Answer:
I took the test and it's NOT you should only request a connection if you know the person
Explanation:
Answer:
You should make sure the person is active on the site
Explanation:
I took the test and this was the correct answer
Agriculture allows for a higher carrying capacity (it can produce more and support more people) than other adaptive strategies. This gives rise to higher population density and can allow more easily for an elite supported by the labor of others.
A. True
B. False
Answer:
A. True
Explanation:
As we know that the agriculture is the main source i.e. important for generating or producing any type or any kind of the processed food also at the same time it became helpful for producing various employment opportunities
So as per the given statement, the statement is true
hence, the same is to be considered
Garth Corporation sells a single product. If the selling price per unit and the variable expense per unit both increase by 10% and fixed expenses do not change, then: Contribution margin per unit Contribution margin ratio Break-even in units A) Increases Increases Decreases B) No change No change No change C) No change Increases No change D) Increases No change Decreases Option C Option B Option D Option A
Answer:
D) Increases No change Decreases
Explanation:
Contribution margin is Sales less Variable Costs. This will increase if the selling price per unit and the variable expense per unit both increase.
Contribution margin ratio is Contribution expressed as a percentage of Sales. This will stay the same when the selling price per unit and the variable expense per unit both increase by the same percentage.
Break-even in units is Fixed Costs divided my contribution per unit. This will decrease as the Contribution margin has increased.
8-4 Valuing Commercial Real Estate BuildingOne Properties is a limited partnership formed with the express purpose of investing in commercial real estate. The firm is currently considering the acquisition of an office building that we refer to simply as building B. Building B is very similar to building A, which recently sold for $36,960,000. BuildingOne has gathered general information about the two buildings, including valuation information for building A:
Answer:
the question is incomplete:
Buildings A and B are similar in size (80,000 and 90,000 square feet, respectively). However, the two buildings differ both in maintenance costs ($23 and $30 per square foot) and rental rates ($100 versus $120 per square foot). At this point, we do not know why these differences exist. Nonetheless, the differences are real and should somehow be accounted for in the analysis of the value of building B using data based on the sale of building A. Building A sold for $462 per square foot, or $36,960,000. This reflects a sales multiple of six times the building’s net operating income (NOI) of $6,160,000 per year and a capitalization rate of 16.67%.
NOI of building A = ($100 x 80,000 ft²) - ($23 x 80,000 ft²) = $6,160,000
NOI of building B = ($120 x 90,000 ft²) - ($30 x 90,000 ft²) = $8,100,000
building B's market value = NOI / capitalization rate = $8,100,000 / 0.1667 = $48,600,000
property value = $48,600,000 / 90,000 ft² = $540 per ft²
Sralbn620 Corporation has two divisions: Domestic Division and Foreign Division. Last month, the corporation reported a contribution margin of $47,800 for Domestic Division. Foreign Division had a contribution margin ratio of 25% and its sales were $235,000. Net operating income for the Sralbn620 Corporation was $35,700 and traceable fixed expenses were $55,400.
(ID#32648)
What were Sraibn 620 Corporation's common fixed expenses?
a) $15,450
b) $106,550
c) $55,400
d) $70,850
Answer:
Common fixed expense= $15,450
Explanation:
First, we need to calculate the total contribution margin from the two divisions:
Domestic Division= $47,800
Foreign Division= 235,000*0.25= $58,750
Total contribution margin= $106,550
Now, we can determine the common fixed expense using the following formula:
Net operating income= total contribution margin - traceable fixed expense - common fixed expense
35,700 = 106,550 - 55,400 - common fixed expense
common fixed expense= 51,150 - 35,700
common fixed expense= $15,450
You have an absolutely brilliant child who is six years old and will be attending a private college in twelve years. You know that a four-year college now costs at least $30,000 per year, including tuition, books, and room and board. The cost of sending a child to college has increased by 7 percent per year, and you believe this will be true for the next twelve years. How much will the annual tuition be when your child is eighteen
Answer:
$270,263
Explanation:
Costs = $30,000 per year
Cost for 4 years = $30000*4 = $120,000
A = P(1+r/100)^n
A = 120000*(1+0.07/100)^12
A = 120000*2.252191
A = 270262.92
A = $270,263
Therefore, the annual tuition when the child is eighteen will be $270,263.
A company is completing its annual impairment analysis of the goodwill included in one of its cash generating units (CGU). The recoverable amount of the CGU is $32,000. Other information related to the CGU is provided below:
Goodwill Patents Assets Total
Historical cost $15,000 $10,000 $35,000 $60,000
Depreciation and 0 3,333 11,667 15,000
amortization
Carrying amount $15,000 $6,667 $23,333 $45,000
12/31
Under IFRS, which of the following adjustments should be recognized in the company's consolidated financial statements?
a) Decrease goodwill by $13,000
b) Decrease goodwill by $15,000
c) Decrease goodwill by $3,250; patents by $2,167; and other assets by $7,583
d) Decrease goodwill by $4,333; patents by $1,926; and other assets by $6,741
Answer:
a) Decrease goodwill by $13,000
Explanation:
In IFRS, whenever recoverable amount of a cash generating unit is less than the carrying amount, an impairment loss is recognized. After calculating an impairment loss, it is then allocated to the carrying amount of Cash generating unit's goodwill.
Impairment loss in this case is = Total carrying amount - Recoverable amount of CGU = $45,000 - $32,000 = $13,000. Hence, the impairment loss will be allocated to the carrying value of the goodwill, leading to decrease in goodwill by $13,000.
The Work in Process inventory account of a manufacturing Corporation shows a balance of $5,446 at the end of an accounting period. The job cost sheets of the two uncompleted jobs show charges of $880 and $380 for materials, and charges of $660 and $1,160 for direct labor. From this information, it appears that the Corporation is using a predetermined overhead rate, as a percentage of direct labor costs, of:
Answer:
130%
Explanation:
The computation of the predetermined overhead rate is as follows
Manufacturing overhead is
= $5,446 - ($880 + $360 + $660 + $1,160)
= $2,366
Total direct labor is
= $660 + $1,160
= $1,820
Now as we know that
Manufacturing overhead = Predetermined overhead rate × Direct labor
It can be rewrite as
Predetermined overhead rate = Manufacturing overhead ÷ Direct labor
= $2,366 ÷ $1,820
= 130%
Consider an individual who currently earns $20,000 as an unskilled laborer. Suppose that by taking courses full-time at a community college for one year, the person can qualify for a more skilled job paying $23,000 that is guaranteed to last for 10 years (after which the person would retire). Assume the cost of tuition and books at the community college for one year is $2,000 and that the current interest rate is 6%. Is this a good investment
Answer:
investing in these college courses will increase this individual's wealth by $20,080, so it is a good idea
Explanation:
First of all, education is always a good investment. But we still need to analyse this situation like any other project:
initial outlay year 0 = $2,000 tuition costs
cash flows years 1 - 10 = $23,000 - $20,000 = $3,000
NPV = - initial outlay + PV of cash flows
PV of cash flows = $3,000 x 7.3601 (PV annuity factor, 6%, 10 periods) = $22,080
NPV = -$2,000 + $22,080 = $20,080
Data related to the inventories of Costco Medical Supply are presented below: Surgical Surgical Rehab Rehab Equipment Supplies Equipment Supplies Selling price $ 260 $ 100 $ 340 $ 165 Cost 170 90 250 162 Costs to sell 30 15 25 10 In applying the lower of cost or net realizable value rule on an individual item basis, the inventory of surgical equipment would be valued at: (do not include $ in your answer)
Answer:
the inventory that should be valued is $170
Explanation:
The computation of the inventory of surgical equipment is shown below:
Costs $170
Net Realizable Value:
Selling price $260
Less: Costs to sell -$30 $230
Lower of cost or net realizable value $170
As we know that the inventory should be valued at cost or net realizable value whichever is lower
So, the inventory that should be valued is $170
g CVP analyses (18 points) MusicWizard, Inc. manufactures and sells trombones with the following price and cost characteristics: Selling price per unit $125.00 Variable manufacturing cost per unit $50 Variable marketing cost per unit $25 Total fixed manufacturing costs $100,000 Total fixed administrative costs $80,000 a. How many units of products must MusicWizard sell to make an operating profit of $120,000 for the year
Answer:
Break-even point in units= 6,000
Explanation:
Giving the following information:
Selling price per unit $125.00
Total unitary variable cost= $75
Total fixed costs= $180,000
Desired profit= $120,000
To calculate the number of units to be sold, we need to use the following formula:
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= (180,000 + 120,000) / (125 - 75)
Break-even point in units= 6,000
Corporation makes an extra large part to use in one its fabulous products. A total of 22,000 units of this extra large part are produced and used every year. The company's costs of producing the extra large part at this level of activity are below:
Per Unit
Direct materials $4.70
Direct labor $9.30
Variable manufacturing overhead $9.80
Supervisor's salary $5.20
Depreciation of special equipment $3.60
Allocated general overhead $8.80
An outside supplier has offered to make the extra large part and sell it to for $31.90 each. If this offer is accepted, the supervisor's salary and all of the variable costs, including the direct labor, can be avoided. The special equipment used to make the extra large part has no salvage value or other use. The allocated general overhead represents fixed costs of the entire company none of which would be avoided if the part were purchased instead of produced internally. In addition, the space used to make the extra large part could be used to make more of one of the company's other fabulous products, generating an additional segment margin of $34,000 per year for that product (Q). What would be the annual financial advantage (disadvantage) for Corp. as a result of buying the extra large part from the outside supplier?
Answer: Financial disadvantage of -$29,800
Explanation:
If extra large part is produced inhouse;
= Direct materials + direct labor + Variable manufacturing overhead + Supervisor's salary + opportunity cost of making other products
= ((4.7 + 9.3 + 9.8 + 5.2) * 22,000) + 34,000
= $672,000
Cost if bought outside;
= 31.90 * 22,000
= $701,800
Financial advantage ( disadvantage) = 672,000 - 701,800
= -$29,800
Data for Yvavxs408 Corporation and its two divisions, Domestic and Foreign, appear below:
Sales revenues, Domestic $620,000
Variable expenses, Domestic $359,700
Traceable fixed expenses, Domestic $ 74,100
Sales revenues, Foreign $478,400
Variable expenses, Foreign $273,000
Traceable fixed expenses, Foreign $ 61,900
(ID#54797) In addition, Yvavxs408's common fixed expenses totaled S167.800 and were allocated as follows: 587,100 to the Domestic division and $80.700 to the Foreign division
What is the segment margin for the Domestic division?
Answer:
Segment margin Domestic = $186,200
Explanation:
Giving the following information:
Sales revenues= $620,000
Variable expenses= $359,700
Traceable fixed expenses= $74,100
To calculate the segment margin for the Domestic division, we need to use the following formula:
Segment margin Domestic = segment contribution margin - traceable fixed expense
Segment margin Domestic = (620,000 - 359,700) - 74,100
Segment margin Domestic = $186,200
The following information is also available: A) A count of supplies revealed $1,800 worth on hand at December 31, 2018. B) An insurance policy, purchased on January 1, 2018, covers four years. C) The equipment depreciates at a rate of $2,400 per year; no depreciation has been recorded for 2018. D) One half (or 50%) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2018. E) The accrued amount of salaries and wages at December 31, 2018 is $3,400.
Answer:
the requirements are missing, but I guess that you need to make the year-end adjustment entries
A) A count of supplies revealed $1,800 worth on hand at December 31, 2018.
Dr Supplies expense 2,000
Cr Supplies 2,000
B) An insurance policy, purchased on January 1, 2018, covers four years.
Dr Insurance expense 1,900
Cr Prepaid insurance 1,900
C) The equipment depreciates at a rate of $2,400 per year; no depreciation has been recorded for 2018.
Dr Depreciation expense 2,400
Cr Accumulated depreciation 2,400
D) One half (or 50%) of the amount recorded as Deferred Revenue remains deferred as of December 31, 2018.
Dr Deferred revenues 6,000
Cr Service revenue 6,000
E) The accrued amount of salaries and wages at December 31, 2018 is $3,400.
Dr Wages expense 3,400
Cr Wages payable 3,400
Michelle Duncan wants to know what price home she can afford. Her annual gross income is $54,000. She owes $810 per month on other debts and expects her property taxes and homeowners insurance to cost $170 per month. She knows she can get an 6.00%, 30-year mortgage so her mortgage payment factor is 6.00. She expects to make a 15% down payment. What is Michelle's affordable home purchase price?a. $52.940.b. $950.c. $128,560.d. $126100.e. $960.
Answer:
$143137.25
Explanation:
Given that:
The annual gross income = $54000
The monthly gross income = $54000/12
= $4500
Using the PITI guideline, a mandatory expense of 38% of monthly income is applied.
So;
Expense = $4500 × 38% = $1710
Additional Monthly debt = $810
Cost of Prop. Taxes and H.O insurance = $170
Monthly Balance left = $1710 - $(810 + 170) = $730
Mortgage payment factor = 6.00
Monthly mortgage payment = [tex]\dfrac{monthly \ balance \ left }{ Mortgage \ payment \ factor }\times 1000[/tex]
[tex]=\$ (\dfrac{730}{6.00 })\times 1000[/tex]
= $121666.67
Affordable home purchase price = [tex]\dfrac{monthly \ mortgage \ payment }{1 - percentage \ of \ down \ payment}[/tex]
[tex]= \dfrac{ \$121666.67}{1- 0.15}[/tex]
[tex]= \dfrac{\$121666.67}{0.85}[/tex]
= $143137.25
Indirect labor includes:_________ (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
a. labor of employees working directly on the product.
b. labor of the maintenance employees.
c. labor of the clerical staff.
Answer:
b labor of the maintenance employees
c labor of the clerical staff
Explanation:
During the production or composition of finished goods, some form of labors are directly or indirectly involved in the manufacturing of such finished product. Where labor is not readily traced to the manufacturing of finished product, such is known as indirect labor.
On the other hand, labor that is directly involved in the composition of finished product is known as direct labor. Examples of indirect labor are ; wages of supervisors , clerical staff, general helpers , material handlers and maintenance workers.
1. Depreciation expense was $17,500. 2. Dividends declared and paid were $20,000. 3. During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had accumulated depreciation of $9,500 at the time of sale. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Answer:
the question is incomplete since the net income is missing, so I looked for a similar question and found the attached images.
Statement of Cash flows
For the Year ended December 31, 2017
Cash flow from operating activities
Net income $32,000
Adjustments to net income:
Depreciation expense $17,500Increase in accounts payable $4,000Increase in accounts receivable ($6,000)Increase in inventory ($8,000)Decrease in taxes payable ($1,000) $6,500Cash flow from operating activities $38,500
Cash flow from investing activities
Sale of equipment $8,500
Cash flow from financing activities
Issuance of common stocks $4,000
Dividends paid ($20,000)
Decrease in bonds payable ($16,000)
Cash flow from financing activities ($32,000)
Net increase in cash position $15,000
Beginning cash balance $20,000
Ending cash balance $35,000
Lowell Inc. had a receivable from a foreign customer that is due in the local currency of the customer (stickles). On December 31, 2021, this receivable for §200,000 was correctly included in Lowell’s balance sheet at $167,000. When the receivable was collected on February 15, 2022, the U.S. dollar equivalent was $181,000. In Lowell's 2022 consolidated income statement, how much should have been reported as a foreign exchange gain?
Answer:
the amount reported as a foreign exchange gain is $14,000
Explanation:
The computation of the amount reported as a foreign exchange gain is shown below;
= receivables as on Feb 15 2022 - receivable as on December 31 2021
= $181,000 - $167,000
= $14,000
hence, the amount reported as a foreign exchange gain is $14,000
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Problems and Applications Q4 Suppose that the government imposes a tax on heating oil. True or False: The deadweight loss from this tax would likely be larger in the fifth year after it is imposed than in the first year as demand for heating oil becomes more elastic. True False The tax revenue collected from a tax on heating oil is likely to be in the first year after it is imposed than in the fifth year.
Answer:
TrueTrueExplanation:
The deadweight loss in the fifth year will indeed be higher in the fifth year than in the first because deadweight loss has been shown to increase with elasticity.
As demand becomes more elastic as a result of the oil becoming more expensive, tax revenue will decrease in future which means that tax revenue will be less in five years than in the first.
Suppose that you are an economic-policy advisor. Environmental groups are pressuring you to implement the highest-possible carbon tax while industry groups are pressuring you to implement no carbon tax at all. Both argue that their position makes more sense economically. In fact, the most efficient tax level is: Group of answer choices a tax equal to the social cost. a tax equal to the external cost. the highest possible tax. no tax at all.
Answer: a tax equal to the external cost.
Explanation:
The most efficient taxes are those that will be equal to the external cost of production that a company is imposing on the environment. This means in effect that a company is paying for the pollution it is inflicting on the environment.
Companies polluting less would pay less and those polluting more would pay more. This is the logic of a tax equal to the external cost.
On January 1, two years ago, Parkway Corporation purchased all of the outstanding common stock of Shaw Company for $220,000 cash. On that date, Shaw's net assets had a book value of $148,000. Equipment with an 8-year life was undervalued by $20,000 in Shaw's financial records. Shaw has a database that is valued at $52,000 and will be amortized over ten years. Shaw reported net income of $25,000 in the year of acquisition and $32,500 in the following year. Dividends of $2,500 were declared and paid in each of those two years.
The third year of operations is now complete. For each of the two companies, selected account balances as of December 31 for this third year are as follows: Park way ShawRevenues 250,000 142,500Expenses 175,000 100,000 Equipment 125,000 60,000 Retained earnings, begining of the year 150,000 75,000Dividend paid 25,000 5,000What is consolidated net income for the third year of operations if the parent company uses the partial equity method?
A) $109,800
B) $112,000
C) $115,000
D) $117,500
E) $113,500
Answer:
A) $109,800
Explanation:
The computation of the consolidated net income using the partial equity method is as follows;
= Park way revenue + Shaw revenue - part way expenses - shaw expenses - dividend declared - amortization expenses
= $25,0000 + $142,500 - $175,000 - $100,000 - $2,500 - ($52,000 ÷ 10 years)
= $109,800
Hence, the correct option is A.
Hart corporation owns machinery with a book value of 285,000. It is estimated that the machinery will generate future cash flows of 300,000. The machinery has a fair value of 210,000. Hart should recognize a loss on impairment of:___________
a) 0
b) 15,000
c) 75,000
d) 90,000
Adelberg Company has two products: A and B. The annual production and sales of Product A is 1,900 units and of Product B is 1,300 units. The company has traditionally used direct labor-hours as the basis for applying all manufacturing overhead to products. Product A requires 0.4 direct labor-hours per unit and Product B requires 0.7 direct labor-hours per unit. The total estimated overhead for next period is $101,075. The company is considering switching to an activity-based costing system for the purpose of computing unit product costs for external reports. The new activity-based costing system would have three overhead activity cost pools--Activity 1, Activity 2, and Order Size--with estimated overhead costs and expected activity as follows:
Expected Activity
Activity Cost Pools Estimated Overhead Costs $ Product A Product B Total
Activity 1 $31,031 1,000 300 1,300
Activity 2 22,249 1,600 300 1,900
Order size 15,476 200 200 400
Total $ 68,756 (Note: The Order Size activity cost pool's costs are allocated on the basis of direct labor-hours.) The predetermined overhead rate under the traditional costing system is closest to:________
a. $11.71 per DLH
b. $38.69 per DLH
c. $171.89 per DLH
d. $23.87 per DLH
Answer:
$60.53 per DLH
Explanation:
Calculation for what the predetermined overhead rate under the traditional costing system is closest to:
First step is to calculate the Direct Labor hours each product
Using this formula
Direct Labor hours=Annual production and sales*Direct Labor hour per unit
Direct Labor hours for Product A=1,900 units*0.4 direct labor-hours per unit
Direct Labor hours for Product A=760
Direct Labor hours for Product B=1,300 units*0.7 direct labor-hours per unit
Direct Labor hours for Product A=910
Second step is to calculate the Total Direct Labor hours for Product for Product A and Product B
Product A and B Total Direct Labor hours for Product =760+910
Product A and B Total Direct Labor hours for Product=1,670
Now let calculate the predetermined overhead rate under the traditional costing system using this formula
Predetermined overhead rate =Estimated Overhead/Activity base(Direct Labor Hours)
Let plug in the formula
Predetermined overhead rate=$101,075/1,670
Predetermined overhead rate=$60.53 per DLH
The predetermined overhead rate under the traditional costing system is closest to:$60.53 per DLH
PLEASE HELP ASAP!!!!!
Type the correct answer in the box. Spell all words correctly.
At which stage of advertising is the customer motivated to take action?
The customer is motivated to take action at the
_______ stage of advertising.
Explanation:
I think 5 th stage is the correct answer
pls mark me as BRAINLIAST
Colt Football Co. had a player contract with Watts that is recorded in its books at $5,600,000 on July 1, 2014. Day Football Co. had a player contract with Kurtz that is recorded in its books at $7,000,000 on July 1, 2014. On this date, Colt traded Watts to Day for Kurtz and paid a cash difference of $700,000. The fair value of the Kurtz contract was $8,400,000 on the exchange date. The exchange had no commercial substance. After the exchange, the Kurtz contract should be recorded in Colt's books at
Answer:
the amount after the exchange is $6,300,000
Explanation:
The computation of the amount after the exchange is as follows;
= Book value + cash paid
= $5,600,000 + $700,000
= $6,300,000
Since it has no commerical substance so no loss or no gain is recorded
hence, the amount after the exchange is $6,300,000
Therefore the same is to be considered
Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $29,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Additionally, a $49 check written and recorded by the company correctly, was recorded by the bank as a $94 deduction. The adjusted cash balance per the bank records should be:
Answer:
The adjusted cash balance per the bank records should be $29,406
Explanation:
Adjusted Balance is the money that a business or individual should have in the bank account assuming all the entries made in the cash book are correct.
As Bank deducted $45 ( $94 - $49 ) more in respect of check written. Check written is a deduction which is made against the payment against the check written.
Balance as per bank statement ___ $29,361
Add: Correction of error ($94 - $49)_$45
Adjusted Cash Balance _________ $29,406
Chang, an Non Resident Alien, is employed by Fisher, Inc., a foreign corporation. In November, Chang spends 10 days in the US performing consulting services for Fisher’s U.S. branch. She earns $5,000 per month. A month includes 20 workdays. How much is her U.S.-sourced income, is it exempt or non-exempt, and why?
Answer and Explanation:
The computation of the amount considered as US sourced income is as follows;
= $5,000 × 10 days ÷ 20 days
= $2,500
The following are the requirement related to the fully exempt US source income is as follows:
1. The service should be perfomed by an United States NRA for 90 days or less
2. The compensation should not be more than $3,000
3. The service should be performed on behalf of
a. NRA, foreign corporation or partnership who not engaged in US trade
b. The office should be maintained in US by an individual who should be the citizen of US
So the same is not allowed for exemption
On January 1, Vermont Corporation had 48,400 shares of $9 par value common stock issued and outstanding. All 48,400 shares had been issued in a prior period at $22 per share. On February 1, Vermont purchased 910 shares of treasury stock for $24 per share and later sold the treasury shares for $18 per share on March 1. The journal entry to record the purchase of the treasury shares on February 1 would include a
Answer:
Debit to Treasury Stock for $21,840
Explanation:
Cost = Number of Stock * Cost per Stock
Cost = 910 shares * $24
Cost = $21,840
Date Accounts Debit Credit
Feb 1 Treasury Stock $21,840
Cash $21,840
Note: When company reacquire its outstanding shares and not retire, it is called treasury stock.
why does this app suck i a way? i looked at this question: The managers want to know how many boxes of 12 cookies can be filled with the 3,258 cookies that have been baked. Fatima starts by subtracting the largest number of boxes she can easily calculate. She knows that 100 boxes of 12 cookies can be put into one crate. How many crates can be filled from the total of 3,258 cookies?
then an expert verified its 3 so i put it in and it said incorrect. am i not getting something or is it maybe incorrect in my platform?
Answer:
this app is fine, it has helped me a lot
Explanation:
BUT, you shouldnt rely on it all the time, unless you're genuinely struggling on grasping a topic I suggest trying to teach to yourself.
Differential analysis can aid management in making decisions on a variety of alternatives, including whether to discontinue an un-profitable segment and whether to replace usable plant assets.
A. True
B. False
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Ivanhoe Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $29,500 and sales taxes $1,475. 2. Pharoah Company does not segregate sales and sales taxes. Its register total for April 15 is $18,530, which includes a 9% sales tax.
Answer:
Requirement: Prepare the entry to record the sales transactions and related taxes.
1. Date Account Titles and Explanation Debit Credit
Apr. 10 Cash $30,975
Sales Revenue $29,500
Sales Tax Payable $1,475
(To record Cash sales along with sales tax)
2. Date Account Titles and Explanation Debit Credit
Apr. 15 Cash $18,530
Sales Revenue $17,000
Sales Tax Payable $1,530
(To record Cash sales along with sales tax)
Workings
- Total Sales along with sales tax = $18,530, Sales Tax Rate = 9%. Sales Tax Amount = 18530*(0.09/1.09) = $1,530
- Sales Without Sales Tax = $18,530 - $1,530 = $17,000