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3 years ago

1

Business

1 answer:

nata0808 [166]3 years ago

8 0

Answer:

The question is not comprehensive.

Explanation:

Send the image of the question.

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Check the correct category for each of the following items. Note: for purposes of this exercise, consider cash in and out for th

liraira [26]

Answer:

1. The correct category for each of the following items:

Cash In/Income:

Personal income

Business Income

Cash Out/Expense:

Cost of business trip = variable

State tax liability = fixed

Clothing purchases = variable

2. For example, your mortgage would be considered a fixed expense, because the total amount does not vary. Conversely, grocery bills would be considered variable, because the actual amount is not fixed but varies.

Explanation:

Variable cost or expense has a fixed cost per unit, with the total amount varying, depending on the units or quantities consumed. Fixed cost does have a fixed total amount within the relevant range, but the cost per unit varies.

7 0

3 years ago

Crane Company uses the LCNRV method, on an individual item basis, in pricing its inventory items. The inventory at December 31,

Soloha48 [4]

Answer:

Answer for the question:

Crane Company uses the LCNRV method, on an individual item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $122 $112 $97 $92 $112 $92 Cost 77 82 82 82 51 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 18 10 20 10 20 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above.

is given in the attachment.

Explanation:

Download pdf

3 0

3 years ago

5. The time required and costs involved in an external audit are much higher as compared to internal audits.

harina [27]

Answer:

True

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3 0

3 years ago

International Imports is a merchandising Firm. Last year they reported sales of $674,500 and cost of goods sold of $404,700. The

dimaraw [331]

Answer:

The total contribution margin for the firm is: $209,095

Explanation:

The contribution margin is calculated by using following formula:

Contribution margin = Total sales – Total variable costs

In International Imports,

Total sales = $674,500

Total variable costs = cost of goods sold + total variable selling and administrative expense = $404,700 + $60,705 = $465,405

Contribution margin = $674,500 - $465,405 = $209,095

7 0

3 years ago

Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpet

Usimov [2.4K]

Answer: please find the explanation column for answers

Explanation:

journal entry to record the sales transaction of a merchandising company:

Date Account Debit Credit

Apr 1 Account receivables $5,400

Sales $5,400

To record cost of goods sold

Apr 1 Cost of merchandise sold $3,240

Merchandise inventory $3,240

2. To record sales return of goods.

Date Account Debit Credit

Apr 4 Sales Return $620.00

Account Receivable $620.00

Cost of merchandised returned

Apr 4 Merchandise Inventory $372.00

Cost of Goods Sold $372.00

3.To Record Sales made from merchandise

Date Account Debit Credit

Apr 8 Account Receivable $2,200.00

Sales $2,200.00

To Record cost of merchandise Sold

Apr 8 Cost of Goods Sold $1,540.00

Merchandise Inventory $1,540.00

4.Journal to record payment received from sales of merchandise

Date Account Debit Credit

Apr 11 Cash $4,780.00

Account receivable $4,780.00

Calculation

Amount due from Apr 1 st sale less than return on April 4 =Account receivables - Sales Return= $5,400- $620=$4,780.00

4 0

3 years ago