Answer:
Dr Account Receivable 1,000
Cr Service Revenue 1,000
Explanation:
Preparation of Journal Entry
Based on the information given we were been told the company's provided 10 hours of service to a customer in which they as well bills the customer the amount of $100 per hour for services they rendered on weekends and secondly we were told that the Payment made has not yet been received by the company and on December 31, the services were also not billed and recorded which means that the adjusting entry will be :
Dec. 31
Dr Account Receivable 1,000
Cr Service Revenue 1,000
(100 per hour x 10 hours of service)
The interest per year for $5,000 to become $9,110 after 30 years is 2.02% compounded continuously.
Answer:
Fiedler's contingency model would classify Jack as task structure oriented.
Explanation:
According to Fiedler's contingency model
Task Structure refers to the extent to which group tasks are clear and structured.
It can structured and unstructured
When task structure is unstructured or low, group tasks are vague. There is no clear solution or correct approach to complete the goal.
In contrast, when task structure is structured or high, the objective is clear. Employees have a clear idea about the how to approach and reach the company's goal
Jack' approach that emphasizes to his people that the work must be done, regardless of circumstances, and encourages his employees to meet their sales quotas is categorized under task structure.
Total contribution margin = $3,000, standard models sold at break even=800, deluxe models sold at break even=400, superior models sold at break even=100
<u>Explanation:</u>
1.Using sales mix stated in the fact from Figure to form a package what is the total contribution margin?
total contribution margin =($150 multiply 8) plus ($200 multiply 4) plus ($1,000 multiply 1) = $3,000
2.Refer to Figure, What is the number of standard models sold at break even.
break even units =Fixed cost divide contribution margin per package
= $300,000 divide $3000 =100 package standard models sold at break even=100 package multiply 8 = 800
2.Refer to Figure, What is the number of deluxe models sold at break even.
break even units
=Fixed cost divide contribution margin per package = $300,000 divide $3000
=100 package deluxe models sold at break even = 100 package multiply 4
Answer:
December 31 Salaries & wages expense 3600 Dr
Salaries & wages Payable 3600 Cr
Explanation:
The pay week is of 5 days starting from Monday to Friday. The wage per day is,
wage per day = 6000 / 5 = $1200 per day
The adjusting entry is made based on the accrual or matching principle which follows that the expenses and revenue relating to a particular period should be matched and recorded in their respective periods.
Thus, the wage expense for 3 days ending 31 December will be recorded as wages expense on 31 december for 1200 * 3 = $3600
The credit against this entry will be wages payable as the wage will be paid on January 2.
