

if the marketing studies are correct then the new selling price per unit will be

= $93 - $2

= $91

The units sold will be

= 5000 +  25,500

= 30,500 units

The maximum profit to be made

= $91 * 30,500 - ($63 * 30,500 + $830,700)

= $854,000 - $830,700

= $23,300

6 0
3 years ago
Given the same purchase and sales data, the three major costing methods for inventory will result in three different amounts for
sdas [7]

Answer:

The correct answer is False.

Explanation:

This statement is false, because as much as the sales prices, the quantities sold and the income received from sales never change. For this reason it is considered that the cost of goods sold will always be different. It was taken into account that the price of the inventory increased.

4 0
3 years ago
Read 2 more answers
Severance pay plans grant employees weekly benefits in addition to state unemployment compensation. True
Yanka [14]

Answer:

False

Explanation:

In simple words, Severance pay can be understood as a salary and/or incentives given to an individual by a company after the job is over. In order to help an individual obtain a new job, severance arrangements can include additional rewards, such as life care and observer ship support.

Thus, the weekly benefits are not included in this and the above statement is incorrect.

4 0
3 years ago
An establishment owned by two or more persons in which only one person has unlimited personal liability for the business describ
chubhunter [2.5K]
Limited partnerships
4 0
3 years ago
JK Company can sell all of the plush and supreme products it can produce, but it has limited production capacity. It can produce
shepuryov [24]

Answer:

$3,418,800

Explanation:

Contribution margin per hour:

Plush: 4 units per hour x $231 = $924

Supreme: 2 units per hour x $317 = $634

Since contribution margin per hour from Plush is higher than Supreme, we select Plush as the most profitable sales. Hence,

Total contribution = 3,700 hours available x $924 = $3,418,800

Hope this helps!

8 0
3 years ago
Read 2 more answers
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