Answer:
correct answer is C. Credit to Cash Over and Short for $35
Explanation:
given data
cash sales = $1,000
cash in register = $1,035
solution
we actual cash per the count is $1,035
Cash account will be debited by the same
and Sale account will be credit to extent
and difference in count of cash and the cash register tape as
difference in count of cash = $1035 - $1000
difference in count of cash = $35
so correct answer is C. Credit to Cash Over and Short for $35
Answer:
The correct word for the blank space is: the purchases history.
Explanation:
Purchases history allows businesses to have an idea of what the preferences of its customers are or how they can change over time. It is a helpful tool firms can use to offer similar or complementary products that may be of interest to their customers and that may end up increasing the organization's revenues if the consumer makes the additional purchase.
Answer:
A. 1,406
Explanation:
Double-declining balance formula = 2 X Cost of the asset X Depreciation rate
The cost of asset = $7,500
salvage value = $500
estimated useful life = 8years
To calculate the depreciation value using Double-declining balance formula = 2 X Cost of the asset X Depreciation rate
Depreciation rate = 1/useful life *100 = (1/8) * 100 = 12.5%
Therefore
2 x $7500 x 12.5% = $1,875 - year 1
for the second year the cost of asset will be$ 7,500 - $1,875 = $5625
2 x $5625 x 12.5% = $1,406.25
Therefore the answer is $1,406
Answer:
The journal entries are as follows:
(i) On December 31, 2017
Unrealized gain or loss income A/c Dr. $10,800
To estimated purchase commitment liability $10,800
(To record other income and expenses)
Workings:
Unrealized gain or loss income = 36,000 × ($3 - $2.7)
= 36,000 × $0.3
= $10,800
(ii) On January 1, 2018
Raw material A/c (36,000 × $2.7) Dr. $97,200
Estimated purchase commitment liability A/c Dr. $10,800
To accounts payable $108,000
(To record the materials received in January 2018)
Answer:
Option (B) is correct.
Explanation:
100% complete for conversion cost the units that are complete.
Units that produced during the period:
= Units sold + Units of finished Ending - Beginning units of Finished
= 300,000 + 60,000 - 75,000
= 285,000 units
And work in process at ending is 24,000 units but for conversion costs is 75% only.
For conversion Equivalent units:
= 75% of Ending Work in process + Units that produced during the period
= 75% × 24,000 + 285,000
= 18,000+285,000
= 303,000 units
