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The following data apply to the provision of psychological testing services: Sales price per unit (1 unit = 1 test plus feedback

Phoenix [80]

Answer:

2,000 test

Revenues 2,000*$320=$640,000

Variable costs 2000*$205 ($160+$21+$6+$8+$10)=$410,000

Fixed costs=$37,000 ($22,000+$15,000)

Income =$193,000

1,250 test

Revenues 1,250*$320=$400,000

Variable costs 1,250*$205 ($160+$21+$6+$8+$10)=$256,250

Fixed costs=$37,000 ($22,000+$15,000)

Income =$106,750

Explanation:

6 0

3 years ago

We do not owe you anything at December 31, 2018, as the goods, represented by your invoice dated December 30, 2018, number 25050

dangina [55]

I don’t understand this please explain it differently please

5 0

1 year ago

The following selected account balances are provided for Delray Mfg.

Marina CMI [18]

Answer:

DELRAY MFG.

Income Statement

For the year ended December 31, 2017

Sales $1,250,000

Cost of goods sold 623,840

Gross profit 626,160

General and

Administrative expenses 129,300

Net Income $496,860

DELRAY MFG.

Statement of Cost of Goods Sold

For the year December 31, 2017

Raw Material

Raw material, beginning $37,000

Add: Purchases 175,600

Raw materials available $212,600

Less: Raw material, end 42,700

Cost of raw material used 169,900

Add: Direct labor 225,000

Prime Cost 394,900

Add: Manufacturing overhead 221,090

Manufacturing cost 615,990

Add: Work in process, beginning 53,900

Less: Work in process, Ending 41,500

Cost of Goods Manufactured 628,390

Add: Finished goods, beginning 62,750

Cost of goods available for sale 691,140

Less: Finished goods, ending 67,300

Cost of goods sold $623,840

Explanation:

Income statement is computed by deducting cost of goods sold from the sales of the period to get the gross profit, then deduct the general and administrative expenses to get the net income for the period.

To compute cost of goods sold it started from the raw materials beginning inventory then add the purchases of the raw materials including the handling cost to get the raw materials available. Then deduct the raw materials end to get the cost of raw material used for the period. Add direct labor to get the prime cost and then add manufacturing overhead to the prime cost to get the manufacturing cost. Lastly, add work in process beginning and deduct the work in process end to get the cost of goods manufactured then add the finished goods beginning to get the cost of goods available for sale. And from there we deduct the finished goods ending inventory to get the cost of goods sold for the period.

6 0

2 years ago

Taylor Bank lends Guarantee Company $117,933 on January 1. Guarantee Company signs a $117,933, 9%, nine-month note. The entry ma

sweet [91]

Answer:

January 1, 202x, bank loan obtained from Taylor Bank (9 months, 9% interest rate)

Dr Cash 117,933

Cr Notes payable 117,933

Explanation:

Since this is an interest bearing note that will be paid in less than a year, we should record it at face value. All current liabilities must be recorded at face value.

5 0

3 years ago

Last month, you lent a work colleague $5000 to cover some overdue bills. He agreed to pay you in 1 month with interest at 2% for

faust18 [17]

Answer:

There are at least 2 opportunity costs associated with of letting your colleague have another month:

if you invested in the oil-well venture, you could have earned $5,100 x 36% = $1,836 in one year
if you invested in the new IT stock, you could have earned $5,100 x 48% = $2,448 in one year

You could invest in one of these options, or divide your money and invest in both options, e.g. invest $2,000 in the oil company and $3,000 in the IT company. Each different investment proportion results in a different opportunity cost.

Explanation:

Opportunity costs are the benefits lost or extra costs associated to carrying out an investment or activity instead of another alternative. Sometimes you might have several opportunity costs for one investment, e.g. invest in the IT company which is risky, invest in corporate bonds which is less risky or invest in US securities which is a safe investment.

6 0

3 years ago