In a balanced balance sheet, if liabilities are $2,000 and owner’s equity is $3,300, what must assets be ___

Marin Printing, Inc., prints and binds encyclopedias. The following information was found in the accounting records: Sales price

amm1812

Answer:

$578,500

Explanation:

Sales price per unit = $ 106

Direct materials per unit = $ 51

Direct labor per unit = $14

Variable overhead per unit = $ 10

Fixed overhead per unit = $ 23

Fixed selling costs = $ 49,600

Variable selling costs = $ 166,300

Beginning inventory = 0

Units produced = 106,700

Units sold = 99,300

Under absorption costing,

Unit product cost:

= Direct materials per unit + Direct labor per unit + Variable overhead per unit + Fixed overhead per unit

= $51 + $14 + $10 + $23

= $98

Gross margin:

= Sales - Cost of goods sold

= (99,300 × $106) - (99,300 × $98)

= $10,525,800 - $9,731,400

= $794,400

Total selling and administrative overheads:

= Fixed cost + variable cost

= $49,600 + $166,300

= $215,900

Marin’s operating income:

= Gross margin - Total selling and administrative overheads

= $794,400 - $215,900

= $578,500

7 0

3 years ago

An IAR has opened an account for a new customer. The customer is "on the road" for 3-4 weeks per month and has given the IAR ver

kobusy [5.1K]

Answer:

The investment advisory firm which employs the investment adviser representative (IAR).

Explanation:

FINRA's rules specifically state that before any transaction, the IAR must have a signed power of attorney. The IAR cannot start trading or operating with the client's money until he/she has received a signed written power of attorney from the client. Only after the signed power of attorney has been given tot eh IAR, can he/she act on discretionary basis.

If the IAR is not a registered broker-dealer, then NASAA rules state that oral agreements are valid for up to 10 business days, but the IAR must have a written authorization after that time expires. I.e. the IAR could buy the stocks, but he/she was not authorized to sell them. So any loss is responsibility of the firm that employs the IAR.

6 0

2 years ago

When should you replenish a petty cash fund?

faust18 [17]

Answer:

both b and c

Explanation:

A Petty Cash Fund is a convenient way of paying for small transactions. It is mostly applied when making payment using other methods is unreasonable. The money spent should be replenished at least once to take the Petty Cash Fund back to its approved balance. Replenishment is also done when the dollar balance goes below a set level. Replenishing allows the petty cash fund to operate as intended.

6 0

3 years ago

Clarissa earned 8$ for working 3 hours. how many hours will she have to work to earn 16$

SSSSS [86.1K]

She will have to work 6 hours.

4 0

2 years ago

Suppose the market for gourmet chocolate is in long-run equilibrium, and an economic downturn has reduced consumer discretionary

VashaNatasha [74]

Answer:

a. Decrease

b. Decline

c. Exit

d. No change

Explanation:

The market for gourmet chocolate is in the long-run equilibrium, and an economic downturn has caused the consumer disposable income to fall. Chocolate is a normal good, and the chocolate producers have identical cost structures.

a. This decline in the consumer income will reduce the purchasing power of the consumers. As a result, the demand will decrease. The demand curve will move to the left.

b. This leftward shift in the demand curve will cause the price to decline, As the price falls, the profits earned by the producers will decline as well.

c. In the long run, the firms operate at zero economic profits. So a decline in profits imply that the firms are operating at an economic loss. This will cause the loss incurring firms to exit the market.

d. The long run supply curve will remain the same. It is not affected by change in profits, it changes only with change in the state of technology or availability of resources.

8 0

3 years ago

In a balanced balance sheet, if liabilities are $2,000 and owner’s equity is $3,300, what must assets be ____?