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3 years ago

Revenues, Expenses, and Cost of Goods Sold are closed to which of the following accounts:_________

Business

1 answer:

iren2701 [21]3 years ago

6 0

Answer: A) Income Summary

Explanation:

The Income Summary account is used to compile temporary accounts before posting them to capital accounts. Revenues, Expenses and Cost of Goods are temporary accounts which will be compiled in the Income summary account.

The Income summary account has a debit and a credit side with income going on the credit side and expenses going on the debit side. If the credit side is higher than the debit side then profits have been made. The reverse is true.

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Hot Topic LLC appeals to tweens and teens through their Gothic frocks, fad movie gear, piercing paraphernalia, and popular t-shi

GarryVolchara [31]

Answer:

The answer is A) target market.

Explanation:

A target market is a group of consumers or organizations most likely to buy a company's products or services.

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3 years ago

Automobile repair costs continue to rise with the average cost now at $367 per repair.† Assume that the cost for an automobile r

vovikov84 [41]

Answer:

a) 0.1728

b) 0.09183

c) 0.7354

d) $ 222.25

Explanation:

Given

mean = $\mu$ = $367

Standard deviation = $\sigma$ =$88

Cost of automobile repair is normally distributed.

a) We have to find P( x > 450 )

P( x > 450 ) = 1 - P( x <= 450 )

Using excel function, P( x <= x ) = NORMDIST (x, $\mu$ , $\sigma$ , 1 )

P( x > 450 ) = 1 - NORMDIST( 450 , 367, 88, 1 )

= 1 - 0.8272 = 0.1728

P( x > 450 ) = 0.1728

b) P( x < 250 ) = NORMDIST( 250 , 367, 88, 1 ) = 0.09183

P( x < 250 ) = 0.09183

c) P( 250 < x < 450 ) = P( x <450 ) - P( x < 250 )

P( x <450 ) = NORMDIST( 450 , 367, 88, 1 ) = 0.8272

P( x < 250 ) = NORMDIST( 250 , 367, 88, 1 ) = 0.09183

P( 250 < x < 450 ) = 0.8272 - 0.09183 = 0.7354

P( 250 < x < 450 ) = 0.7354

d) We have P( X < a ) = 0.05

We have to find a.

Using Excel, = NORMINV ( Probability, $\mu$ , $\sigma$ )

a = NORMINV ( 0.05 , 367, 88 ) = 222.2529

Cost = $ 222.25

8 0

3 years ago

Flynn Industries has three activity cost pools and two products. It estimates production 2,000 units of Product BC113 and 1,000

cupoosta [38]

Answer:

Follows are the instructions to this question:

Explanation:

Given:

Configuration of machine = $\$16,000 \ \ \ \ 40 \ \ \ \ 25 \ \ \ \ 15$

Machine hours= $\$110,000 \ \ \ \ 5,000 \ \ \ \ 1,000 \ \ \ \ 4,000$

Order on Packing= $\$30,000\ \ \ \ 500 \ \ \ \ 150 \ \ \ \ 350$

We have to use the following formula in order to measure the expected production overhead rate:

Estimated overhead production rate= Total projected production expenses and for period/Total base allocation sum

Machine Configuration $=\frac{16,000}{(40+25+15)}= \frac{16,000}{80} =\$200 / \ setup$

Machining hour= $=\frac{110,000}{(5,000 + 1,000 + 4,000)} =\frac{110,000}{(10,000)}= \$11 / \ machine \ hour$

Packing $= \frac{30,000}{(500 + 150 + 350)}= \frac{30,000}{1000}= \$30/ \ order$

6 0

2 years ago

If a land owner retains the right to plant and cultivate crops on the land but leases the rest of the land to a tenant, what rig

timofeeve [1]

Answer:

Right to transfer

Explanation:

The owner has opted to use some land but leases the rest to a tenant by exercising the right to transfer. The right to transfer is a contract which allows renting some part of the land to another party for a specific period of time. The contractual right and responsibility are transferred through delegation or assignment.

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3 years ago

When deciding whether a business concept is

Ivanshal [37]

Answer:

no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no

4 0

3 years ago