Answer and Explanation:
a. The journal entries are shown below:
On May 10
Merchandise inventory Dr $75,924 ($76,800 × 0.98)
To Account payable $75,924
(Being merchandise inventory is purchased on account)
For recording this we debited the merchandise inventory as it increased the assets and credited the account payable as it also increased the liabilities
On May 18
Account payable Dr
To Cash
(Being the cash paid is recorded)
For recording this we debited the account payable as it decreased the liabilities and credited the cash as it reduced the assets
2. On June 1
Equipment Dr $94,800
To cash Dr $33,600
To 9% Note payable $61,200
(Being the equipment is purchased on cash and note payable)
For recording this we debited the equipment as it increased the assets and credited the account payable and cash as it also increased the liabilities and reduced the assets
3. On Sep 30
Cash Dr $180,000
Discount on note payable $20,000
To Note payable $200,000
(Being the interest bearing note is recorded)
For recording this we debited the cash as it increased the assets and credited the note payable as it also increased the liabilities and the difference is debited to note payable
Answer: $30,000
Explanation:
Sales are $800,000 and the average price is $40. Number of units sold is;
= 800,000/40
= 20,000 units
Sales $ 800,000
<em>Less</em>: Cost of Goods Sold ($560,000)
Gross Margin <u>$240,000</u>
Less : Variable Costing
Selling Expenses (20,000 units X $3.00) ($60,000)
Administrative Expenses (5% of $ 800,000) ($40,000)
Contribution Margin <u> $140,000</u>
Less: Fixed Cost
Selling Expenses ($100,000 - $60,000) ($40,000)
Administrative Expenses ($110,000 -$40,000) ($70,000)
Net Operating Income <u> $30,000</u>
Answer:
$4,500
Explanation:
depreciation expense
= [revised cost of asset - salvage value]/[remaining life of the assets]
= [$39,000 - $3,00]/[8 years]
= $4,500
Therefore, The Depreciation expense for Year 6 is $4,500.
Answer:
I think the answer is D but im not sure.
Explanation:
Answer:
be in violating of the National Society of Professional Engineers (NSPE) cannon
Explanation:
The National Society of Professional Engineers (NSPE) cannon states each engineer must act for each employer or client as faithful agents or trustees.
Any engineer who violates this risk the reputation and credibility he has with his employers.
Therefore, if Joan takes on the work, she would be in violating of the National Society of Professional Engineers (NSPE) cannon. And she also risks the reputation and credibility she has with ABC Engineering.
