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mamaluj [8]
3 years ago
13

Present entries to record the following transactions:

Business
1 answer:
Lubov Fominskaja [6]3 years ago
7 0

Answer:

Please see below

Explanation:

a.

Dr Petty cash. $235

Cr Cash $235

b.

Dr Office supplies. $74.5

Dr Miscellaneous Administrator expenses $92.75

Dr Miscellaneous selling expenses $18.60

Dr Cash short and over $6.35

Cr. Cash $192.20

C.

Dr Petty cash $65

Cr. Cash $65

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Organization is arranging or coordinating especially in a business, society, or association aspect. Examples of organization could be:

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2. Taking books by their genre, and putting them together

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Hogan Industries had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 110 $46 Mar.
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Answer:

The answer is: Gross profit = $2,788

Explanation:

  • Feb. 1         Purchase    110 units     $46 per unit
  • March 14    Purchase    190 units    $48 per unit
  • May 1         Purchase     135 units   $ 50 per unit

312 units were sold at $64 per unit, tax rate is 30%

Using FIFO, what is the company's gross profit? We first calculate COGS

Cost of goods sold - 312 units:

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  • 190 units at $48 per unit = $9,120
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Total COGS = $17,180

<u>Income statement for Hogan Industries 2017</u>

Total revenue         $19,968

<u>COGS                     ($17,180)     </u>

Gross profit             $2,788

<u>Taxes 30%             ($836.40)   </u>  

Net profit                $1,951.60

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Students are required to evaluate and analyze the data they gather in order to develop explanations for their results.

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Data analysis, according to statistician John Tukey, is:

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