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Mamont248 [21]
2 years ago
8

Cedrick's credit card was​ stolen, and he did not realize that it was stolen until he received his most recent billing stateme

nt. He contacted the credit card company immediately after he read his statement. Fraudulent charges were as​ follows: $250 for a Blueminusray ​player, $600 for a new set of​ tires, $200 cash​ withdrawal, and​ $40 in interest charges on the above items. He did not carry credit card insurance. How much is​ Cedrick's potential maximum​ liability?
A. ​$40.00

B. ​$50.00

C. ​$850.00

D. ​$1,050.00

E. ​$1,090.00
Business
1 answer:
denis23 [38]2 years ago
7 0

Answer:

Cedrick's potential maximum liability = $50

Explanation:

Given:

$250 = a Blueminusray player

$600 = new set of tires

$200  = Cash withdrawal

$40 = interest charges

Find:

Cedrick's potential maximum liability

Computation:

Cedrick's potential maximum liability = Blueminusray player  - Cash withdrawal

Cedrick's potential maximum liability = $250 - $200

Cedrick's potential maximum liability = $50

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The Appleton entity established a $200 Petty Cash fund on June 1, 200X. On June 30, 200X the fund had $45 in cash and the follow
Rashid [163]

Answer:

A. DR Petty Cash 200; CR Cash 200

Explanation:

We are asked for the entry on June 1st to stablish the petty cash fund.

The data on June 30th is irrelevant for this question.

We will only work with the information of june 1st

The ptty cash, will be an asset account. To crease an asset account we will debit it.

On credit side, we need to show how is this asset generated. In this case, with another asset, cash. Cash will be credited to show that 200 cash from the main account has been moved into the petty fund

4 0
4 years ago
Joplin Industries Inc. manufactures and sells high-quality sporting goods equipment under its highly recognizable J-Sports logo.
motikmotik

Answer:

a.                         Joplin Industries Inc.

             Absorption Costing Income Statement

                  For the Month Ended June 30

Sales                                                                        $81,000,000

Less: Beginning inventory           $4,387,200          

Cost of goods manufactured       <u>$45,756,000</u>

Cost of goods sold                                                 <u>$50,143,200</u>

Gross Profit                                                              $30,856,800

Selling and Administrative Expenses                    <u>$13,122,000</u>

Operating Income                                                  <u>$17,734,800</u>

b.                           Joplin Industries Inc.

                 Variable Costing Income Statement

                      For the Month Ended June 30

Sales                                                                        $81,000,000

Variable cost of goods sold                                   <u>$40,500,000</u>

Manufacturing Margin                                            $40,500,000

Selling and Administrative Expenses                    <u>$12,150,000</u>

Contribution Margin                                                $28,350,000

<u>Fixed cost</u>

Manufacturing cost                   $8,856,000

Selling and Admin Expenses   <u>$972,000</u>

Total Fixed cost                                                         <u>$9,828,000</u>

Operating Income                                                     <u>$18,522,000</u>

4 0
3 years ago
A marketing plan refers to:_______
Alex73 [517]

Answer:

e. a road map for the marketing activities of an organization for a specified future time period, such as one year or five years.

Explanation:

A company's marketing plan generally involves specific periods of time, and usually last more than one year, but they aren't long enough to be considered as long term goals (more than 5 years). They follow the company's marketing strategies (long term goals), coordinate marketing activities and set short term goals.

5 0
3 years ago
What is the difference between comparative advantage and absolute advantage?
goldenfox [79]

Answer:

Absolute Advantage: The ability of an actor to produce more of a good or service than a competitor.

Comparative Advantage: The ability of an actor to produce a good or service for a lower opportunity cost than a competitor.

Explanation:

6 0
1 year ago
On January 1, 2012, Piper Co., purchased a machine (its only depreciable asset) for $600,000. The machine has a five-year life,
kirza4 [7]

Answer:

Piper should report $308,000 as net income for the year . Option C

Explanation:

Accumulated Depreciation till 2014 = [$600,000×(5+4+3)] ÷ 15 = $ 480,000

Book Value at beginning 2015 = $600,000 - $480,000 = $120,000

Depreciation Expense in 2015 = $120,000 ÷ 2 = $60,000

Net Income before depreciation & taxes = $ 500,000

Depreciation = $ 60,000

Electronic Benefits Transfer = Net Income before depreciation & taxes - Depreciation

= $ 500,000  - $ 60,000  

=$ 440000

Tax Expenses = $440,000 × 30% = $132,000

Net Income =$ 308,000

4 0
3 years ago
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