Answer:
Date Account Titles Debit Credit
Notes Receivable $60,000
Discount on Notes Receivable $10,413
Cash $49,587
Discount on Notes Receivable $4,959
Interest Revenue $4,959
Discount on Notes Receivable $5,454
($49587+$4959)*10%
Interest Revenue $5,454
Cash $60,000
Notes Receivable $60,000
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Answer:
Work in Process Inventory account at the end of September is $1,950
Explanation:
As all jobs at the beginning of september in the balance of Work in progress were finished, it's costs are now in Finished Goods Inventory. So are too, the two jobs started and finished during September. The Works in Process account records materials, labor and structure costs of order not finished yet at the end of the month.
At the end of september only Job 850 is not finished. The sum of materials, direct labor and overhed that is $1.950, is the balance of Work in Process Inventory account at the end of September.
Answer:
ChowMein Company
a. Monthly break-even point in sales dollars = Fixed Costs/Contribution margin
= $2,000/50%
= $4,000
b. Monthly break-even point in units = Fixed Costs/Contribution per unit
= $2,000/$300
= 6.67 or simply 7 units
c. Monthly income for April:
Sales ($600 * 15) = $9,000
Variable cost ($300 * 15) = $4,500
Contribution = $4,500
Fixed Costs = $2,000
Income = $2,500
d. Monthly income for May:
Sales ($600 * 20) = $12,000
Variable cost ($300 * 20) = $6,000
Contribution = $6,000
Fixed Costs = $2,000
Income = $4,000
e. Margin of Safety for April:
Sales in April minus Break-even Sales
= $9,000 - $4,000
= $5,000
Explanation:
Data and Calculations:
Unit selling price = $600
Unit variable costs = $300 ($250 + 50)
Unit Contribution = $300
Contribution margin = 50% ($300/$600 * 100)
Fixed Costs = $2,000
April sales = 15
May sales = 20
Answer:
(B) 299,574
Explanation:
We have to calculate the present value of an annuity-due of 25,000
That's because it is being paid in advance.
299574.17
<em>Remember</em>: when the payment or receipts are made in advance, AKA at the beginning of the period, multiply the annuity formula for (1+rate)
That's because <u>the annuities are held for 1 more period </u>than usually.
