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2 years ago

8

_____ means the extent to which the idea is viable and realistic, and the extent to which you are aware of internal and external

forces that could affect your business. flexibility consistency feasibility innovation

1 answer:

Ostrovityanka [42]2 years ago

4 0

Flexibility is the word you’re looking for.

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On January 1, 2021, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright rec

maria [59]

Solution:

1. (i)

Sales revenue = Present value of the note receivable

= $528,000 x .86384 = $456,108

Present value of $1: n = 3, i = 5% (PV of $1)

(ii)

December 31, 2018:

Interest revenue: ($456,108 x 5%) = $22,805

December 31, 2019:

Interest revenue: (($456,108 + $22,805) x 5%) = $23,946

December 31, 2020:

Interest revenue: (($456,108 + $22,805 + $23,946) x 5%) = $25,143

2. Journal entries to record the sale of merchandise on January 1, 2020

Date General Journal Debit Credit.

Jan 01, 2018 Note receivable 528,000

Discount on note receivable 71,892

Sales revenue 456,108

Dec 31' 2018 Discount on note receivable 22,805

Interest revenue 22,805

Dec 31, 2019 Discount on note receivable 23,946

Interest revenue 23,946

Dec 31' 2020 Cash 528,000

Discount on note receivable 25,143

Interest revenue 25,143

Note receivable 528,000

7 0

2 years ago

Mussatto Corporation produces snowboards. The following per unit cost information is available: direct materials $12, direct lab

o-na [289]

Answer:

$75.40

Explanation:

Mark up is a percentage applied on the cost to get the selling price. In other word, the difference between the marked-up amount and the total cost gives the profit of the entity.

To get the target selling price, we would first determine the total cost, then apply the mark up percentage on the cost and add the result to the cost.

Total cost per unit

= $12 + $4 + $9 + $10 + $5 + $12

= $52

Amount of mark up

= 45% * $52

= $23.40

Target selling price = $52 + $23.40

= $75.40

4 0

2 years ago

Swifty Corporation had net sales of $2,419,200 and interest revenue of $39,300 during 2020. Expenses for 2020 were cost of goods

damaskus [11]

Answer:

Please find the income statement below;

Explanation:

<u>Single step Income statement</u>

Revenues

Net sales 2,419,200

Interest revenue 39,300

<em>Total revenues 2,458,500</em>

Expenses

Cost of goods sold 1,464,600

Admin. expenses 216,400

Selling expenses 294,800

Interest expense 46,000

<em>Total expenses 2,021,800</em>

<em><u>Net Income </u></em><em> </em><u><em>436,700</em></u>

6 0

2 years ago

Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a u

Romashka [77]

Answer:

Kindly check the attached images below for the well arranged account entries

Explanation:

1

Date General Journal Debit Credit

Jul 01,2022 Equipment 25550 =15800+6800+2950

Prepaid Insurance 2750

Cash 28300

2

Date General Journal Debit Credit

Dec 31,2022 Depreciation expense 1915 =(25550-6400)/5*6/12

Accumulated Depreciation-Equipment 1915

3

Year Depreciation expense Accumulated

Depreciation Book value

2022 1915 1915 23635

2023 3830 5745 19805

2024 3830 9575 15975

2025 3830 13405 12145

2026 3830 17235 8315

2027 1915 19150 6400

Total 19150

4

Date General Journal Debit Credit

Dec 31,2022 Insurance expense 1375 =2750*6/12

Prepaid insurance 1375

4 0

2 years ago

A farmer sells five pounds of pecans to a smith's fresh pecans for $10. smith's fresh pecans resells three pounds for $4.50 per

AURORKA [14]

$21.50 is added to GDP.

4 0

2 years ago