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2 years ago

Name and explain money notes

Business

1 answer:

Alborosie2 years ago

6 0

Answer:

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.[4][5] Any item or verifiable record that fulfils these functions can be considered as money.

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The company uses the absorption costing approach to cost-plus pricing described in the text. The pricing calculations are based

son4ous [18]

Answer:

$81.96 per unit

Explanation:

For computing the selling price using the absorption costing approach we need to do the following calculations which are shown below:

Unit Product Cost = Direct materials + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead

= $26.50 + 15.50 + 3.70 + [$156,71,400 ÷ 97,000 Units]

= $26.50 + 15.50 + $3.70 + $16.20

= $61.90

Now

Selling and administrative expenses is

=$1,540,000 + [97,000 Units × $3.60]

= $1,540,000 + 349,200

= $1,889,200

And,

Markup on absorption cost

= [(Investment × Return on Investment) + Selling and administrative expenses] ÷ (Number of units × unit product cost)

= [($380,000 × 15%) + 1,889,200] / [97,000 × $61.90]

= $19,46,200 ÷ 60,04,300

= 0.3241 or 32.41%

So,

The selling price based on the absorption costing approach

= Unit product cost × (1 + Markup on absorption cost)

= $61.90 per unit × (1 + 0.3241)

= $81.96 per unit

5 0

3 years ago

Ayayai Corp. sells merchandise on account for $2100 to Marigold Company with credit terms of 2/9, n/30. Marigold Company returns

Lisa [10]

Based on the fact that Marigold Company returned some merchandise and paid within the discount period, the check amount would be <u>$1,960.</u>

<h3>What would be the check amount?</h3>

The credit terms 2/9, n/30 mean that if Marigold Company pays their balance in 9 days, they get a 2% discount.

The amount they will pay for settling their debt in that time is therefore:

= (Amount - Returns ) x ( 1 - discount)

= (2,100 - 100) x ( 1 - 2%)

= $1,960

Find out more on discount periods at brainly.com/question/2192821.

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2 years ago

Harrod Company paid $4,800 for a 4-month insurance premium in advance on November 1, with coverage beginning on that date. The b

Cerrena [4.2K]

Answer:

Debit Insurance Expense, $2,400; credit Prepaid Insurance, $2,400.

Explanation:

The journal entry is given below

Insurance expense A/c Dr $2,400

To Prepaid Insurance $2,400

(Being insurance expense is recorded)

The computation is shown below:

= Insurance premium ÷ number of months × required months

= $4,800 ÷ 4 months × 2 months

= $2,400 months

The 2 months is taken from November 1 to December 31

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3 years ago

Roberta Whitman has recently been hired by Jackson Pharmaceuticals as the senior vicepresident of human resources. Jackson Pharm

butalik [34]

Answer:

Outside vendors specializing in all aspects of benefits administration would provide improved support to the firm's employees.

Explanation:

Shared services HR teams provide specialized support of day-to-day transactional HR activities to the company's employees by focusing on using centralized call centers and outsourcing arrangements with vendors (like benefits providers). By utilizing HR shared services, Whitman and the other managers can now devote more time to other HR matters while improving benefits enrollment and coverage by deferring those questions to benefits specialists.

3 0

3 years ago

On December 31, 2015, Sarasota Co. performed environmental consulting services for Hayden Co. Hayden was short of cash, and Sara

Liono4ka [1.6K]

The appropriate journal entry to record the transaction of December 31, 2015, for Tran Co. is: Debit Notes receivable $129,859.2;Credit Service revenue $129,859.2.

<h3>Journal entries</h3>

(a) December 31, 2015

Debit Notes receivable $129,859.2

($160,000 x 0.81162)

Credit Service revenue $129,859.2

(PV of $160,000 due in 2 years at 11%)

(b) December 31, 2016

Debit Notes receivable $14,284.5

($129,859.2 x 11%)

Credit Interest revenue $14,284.5

Debit Discount on notes receivable $44,425

[$160,000 - ( $129,859.2- $14,284.5)]

Credit Interest revenue $44,425

Debit Cash $160,000

Credit Notes receivable $160,000

Inconclusion the journal entry to record the transaction of December 31, 2015, for Tran Co. is: Debit Notes receivable $129,859.2;Credit Service revenue $129,859.2.

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7 0

2 years ago

Name and explain money notes​

Name and explain money notes