During July, Marcus spent $2,500 to buy 50 items and sold 12 of them for $90 each. Marcus should record as an expense for July. A. $2,500 B. $1,080 C. $600 D. $500
Q: What is the amount of equity and net assets?
A: Step 1: Definition of Equity and Net AssetsEquity, often referred to as net assets, represents the…
Q: Calculate the cost of goods sold
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) refers to the direct costs…
Q: I need help solving this general accounting question with the proper methodology.
A: Step 1: DefinitionsConcept of Factory Overhead:Factory Overhead refers to all indirect manufacturing…
Q: I need help finding the accurate solution to this general accounting problem with valid methods.
A: Step 1: Definition of Units of Production Depreciation MethodThe units of production depreciation…
Q: General accounting question
A: Given:Beta = 1.35Risk-free rate = 4.5%Market return = 12% Formula:Expected return on stock =…
Q: Financial Accounting
A: Step 1: Definition of Adjusted Cash Balance per BookThe adjusted cash balance per book refers to the…
Q: Suppose the required reserve ratio is 0.20 and individuals hold no cash.
A: Given Data Required Reserve Ratio = 0.20 (or 20%)Total Bank Deposits = $150 millionTotal Reserves…
Q: What is the actual overhead cost?
A: Step 1: Definition of Overhead Application and Underapplied OverheadOverhead application is the…
Q: Please provide answer the following requirements on these financial accounting question
A: Step 1: Definition of P/E Ratio and YieldP/E Ratio (Price-to-Earnings Ratio) is calculated by…
Q: General Accounting
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is the rate at…
Q: Please provide the correct solution to this financial accounting question using valid principles.
A: Step 1: Definition of Total Asset Turnover RatioThe Total Asset Turnover Ratio is a financial metric…
Q: Theron Interiors manufactures handcrafted cabinetry and uses a process costing system. During the…
A: Step 1: Definitions Concept of Process Costing:Process costing is a method used by companies that…
Q: Can you solve this general accounting problem using appropriate accounting principles?
A: Step 1: Definitions Concept of the High-Low Method:The High-Low Method is a cost estimation…
Q: Calculate the profit margin accounting
A: Step 1: Definition of Profit MarginProfit Margin is a profitability ratio that shows the percentage…
Q: I need guidance with this financial accounting problem using the right financial principles.
A: Step 1: Definition of Capital Gains YieldCapital gains yield is the price appreciation on an…
Q: Juno Manufacturing used $42,000 of direct materials and incurred $55,000 of direct labor costs…
A: Explanation of Direct Materials: Direct materials are raw materials that become an integral part of…
Q: Calculate the net profit
A: Step 1: DefinitionsConcept of Net Profit: Net Profit is the amount of money a business earns after…
Q: General Accounting Question need help
A: Step 1: Definition of Work in Process (WIP) InventoryWork in Process Inventory refers to the cost of…
Q: Please show me the correct way to solve this financial accounting problem with accurate methods.
A: Step 1: Define Reconciled Cash BalanceThe reconciled cash balance is the adjusted cash balance after…
Q: Correct answer please
A: Step 1: Definition of Bond Discount AmortizationWhen bonds are issued for less than their face value…
Q: General accounting question and calculate answer
A: Step 1: Definition of Break-Even PointThe break-even point is the number of units that must be sold…
Q: General accounting question
A: Step 1: Definition of Operating IncomeOperating income represents the profit a company earns from…
Q: Can you help me solve this general accounting problem using the correct accounting process?
A: Step 1: Definition of High-Low MethodThe high-low method is a technique used to estimate the fixed…
Q: Get correct answer with general accounting
A: Step 1: Definition of Common Stock Caption on Balance Sheet The common stock caption on a balance…
Q: I need assistance with this general accounting question using appropriate principles.
A: Step 1: Definition of Variable Overhead Efficiency VarianceThe Variable Overhead Efficiency Variance…
Q: Sales are $1,000,000 for a product with a variable cost per unit of $6 and a sales price of $20. If…
A: Explanation of Sales:Sales represent the total revenue generated by a business from selling goods or…
Q: Hi expert please given correct answer with accounting question
A: Step 1: Definition of Ending Retained EarningsEnding retained earnings represent the portion of net…
Q: Please provide the answer to this general accounting question with proper steps.
A: Step 1: Definition of Capital GainCapital gain refers to the profit earned from the sale or exchange…
Q: A cost is $5,600 at 1,000 units, $9,000 at 2,000 units, and $10,200 at 3,100 units. This cost is a…
A: Provided Data:At 1,000 units, cost = $5,600At 2,000 units, cost = $9,000At 3,100 units, cost =…
Q: What was the number of pounds?
A: Explanation of Standard Costing System: A standard costing system is a cost accounting method that…
Q: Can you please answer the financial accounting question?
A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) is a measure of financial performance…
Q: None
A: The abnormal rate of return is calculated using the Jensen's Alpha formula:Formula:Abnormal Return =…
Q: Can someone please solve this?
A: Explanation of the Average Collection Period CalculationThe average collection period measures how…
Q: Please give me correct answer this financial accounting question
A: Step 1: Definition of Accrued ExpenseAn accrued expense refers to an expense that has been incurred…
Q: Please provide answer this financial accounting question not use ai
A: Step 1: Define Shareholders' EquityShareholders' equity, also known as stockholders' equity or…
Q: Suppose the required reserve ratio is 0.20 and individuals hold no cash. Total bank deposits are…
A: Step 1: Identify Given Information Required Reserve Ratio (RRR) = 0.20 (or 20%)Total Bank Deposits =…
Q: Orion Co. produced 200,000 units in December with maintenance costs of $160,000, and 100,000 units…
A: Step 1: Definition of High-Low MethodThe high-low method is a cost estimation technique used to…
Q: Corvex Industries had sales of $620 million last year, and its production facility operated at 80%…
A: To determine the total amount of fixed assets needed after the sales increase, we use the…
Q: Musk Jewellers wants to apply a markup of 35% based on the selling price for a goldbracelet. If the…
A: Overview:Mark-up (or Markup): A mark-up is the difference between the cost of a product or service…
Q: Answer
A: To calculate the interest revenue for the quarter ending March 31, we use the simple interest…
Q: During 2018, the band Maroon 5 is touring across the U.S. on its "Red Pill Blues Tour 2018." Two of…
A: Step .1: What Happens on November 4, 2017?On this date, all tickets for the concerts are sold out.…
Q: Financial Accounting
A: Step 1: Define Return on Investment (ROI)Return on Investment (ROI) is a financial metric that…
Q: I want to this question answer for General accounting question not need ai solution
A: Step 1: Define EquityEquity, also known as owner's equity or stockholders' equity, is the residual…
Q: Financial Accounting
A: The abnormal rate of return (also called the excess return) is calculated using the formula:Abnormal…
Q: Financial Accounting
A: To determine the annual rate of return on your investment, we use the compound interest formula:A =…
Q: Questi 5
A: Identified Long-Term Liabilities:Lease Liability = $85,100Bonds Payable, due 2032 = $175,100Premium…
Q: Financial Accounting
A: Step 1: Definition of Gross Profit MarginGross Profit Margin is a financial metric that shows the…
Q: What is the profit margin? Accounting
A: Step 1: Definition of Profit MarginProfit Margin measures how much of every dollar of revenue is…
Q: All sales and receivables are recorded net of discounts, regardless of whether or not discounts are…
A: Concept of Total Annual SalesTotal annual sales represent the total dollar value of all sales made…
Q: Alicia Industries has a net income of $89,000 and total assets of 445,000. What is the return on…
A: Step 1: DefinitionsConcept of Net Income:Net Income is the total profit a company earns after all…
Please give me answer with accounting
Step by step
Solved in 2 steps
- A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.Chik's chickens have accounts receivable of $6,983. Sales for the year were $10,500. What is its average collection period?6. A buyer purchased 1500 towels at $10 each and 1500 matching face clothes at $5 each. The buyer decided to sell the towel and face cloth as a set for $29.99. What was the markup on this purchase? dedat 825 cach Own
- 2. Richard Lenz receives 35-cammission for selling cleaning supplies. What is his commission on sales of $122,591? Hight 3. Yo Commmu of the selliftg pricO VI Or What jotal6. Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions during October of the current year: Oct. 1 Purchases 100 Hammers at $50 each. Oct. 5 Sells 50 of the Hammers at $80 each. Compute Alberto & Son’s gross profit for October.During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost of the merchandise sold is $1,014,300. what is the amount of the gros profit?
- Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is $4,000. Purchase terms are 2/10, n/30 and the invoice is paid one week after it was received. The shipping terms are FOB destination and the shipping costs are $300.Receiveables: A company has accounts recieveable of $6,333. Sales for the year were $9,800 . What is its average collection period? Show & expalin the work.You have collected the following information for the Charger co.
- Bill sells inventory with a cost of $40,000 for $60,000. Bill expects 4 percent of the inventory to be returned. Bill has 3 percent returned and then the return period expires. Please prepare all journal entries.esther has a small store. last month, she purchased merchandise costing p75,000.00, for which she paid freight of p7,500.00. she sold 60% of the merchandise for p68,000.00, after spending for various expenses totalling p13,000.00. she also paid p2,000.00 for interest on money she borrowed for her store. a. how much was her cost of sales? b. how much gross profit did she make? c. how much operating profit did she make? d. what was her net profit?The accounts payable balance at the beginning of the year was $98,000. The company purchased $445,000 worth of goods on account, and the ending balance of the payables account was $135,000. What were the total payments on account? Multiple Choice $548,000 $463,000 $408.000 $478.000