Answer:
Total stochkholders' equity = $266,220
Explanation:
Total stockholders' equity
10,400 x $5.80 = $60,320
19,600 x $9.30 = $182,280
Net income (retained earnigns) = $106,000
Paid cash dividends = -$53,000
Purhcase of treasury stocks = -2,600 x $11.30 = -$29,380
Total stochkholders' equity = $266,220
Answer:
C) $22,727.
Explanation:
to calculate the 2019 layer, I will first determine the value of the 2019 inventory using LIFO:
(2018 inventory / 2018 price index) + (2019 inventory - 2018 inventory) = ($300,000 / 1.1) + ($350,000 - $300,000) = $272,727 + $50,000 = $322,727
to determine the LIFO layer = adjusted 2019 inventory - 2018 inventory = $322,727 - $300,000 = $22,727
The LIFO layer represents the difference in cost of goods sold from the ending of one year to the next year.
Answer:
The adjusting entry is as follows;
July 31
Rent Expense Debit $ 3,280
Prepaid Rent Credit $ 3,280
To record rent expense for the month of July
Explanation:
Prepaid rent payment $ 19,680
Period of payment 6 months
Period of benefit 1 month
Rent expense for 1 month I.e July is computed as
$ 19,680/6 months * 1 month $ 3,280
Answer:
November 27
Dr Cash $15,750
Cr Interest Revenue $625
Cr Interest Receivable $125
Cr Notes Receivable for $15,000
Explanation:
Preparation for the necessary November 27 entry
November 27
Dr Cash $15,750
[$15,000+($15,000 × 10% × 180/360) ]
($15,000 + $750=$15,750)
Cr Interest Revenue $625
( $15,000 × 10% × 150/360),
Cr Interest Receivable $125
Cr Notes Receivable for $15,000
Note that between the month of June 30 and November 27 we would have a total of 150 days
Answer:
368 units
Explanation:
The Break-even point is calculated by dividing fixed cost by the contribution margin per unit.
Fixed cost = £140
Contribution margin per unit = Selling price per unit - variable cost per unit
Selling price = £0.63 : Variable cost : £0.25
Contribution margin per units =£0.63 - £0.25
=£0.38
Break-even point = £140 / £0.38
=368.42
=368 units
