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2 years ago

Sunland Company gathered the following reconciling information in preparing its July bank reconciliation:

Business

1 answer:

nikdorinn [45]2 years ago

7 0

Answer:

the adjusted cash balance per book is $25,390

Explanation:

The computation of the adjusted cash balance per book is shown below

= Cash balance per books + Notes receivable and interest collected by the bank - Bank charge for check printing - NSF check

= $21,600 + $4,440 - $70 - $580

= $25,390

Hence, the adjusted cash balance per book is $25,390

We simply applied the above formula so that the correct value could come

And, the same is to be considered

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If the marginal cost of production is greater than the average cost, in what direction must the average cost be changing, if any

ziro4ka [17]

Answer:

b) The average cost must be rising.

Explanation:

Assuming that the entity produce 4 units and its total cost is $16 so average cost per unit is $4 and now the same entity has produced the 5th unit at $5 so the average cost now per unit is (16+5)/5=$4.2

So based on the above discussion, it can be concluded that average cost increase when the marginal cost of production is increased.

So the answer is b) The average cost must be rising.

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3 years ago

merchandise costing 1200 is sold for 2200 on term 2/30,n/60. If the customer pays within the discount period. Prepare the journa

spin [16.1K]

Answer:

The journal entries are as follows:

(a) Accounts receivables [$2,200 - 2%] A/c Dr. $2,156

To Sales revenue $2,156

(To record the sale)

(b) Cost of Goods Sold A/c Dr. $1,200

To inventory $1,200

(To record the cost of goods sold)

To Accounts receivables $2,156

(To record payment within discount term)

3 0

3 years ago

Longview Hospital performs blood tests in its laboratory. The following standards have been set for each blood test performed:

Julli [10]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Standard:

Direct materials 2.0 plates $2.75 per plate

Direct labor 0.2 hours $15.00 per hour

Variable manufacturing overhead 0.2 hours $7.00 per hour

Actual:

1,500 blood tests.

3,600 plates were purchased for $9,540

3,200 plates were used for blood tests

340 actual direct labor-hours were worked for $5,550

1)The materials price variance:

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (2.75 - 2.65)*3,600= $360 favorable

2) The materials quantity variance:

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Direct material quantity variance= (2*1,500 - 3,200)*2.75

Direct material quantity variance= $550 unfavorable

3) The labor rate variance:

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Direct labor rate variance= (15 - 16.32)*340= $448.8 unfavorable

4) The labor efficiency variance:

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Direct labor time (efficiency) variance= (1,500*0.2 - 340)*15

Direct labor time (efficiency) variance= $600 unfavorable

5) The variable overhead efficiency variance:

Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

Variable overhead efficiency variance= (1,500*0.2 - 340)*7

Variable overhead efficiency variance= $280 unfavorable

8 0

2 years ago

Organizations typically rely on __________ schedules, such as hourly wages and annual reviews and raises.

frutty [35]

Organizations typically rely on fixed interval and fixed ratio schedules, such as hourly wages and annual reviews and raises. A fixed interval schedule is when an employer gives an employee a raise or reward after a set amount of time has passed. A fixed ratio schedule is when there is a reinforcement after a certain number of responses has happened.

3 0

2 years ago

The GAP is a global clothing retailer for men, women, children, and babies. The following information is taken from The Sap's fi

Alexxandr [17]

Answer:

The GAP

a. Cost of goods sold = $10,364

b. Cash paid to suppliers = $10,409

Explanation:

a) Data and Calculations:

Selected Balance Sheet Data

($ millions) 2015 2014

Inventories $1,918 $1,844

Accounts Payable 1,157 1,128

Purchases during 2015 = $10,438 million

b) Cost of goods sold:

Beginning inventory $1,844

Purchases 10,438

Goods available $12,282

Ending inventory (1,918)

Cost of goods sold $10,364

c) Accounts Payable:

Beginning balance $1,128

Purchases 10,438

Less ending balance 1,157

Cash paid to suppliers $10,409

3 0

2 years ago