Hayden's team purchased 100 shares of Tiffany and Co. stock for

5b. MousePad Computer Company, in addition to its retail sales, conducts night classes in computer technology. MousePad has prov

monitta

Answer:

Net Income = $18,000

Explanation:

MousePad Computer Company

Contribution Margin Income statement

Revenue (120 students × $450) = $54,000

Less: Variable expenses:

Student-related costs (120 students × $100) = $12,000

Administrative costs (120 students × $30) = $ 3,600

Total variable expenses =($15,600)

Contribution Margin $38,400

Less: Fixed cost

Instructors salary (3 × $1,800) = $ 5,400

Maintenance on building = $15,000

Total fixed cost =$(20,400)

Net Operating Income =$18,000

Note:

Students cost is a variable expense, because if we decrease the student's number, the revenue and expenses will decrease proportionately. Moreover, the company is getting profit from the students.

8 0

3 years ago

On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,874. Cash receipts yet to be de

My name is Ann [436]

Answer:

Bank Reconciliation Statement

Balance at bank as per the Cash Book (updated) $7,885

Add Unpresented Cheques $1,355

Less Bank Lodgements not yet credited ($3,268)

Balance as per bank statement $5,972

J1

Bank $39 (debit)

Interest Earned $39 (credit)

J2

Bank service fee $28 (debit)

Bank $28 (credit)

Explanation:

Step 1 Bring the Cash Balance in the Cash Book up to date

Debit :

Balance as at August 31, 2021, $7,874

Interest Earned $39

Totals $7,913

Credit:

Bank service fee $28

Balance Up dated (Balancing figure) $7,885

Totals $7,913

Step 2 Prepare the Bank Reconciliation Statement

Bank Reconciliation Statement

Balance at bank as per the Cash Book (updated) $7,885

Add Unpresented Cheques $1,355

Less Bank Lodgements not yet credited ($3,268)

Balance as per bank statement $5,972

6 0

3 years ago

Boyd Docker engaged in the following activities in establishing his photography studio, SnapShot!:

WARRIOR [948]

Answer:

1. Dr Cash $8,290

Cr Common stock $8,290

2. Dr Supplies $980

Cr Cash $390

Cr Accounts payable $590

3. No Entry $0

No Entry $0

Explanation:

Preparation of the entries to record the transactions

1. Based on the information given if he deposited the amount of $8,290 of his own money into this account in exchange for common stock the journal entry will be:

Dr Cash $8,290

Cr Common stock $8,290

(Being To record the investment)

2. Based on the information given in a situation where he Purchased photography supplies at a total cost of the amount of $980 which means that if The business paid the amount of $390 in cash, and the balance is on account the journal entry will be:

Dr Supplies $980

Cr Cash $390

Cr Accounts payable $590

($980-$390)

(Being To record the purchase of supplies)

3. Based on the information given in a situation where he Obtained the estimates on the cost of photography equipment from the three different manufacturers which means that no transaction or entry will be recorded.

No Entry $0

4 0

3 years ago

To adjust for rent used up during the year that was recorded to the prepaid rent account when paid for, Multiple choice question

EleoNora [17]

To adjust for rent used up during the year that was recorded to the prepaid rent account when paid for;

Rent expense is debited, prepaid rent is credited

<h3>Prepaid rent account</h3>

A prepaid rent account simply a current asset account that's responsible for reporting the amount of future rent expense that was paid in advance of the rental period.

On this note, the amount reported on the balance sheet is the amount that has not yet been used or expired as of the balance sheet date.