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3 years ago

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

Business

1 answer:

WARRIOR [948]3 years ago

4 0

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

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Following is partial information for the income statement of Audio Solutions Company under three different inventory costing met

Tamiku [17]

Answer:

The computation is shown below:-

Explanation:

1. FIFO LIFO Average cost

Cost of goods sold

Beginning inventory $11,200 $11,200 $11,200

(400 units × $28))

purchases $16,625 $16,625 $16,625

(475 units × 35)

Goods available for use $27,825 $27,825 $27,825

Ending inventory $18,025 $15,575 $16,695

(525 units)

Cost of goods sold $9,800 $12,250 $11,130

under ending inventory = 475 × $35 + 50 × $28

FIFO = $18,025

LIFO ending inventory 400 × $28 + 125 × $35

= $15,575

Average cost = $27,825 ÷ $875

= 31.8

Ending inventory = 525 × 31.8

= $16,695

2. FIFO LIFO Average

Sales

(307 × $50) $15,350 $15,350 $15,350

Cost of goods sold $9,800 $12,250 $11,130

Gross Profit $5,550 $3,100 $4,220

Expenses $1,680 $1,680 $1,680

Net income $3,870 $1,420 $2,540

3. FIFO = 3

LIFO = 2

Average = 1

5 0

3 years ago

A small consulting company in Waikiki, Hawaii struggles financially because of limited access to economic resources. This compan

Leviafan [203]

Answer:

relationship era.

Explanation:

The consulting company in Waikiki uses technology to built emotional bond with its customers. This determines that the company is using concept of relationship era. Companies believing in Relationship marketing era focus on creating long term relationship with its existing and prospective customers. The business wants to create an emotional relation with its customers so that they remain loyal to the business.

7 0

3 years ago

Maritime Sail Makers manufactures sails for sailboats. The company has the capacity to produce 37 comma 000 sails per year and i

kirza4 [7]

Answer:

Increase in income= $550,000

Explanation:

Giving the following information:

Variable costs per unit:

Manufacturing $60

If a special pricing order is accepted for 5,500 sails at a sales price of $ 160 per unit

Because there is no change in the fixed costs and there are no variable selling and administrative costs, the effect on income will be equal to the change in total contribution margin.

Total contribution margin= number of units* (selling price - unitary variable cost

Total contribution margin change= 5,500* (160 - 60)= $550,000

Increase in income= $550,000

8 0

3 years ago

Khrist Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. At the beginning

zloy xaker [14]

Answer: A.) $32.64 per machine hour

Explanation:

Given the following :

Estimated machine hours = 41,000 machine hours

Estimated variable manufacturing overhead = $4.16 per machine hour

Estimated total fixed manufacturing overhead = $1,167,680

Total Estimated manufacturing overhead :

(Estimated total variable manufacturing overhead + Estimated total fixed manufacturing overhead)

Estimated total variable manufacturing overhead:

$4.16 × estimated hours

= $4.16 × 41,000

= $170560

Total Estimated manufacturing overhead :

$170560 + $1,167,680 = $1338240

Hence,

Predetermined overhead rate :

Total Estimated manufacturing overhead / estimated hours

= $1338240 / 41000

=$32.64

4 0

3 years ago

The Ricardian equivalence theorem states that

motikmotik

Answer: The Ricardian equivalence theorem states that : <u>"A. an increase in the government budget deficit has no effect on aggregate demand."</u>

Explanation: Ricardian Equivalence establishes that when the government increases the expenses financed with debt to try to stimulate the demand, this increase of the expenses does not produce any change in the demand.

This happens because the increases in the public deficit will be higher taxes in the future. Therefore, taxpayers reduce their consumption and increase their savings in order to offset the cost that will be the future tax increase.

5 0

3 years ago