Hi there
The journal entry would be
debit to telephone expense for $300
Credit to cash for $300
Good luck!
The credit balance in cash short and over at the end of an accounting period is reported as an expense on the income statement.
Income is the consumption and savings opportunity that a business captures within a specific time frame, usually expressed in money. Income is difficult to define conceptually and definitions vary by region.
The definition of income is the amount of money received by an individual, group or business during a specified period. An example income is an annual salary of $70,000.
Income is money received by an individual or business in return for providing work, producing goods or services, or investing capital. While individuals usually earn their income through wages or salaries, businesses generate income from the sale of goods or services that exceed their production costs.
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Answer:
Instructions are below.
Explanation:
Giving the following information:
Fixed costs= $240,000
Unitary variable cost= $1.97
Selling price per unit= $4.97.
First, we need to calculate the break-even point in units:
Break-even point in units= fixed costs/ contribution margin per unit
Break-even point in units= 240,000 / (4.97 - 1.97)
Break-even point in units= 80,000 units
<u>The break-even point analysis provides information regarding the number of units to be sold to cover for the fixed and variable costs.</u>
If the forecasted sales are 120,000, this means that the company will cover costs and make a profit. The margin of safety is 40,000 units.
Answer and Explanation:
The computation of the weighted-average number of shares outstanding in each cases is as follows:
a. At the time when the shares are issued at cash
= (303,000 × 12 ÷ 12) + (31,200 × 8 ÷ 12)
= 303,000 + 20,800
= 323,800 shares
b. At the time when the shares are issued in the stock dividend
= (303,000 × 12 ÷ 12) + (29,700 × 12 ÷ 12)
= 303,000 + 29,700
= 332,700 shares
