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3 years ago

Consider each of the transactions below. All of the expenditures were made in cash.

Business

1 answer:

Allushta [10]3 years ago

5 0

Answer:

1. Dr Research and development expenses $25,000

Cr Cash $25,000

2. Dr Legal fees expenses $8,500

Cr Cash $8,500

3. Dr Equipment $38,000

Dr Discount on Note Payable $5,599

Cr Cash $19,000

Cr Note Payable $24,500

4. Dr Building - sprinkler system $41,000

Cr Cash $41,000

5. Dr Patent $25,000

Cr Cash $25,000

6. Dr Equipment new $13,900

Dr Accumulated Depreciation - equipment $7,000

Dr Loss on trade in $3,600

Cr Cash $10,600

Cr Equipment - old $13,900

Explanation:

Preparation of the journal entries

1. Dr Research and development expenses $25,000

Cr Cash $25,000

2. Dr Legal fees expenses $8,500

Cr Cash $8,500

3. Dr Equipment $38,000

Dr Discount on Note Payable $5,599

($38,000-$19,000-$24,500)

Cr Cash $19,000

Cr Note Payable $24,500

4. Dr Building - sprinkler system $41,000

Cr Cash $41,000

5. Dr Patent $25,000

Cr Cash $25,000

6. Dr Equipment new $13,900

Dr Accumulated Depreciation - equipment ($13,900 - $6,900) $7,000

Dr Loss on trade in $3,600

($10,600+$13,900-$13,900-$7,000)

Cr Cash $10,600

Cr Equipment - old $13,900

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Answer:

Results are below.

Explanation:

First, we need to calculate the total unitary variable cost:

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Total unitary variable cost= $22

Now, the contribution margin income statement:

Sales= 5,000*38= 190,000

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Total contribution margin= 80,000

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Net operating income= 30,000

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3 years ago

Below are some of the accounts that Company J has on their books:

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Answer:

b) $1,900

Explanation:

The computation of the total liabilities is shown below:

= Accounts Payable + Deferred revenue

= $700 + $1,200

= $1,900

The other items are related to the expenses which are shown in the income statement and current assets which are shown on the balance sheet

Therefore, only two items are shown in the total liabilities.

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3 years ago

Amanda's Interior Design has credit sales of $783,000, costs of goods sold of $418,000, and average accounts receivable of $107,

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Answer:

The 50.30 days are required to take its credit customers to pay for their purchases.

Explanation:

For computing the average collection period, we have to use the formula of the average collection period.

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A decrease in the price of domestically produced industrial robots will be reflected in a. the GDP deflator but not in the consu

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Answer:

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"When Jiffy-Pop packaged its popcorn in an aluminum skillet, complete with attachable handle, it designed the package to become

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Answer:

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