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Usimov [2.4K]
2 years ago
8

Question 1: Special order Sales volume in units 120 Revenue $8,400 Variable costs $2,400 Contribution margin $6,000 Fixed costs

$1,400 Profit $4,600 Special order: A client wants to buy 40 units at a discounted price of $40 per unit. This is a one-time deal (i.e., a short-term decision). You have enough spare capacity to fulfill this special order without cutting back on your regular sales. a) Use the gross approach to decide whether you should take the special order: status quo (no special order) total amounts after adding the special order Revenue $8,400 Variable costs $2,400 Contribution margin $6,000 Fixed costs $1,400 Profit $4,600 Should you take the special order
Business
1 answer:
IceJOKER [234]2 years ago
8 0

Answer:

Yes, accept the special order.

Explanation:

                                              Before Special Order        After Special Order

                                                         120 units                               160

Sales                                                 $8,400                              $10,000

Less Variable Costs                       ($2,400)                              ($3,200)

Contribution                                     $6,000                               $6,800

Less Fixed Costs                             ($1,400)                              ($1,400)

Net Income                                       $4,600                               $5,400

Conclusion

As a result of special order, we have an additional profit of $800. Therefore, accept the special order.

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According to the scenario, computation of the given data are as follow:-

1) Semiannually Rate of interest = 11% ÷ 2 = 5.50% = 0.055

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($640,000 × 6 ÷ 12 × 10%)  

Present Bond’s Price                                      $619,730

2).  

Journal Entry

On Jan.1,2021

Cash A/c         Dr.  $619,730

Discounts on bond payable A/c      Dr.  $20,270

 To Bond payable A/c         $640,000

(Being bond issued at discount is recorded)

3. The amortizable schedule is presented on the attachment below

4).

Journal Entry

June 30,2021

Interest expense A/c      Dr.  $34,085  

     To Cash A/c         $32,000

     To Discount on bond payable A/c    $2,085  

(Being interest expenses is recorded)  

5) On December 31,2021 Amount of bonds reported = $624,015

6). Interest expenses reported in income statement

= $34,085 + $34,200

= $68,285

7).

Journal Entry

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Interest expense A/c      Dr.  $35,032

   To Cash A/c         $32,000

   To Discount on bond payable A/c      $3,032

(Being interest expense is recorded)

On Dec.31,2024

Bond payable A/c       Dr.  $640,000

  To Cash A/c        $640,000

(Being interest expense is recorded)

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