Answer:
Instructions are below.
Explanation:
Giving the following information:
Units Produced 20,000
Units Sold 17,000
Unit Sales Price $ 240
Full Manufacturing Cost Per Unit $97
<u>Under the absorption costing method, the fixed manufacturing overhead is part of the product cost.</u>
Income statement:
Sales= (17,000*240)= 4,080,000
Cost of goods sold= (17,000*97)= (1,649,000)
Gross profit= 2,431,000
Variable Selling Expenses= (71,000)
Fixed General and Administrative Costs= (88,000)
Net operating income= 2,272,000
a. more efficient because polluters that can only reduce pollution at high cost do not and instead buy allowances.
The correct option is NONE OF THE ABOVE.
When a partnership is terminated, the assets are are turned into cash and obligations are paid, the partnership is said to be WIND UP.
A partnership refers to a business relationship that involves two or more persons. A partnership dissolution is said to occur when one of the partners leaves the business. A partnership is said to be terminated when it stop operations. Partnership winding up involves the sales of the assets of the business, the payment of their business debts from the proceeds and the sharing of the remaining proceeds.
Answer:
The answer is: Ms. Crocker LTCL is $0 and her basis for her 1,000 shares purchased in 2020 is $8,000
Explanation:
Ms. Crocker initially bought 1,000 stocks at $10,000, then she sold her stock at $9,000 losing $1,000. Then she again bought the same stock for $7,000. She can offset her initial loss ($1,000) and instead add it to the value of the stock purchased later. So instead of having 1,000 shares with a $7,000 value, she can value her stock at $8,000.
Answer:
The adjusting entry which is to be recorded is shown below:
Explanation:
The adjusting entry which is to be recorded is as:
Bad Debt Expense A/c..................................... Dr $14,740
Allowance for Doubtful Accounts A/c...............Cr $14,740
As the company records the bad debt expense at the end of the present year
Working Note:
As the company used the percent of receivables sales
Amount = Accounts receivables × Percentage of ending receivable
= $446,000 × 3.0%
= $13,380
Bad debt expense amount = Amount - Debit balance of allowance for doubtful accounts
= $13,380 + $1,360
= $14,740
