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vlada-n [284]
2 years ago
13

As the manager of Margarita Mexican Restaurant, you must deal with a variety of business transactions. Provide an explanation fo

r the following transactions: (Click the icon to view the transactions.) a. b. C. d. e. f. 9- More Info a. Debit Equipment and credit Cash. b. Debit Dividends and credit Cash. c. Debit Wages Payable and credit Cash. d. Debit Equipment and credit Common Stock e. Debit Cash and credit Unearned Revenue f. Debit Advertising Expense and credit Cash g. Debit Cash and credit Service Revenue.
Business
1 answer:
nalin [4]2 years ago
5 0

Answer:

Explanation:

The explanation of the following transactions is given

a. Debit Equipment and credit Cash.  

In this transaction, the equipment is purchased for cash so the equipment account is debited and the cash account is credited.

b. Debit Dividends and credit Cash.  

In this transaction, the dividend is paid for cash so the dividend account is debited and the cash account is credited.

c. Debit Wages Payable and credit Cash.  

In this transaction, the Accrued wages are paid for cash so the wages payable account is debited and cash account is credited.

d. Debit Equipment and credit Common Stock  

In this transaction, the equipment is purchased for exchange of the common stock so the equipment account is debited and common stock is credited.

e. Debit Cash and credit Unearned Revenue  

In this transaction, the cash is received for service rendered in the future so the cash account is debited and Unearned Revenue is credited.

f. Debit Advertising Expense and credit Cash  

In this transaction, the advertising expense is paid for cash so the advertising expense account is debited and cash is credited.

g. Debit Cash and credit Service Revenue.

In this transaction, the cash is received for service performed so the cash account is debited and service Revenue is credited.

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A ________ is a partnership in which two or more companies (often from different countries) join together and share the risk and
GenaCL600 [577]

Answer:

The correct answer is letter "B": joint venture.

Explanation:

Two or more companies in a traditional joint venture plan to commit capital and resources to a specific project. Developers, manufacturers, and service providers typically agree to form a joint venture. If successful, those parties divide the income based on the value of their respective joint venture contributions.

4 0
2 years ago
The mars climate orbiter crashed on the surface of mars becausea. one program output thrust in terms of foot-pounds, and another
klasskru [66]

Answer:

The correct answer is A. The Mars Climate Orbiter crashed on the surface of Mars because one program output thrust in terms of foot-pounds, and another program expected thrust to be expressed in terms of newtons.

Explanation:

The Mars Climate Orbiter was NASA’s unsuccessful mission to study the Martian climate, part of the Mars Surveyor 98 program. The MCO was created as a satellite-translator for the Mars Polar Lander lander, and after the latter ceased to function, it was supposed to study the Martian climate.

The Mars Climate Orbiter was destroyed when a navigation error caused the probe to be improperly elevated as it entered orbit. The vehicle was destroyed by the friction and stresses in Mars' atmosphere. An investigation showed that some data for the rocket system were calculated in English units (pound-force-second) while the navigation team expected SI units (Newton-second).

6 0
2 years ago
Paxton Co. signed contracts for the purchase of raw materials to be executed the following year at a firm price of $5 million. T
arlik [135]

Answer:

Accrued Loss on Purchase Commitments $2,000,000

Explanation:

December 31, (recognition of loss on purchase commitments)

  • Dr Loss on Purchase Commitments account 2,000,000
  • Cr Accrued Loss on Purchase Commitments account 2,000,000

Since the price of raw materials lowered by 2,000,000, the company lost money on its purchase commitments:

Purchase commitments loss = contracted price - market value = $5,000,000 - $3,000,000 = $2,000,000

The loss on purchase commitments is an expense, and accrued loss on purchase commitments is a liability.

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2 years ago
The Camino Real Landfill was required to install a plastic liner to prevent leachate from migrating into the groundwater. The fi
tensa zangetsu [6.8K]

Answer:

25.25%

Explanation:

With a fill area of 50,000m^{2}, and an installed liner cost of $8, the total cost of installation = 50,000 * 8 = $400,000.

Annual average annual cost = $400,000/4 = $100,000 (since the fill area is adequate for 4 years).

Estimated annual revenue = P_{p}* V_{p} +P_{d}* V_{d}+P_{c}* V_{c}

(P = Price, V = Value, p = Pick Up, d = Dump Truck, c = Compactor Truck)

= (10*2,500) + (25*650) + (70*1,200)

= $125,250.

Therefore, annual rate of return = \frac{125,250}{100,000} - 1 = 25.25%.

7 0
2 years ago
Redo the company’s income statement at the 5,000-unit level of activity using the contribution format.
adell [148]
Using the high-low method, separate each mixed expense into variable and fixed elements. State the cost formula for each mixed expense. (Omit the "£" sign in your response.) 
<span>Shipping Expense: </span>
<span>(86,200 - 45,900) / (5,100 - 2,000) = £13 variable cost per unit </span>
<span>86,200 - (13 x 5,100) = £19,900 fixed cost </span>
<span>£ Y = £19,900 + £13 X </span>

<span>Salaries and Commissions </span>
<span>(238,400 - 114,400) / (5,100 - 2,000) = £40 variable cost per unit </span>
<span>238,400 - (40 x 5,100) = £34,400 fixed cost </span>
<span>£ Y = £34,400 + £40 X </span>

<span>3. </span>
<span>Redo the company’s income statement at the 5,100-unit level of activity using the contribution format. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the "£" sign in your response.) </span>

<span>Frankel Ltd. </span>
<span>Income Statement </span>
<span>For the Month Ended June 30 </span>
<span>Sales revenue 912900 </span>
<span>Variable expenses: </span>
<span>Cost of goods sold 346800 </span>
<span>Shipping expenses 5,100 x 13 = 66,300 </span>
<span>Commissions 5,100 x 40 = 204,000 </span>

<span>Contribution margin 295,800 </span>

<span>Fixed expenses: </span>
<span>Fixed shipping 19,900 </span>
<span>Insurance expenses 9000 </span>
<span>Depreciation expenses 42700 </span>
<span>Sales salaries 34,400 </span>
<span>Advertising expenses 69200 </span>

<span>Net operating Income 120600</span>
7 0
2 years ago
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