Answer:
No impact on accounting equation of Breeze Inc.
Explanation:
Account equation: Asset = Liabilities + Shareholders' equity
Upon delivery and invoicing of the 4 wind turbines, the Breeze Inc. had recognized following journal entry:
An asset is recorded
Accounts receivable (Debit)
Sales (Credit)
Upon receipt of cash, accounts receivable is credited and cash is credited e.g. there is no impact on total assets, therefore there is no impact on accounting equation.
Answer:
0.45
Explanation:
Total Asset turnover is the relationship between the total asset and the total sales. It measure the turnover generated by assets and shows how fully a company is utilizing its assets.
It is calculated as Net Sales / Average Total asset.
Average total asset is calculated as Asset at Beginning + Asset at closing / 2
Applying the formula
The total sales = $900,000 while the total asset is $2, 000,000
$900,000/$2,000,000 = 0.45
Note: The beginning and closing Asset were not given so $2,000,000 is regarded to as the average asset.
Answer:
These two statements are correct:
A. Potential employers may have believed that those with black-sounding names had completed less education.
African Americans on average have less rates of graduation from tertirary education than White Americans.
This situation might lead some employers to develop streotypes about African Americans being less educated, when it is clearly an error, and unfair, to reject a potential employee because of stereotyping instead of making an individualized analysis of his or her abilities.
D. Hiring firms may have believed that those with black-sounding names were more likely to have a criminal conviction.
African Americans on average are incarcerated more often than other ethnic groups in the US. The reasons for this are complex but poverty and racial discrimination are two big factors. This situation causes some employees to develop streotypes, leading to unfair situations as described in the first answer.
Answer:
Common Fixed Expense is $28,600
Explanation:
Given,
Contribution of Division A = $49,300
Computing Contribution of Division B as:
Contribution = Sales × Contribution margin ratio
where
Sales is $242,000
Contribution margin ratio is 25%
So,
Contribution = $242,000 × 25%
= $60,500
Therefore, Total Contribution is :
= $49,300 + $60,500
= $109,800
Computing Income before Common Fixed Expense as:
Income before Common Fixed Expense = Total Contribution - Traceable fixed expenses
= $109,800 - $51,600
= $58,200
Computing Common Fixed Expense as:
Common Fixed Expense = Income before Common Fixed Expense - Income after Common Fixed Expense (Net Income)
= $58,200 - $29,600
= $28,600
Answer:
The amount recognized as revenue in the first year is $14000
Explanation:
The reason is that Maas LLP has no post sales services agreement to Sunny Dale which means he owes him nothing in benefits so the amount received as a whole is license fee only which gives Sunny Dale the right to use the software. So the amount received must be recognized as revenue for the year.
