A computer program is an example of ____

Sheffield Corp. earned $2120 for architecture services provided with the fee to be paid in the future. No entry was made at the

Kay [80]

Answer: If the fee has not been paid by the end of the accounting period and no adjusting entry is made, this would cause: "d. revenues to be understated.".

Explanation: The income would be underestimated because the income of $2120 that corresponds to the service provided in the accounting period, must be recognized in the accounting period in which the economic events occur regardless of when the income of the funds occurs (accrual principle).

6 0

2 years ago

Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 405,000 Beginning m

skelet666 [1.2K]

Missing information:

Fixed administrative expense $ 16,200 Variable selling expense $ 20,250 Variable administrative expense $ ? Contribution margin $ 81,000 Net operating income $ 24,300

1. Prepare a contribution format income statement.

2. Prepare a traditional format income statement.

3. Calculate the selling price per unit.

4. Calculate the variable cost per unit.

5. Calculate the contribution margin per unit.

Answer:

First we must determine cost of goods sold = $27,000 + $270,000 - $13,500 = $283,500

now we must find total variable costs = total sales - contribution margin = $405,00 - $81,000 = $324,000

variable administrative expenses = total variable costs - COGS - variable selling expense = $324,000 - $283,500 - $20,250 = $20,250

1. Prepare a contribution format income statement.

Total sales $405,000

Cost of goods sold $283,500

Gross contribution margin $121,500

Variable selling expense $20,250

Variable adm. expense $20,250

Contribution margin $81,000

Fixed period expenses:

Fixed selling expense $40,500
Fixed administrative expense $16,200

Net operating income $24,300

2. Prepare a traditional format income statement.

Total sales $405,000

Cost of goods sold $283,500

Gross profit $121,500

Operating expenses:

Selling expenses $60,750

Adm. expenses $36,450

Net operating income $24,300

3. Calculate the selling price per unit.

$405

4. Calculate the variable cost per unit.

$324

5. Calculate the contribution margin per unit.

$81

5 0

3 years ago

Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a c

alexandr402 [8]

There is some information missing and I looked up it. If the numbers are not exactly the same, you adjust them to your question.

The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436.
The bank collected $26,500 on a $25,000 note, including interest of $1,500.
A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400. The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.
Bank service charges for June amounted to $55.

Answer:

June 30, 20Y1

Dr Cash 26,500

Cr Notes receivable 25,000

Cr Interest revenue 1,500

Dr Cash 3,600

Cr Accounts receivable 3,600

Dr Bank fees expense 55

Cr Cash 55

If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?

$166,436 + $26,500 + $3,600 - $55 = $196,481

6 0

3 years ago

Draw a curve that shows the relationship between quantity and total revenue when the demand curve for umbrellas is linear.

irakobra [83]

Draw a curve that shows the relationship between quantity and total revenue when the demand curve for umbrellas is linear increases.

If demand is elastic (price elasticity > 1), price and total sales are negatively related. In other words, an increase in price leads to a decrease in total sales.

Revenue is the amount of money generated WITHOUT subtracting the costs of business. In economics, the total sales test is a means of determining whether demand is elastic or inelastic. If an increase in price leads to an increase in total sales, demand is said to be inelastic because the increase in price does not significantly affect the quantity demanded.

Learn more about revenue at

brainly.com/question/16232387

#SPJ4

5 0

1 year ago

What is the repurchase of shares procedure

Oksi-84 [34.3K]

The metals
Because you can have more energy

4 0

2 years ago

A computer program is an example of _____.