During June, Martha's Crafts spent $900 to buy 30 handmade vases and sold 5 of them for $80 each. How much should Martha record as an expense for June?
Q: Answer financial accounting
A: Step 1: Define Actual Return on Plan AssetsThe actual return on plan assets measures the total…
Q: final answer
A: Step 1: Definition of Target Sales:Target sales are the desired level of sales that a business seeks…
Q: Financial accounting
A: Step 1: Define Accrual AccountingAccrual accounting records revenues when earned and expenses when…
Q: Hi expert please help me this question
A: Step 1: Definition of Gross ProfitGross profit is the amount a company earns from its sales after…
Q: BNM's total equity Is
A: Step 1: Recall the accounting equation.Assets = Liabilities + EquityWe can rearrange this basic…
Q: Calculate the company's P/E ratio
A: The Price-to-Earnings (P/E) ratio is calculated using the formula:P/E Ratio = Stock Price per Share…
Q: Given the solution and accounting question
A: Step 1: Definition of Operating LeverageOperating leverage measures how a company's fixed costs…
Q: Need answer
A: Step 1: Formula Material price variance = Actual quantity used x (Actual price - Standard price)…
Q: Please solve this problem ?
A: Step 1: Define Total Assets Turnover (TATO)Total Assets Turnover (TATO) measures how efficiently a…
Q: Sub. General accounting
A: Step 1: Use the EPS FormulaStep 2: Substitute Given ValuesStep 3: Compute EPSStep 4: Use the P/E…
Q: None
A: Percentage change in operating cash flow = Degree of operating leverage*Percentage change in sales…
Q: Gary receives $51,000 worth of Quantro, Inc., common stock from his late grandmother's estate. Early…
A: Concept of Inherited Stock and Cost BasisWhen a person inherits stock, they receive it at a…
Q: Need correct option general Accounting
A: Step 1: Define Sales MarginSales Margin is a profitability ratio that measures the percentage of…
Q: Crescent Manufacturing produces a single product. Last year, the company had a net operating income…
A: Explanation of Absorption Costing: Absorption costing is a method of product costing that includes…
Q: Subject accounting
A: Step 1: Original contribution margin The basis is the sales so the sales ratio is 100%Contribution…
Q: Provide correct answer the financial accounting question
A: Step 1: Accounting EquationThe Accounting Equation is the fundamental principle of double-entry…
Q: ???
A: Step 1: Definition of Overhead CostsOverhead costs refer to indirect production costs that cannot be…
Q: I need correct answer general accounting question
A: Step 1: Gross Profit at Standard cost all favorable variances are subtracted and unfavorable…
Q: What was the depreciation expense
A: Explanation of Double-Declining Balance (DDB) Depreciation Method:The Double-Declining Balance (DDB)…
Q: ?
A: Step 1:ItemExplanationAmountAccount PayableIt is a liability------BuildingsBuildings are generally…
Q: Determine wilkinson Ltd's operating leverage
A: Given Data:Contribution Margin = $472,000Income from Operations = $312,000Formula for Degree of…
Q: general accounting fainal
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate (POHR) is a rate…
Q: Financial Accounting
A: Step 1: Define Holding Period Return (HPR)Holding Period Return (HPR) measures the total return…
Q: Help me to solve this questions
A: The Contribution Margin Ratio (CMR) is calculated using the formula: CMR = (Sales Price per Unit −…
Q: What is this firm debt equity ratio? General accounting
A: Step 1: Define Debt to Equity RatioThe debt to equity ratio is an important financial ratio that…
Q: correct answer please
A: Step 1: Definition of Fixed Assets PurchaseFixed assets are long-term tangible assets used in…
Q: I need help with this problem and accounting
A: Step 1: Definition of General and Administrative ExpensesGeneral and administrative (G&A)…
Q: Solve this financial accounting problem
A: Explanation of Return on Assets (ROA):Return on Assets (ROA) measures how efficiently a company…
Q: Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company…
A: First, we need to calculate the equivalent units for direct materials and conversion costs. The…
Q: Kindly help me with this question general Accounting
A: Step 1: Define Sustainable Growth Rate and ROEThe sustainable growth rate (SGR) represents the…
Q: How much is the gross profit margin?
A: Explanation of Gross Sales: Gross sales represents the total revenue generated from all sales…
Q: Compute the company's degree of opereting leverage
A: Step 1: Definition of Degree of Operating LeverageDegree of Operating Leverage (DOL) measures how a…
Q: choose best answer
A: To determine the IPO price per share, we use the Price-to-Earnings (P/E) ratio formula:Share Price=…
Q: On January 1, Park Corporation and Strand Corporation had condensed balance sheets as follows: Items…
A: Park Corporation acquired 80% of Strand Corporation's outstanding common shares for $60,000. This…
Q: Answer please
A: Step 1: Introduction to cost allocationCost allocation is the process of assigning a portion of a…
Q: Can you please solve this financial accounting problem?
A: Step 1: Define Residual Dividend PolicyThe Residual Dividend Policy is a strategy where dividends…
Q: General accounting
A: Step 1: Contribution margin Contribution margin = (Selling price per unit - Variable costs per unit)…
Q: Amount of credit sales
A: To determine the amount of credit sales during August, we use the Accounts Receivable equation:…
Q: Hi expert please help me
A: Step 1: Definition of Break-even PointThe break-even point is the level of sales at which total…
Q: Hello.tutor I need this question answer general Accounting
A: Step 1: Define Preferred and Common Stock DividendsPreferred stockholders receive fixed dividends…
Q: Module 5 Discussion How can variable costing be used for decision making in a a. manufacturing…
A: Variable Costing First, let's recap what variable costing is. It's a costing method where only…
Q: What was the amount of credit sales?
A: Explanation of Accounts Receivable:Accounts Receivable (A/R) represents the amount of money a…
Q: Hello tutor solve this question accounting
A: Step 1: Definition of Projected Unit SalesProjected unit sales represent the expected future sales…
Q: General accounting
A: Step 1: Definition of Interest ExpenseInterest expense is the cost incurred by a company for…
Q: What is the average collection period of this financial accounting question?
A: Step 1: Definition of Average Collection PeriodThe Average Collection Period is the weighted average…
Q: Boss corporation provides the following data from its 2022 financial statements
A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…
Q: What is the value of the ending inventory of this financial accounting question?
A: Step 1: Definition of Absorption CostingAbsorption Costing is a costing method that includes all…
Q: financial accounting
A: Step 1: Definition of Variable ExpensesVariable expenses are costs that change in proportion to…
Q: MCQ
A: Explanation of Direct Materials Price Variance:Direct Materials Price Variance measures the…
Q: Granville Corporation has two divisions: The Beta Division and the Delta Division. The Beta Division…
A: Step 1: Calculate Contribution Margin for Each DivisionThe Contribution Margin is calculated as:…
Give me Answer
Step by step
Solved in 2 steps
- Stella sells shoes for a retail store and receives wages of $1875 per month plus 4% commission on all her sales. What were her sales in a month in which she received a total pay of $1953 ?Jane budgets 9% of her net salary for groceries. If she spent $450 on groceries last month, what is her monthly net salary?Mr. Jennings made $2,437 at a craft fair this past weekend. Twenty-five percent of the total sales is his profit. Mr. Jennings is saving 5% of his profit for a circular saw.How much money did Mr. Jennings put toward his saw fom this weekend's sales?
- Michelle works at a beauty salon. Last month she received an average tip of $60 from her 108 clients. What was her tip income for the month?Magnuson is considering buying an eight-harness loom so that she can weave with more intricate patterns in linen. The new loom costs $1,000 and would be depreciated $20 per month. Her bank has agreed to lend her $1,000 at 18% interest per year, $200 payment of principal, plus accrued interest payable each December 31. Magnuson believes she can weave 15 linen place mat sets in time for the Christmas rush if she does not weave any cotton mats. She predicts that each linen set will sell for $50. Linen costs $18 per set. Magnuson's supplier will sell her linen on credit, payable December 31. Magnuson plans to keep her old loom whether or not she buys the new loom. The balance sheet for her weaving business at August 31, 2016, is as follows: Assets Current Assets: Cash Inventory of cotton Total Current Assets Property, Plant, and Equipment: Loom Less: Accumulated Depreciation Total PP&E Total Assets ANNE MAGNUSON, WEAVER Balance Sheet August 31, 2016 $25 175 200 500 (240) 260 $ 460 Current…susan sells jewelry. She gets a monthly salary plus commission on her sales. Her monthly salary is $680 and her commission rate is 7%. her sales for the month were 7,800 what is the monthly pay ?
- Each autumn, as a hobby, Anne Magnuson weaves cotton place mats to sell through 3 local craft shop. The mats sell for $20 per set of four. The shop charges a 10% commission and remits the net proceeds to Magnuson at the end of December. Magnuson has woven and sold 25 sets each year for the past two years. She has enough cotton in inventory to make another 25 sets. She paid $7 per set for the cotton. Magnuson uses a four-harness loom that she purchased for cash exactly two years ago. It is depreciated at the rate of $10 per month. The Accounts Payable balance relates to the cotton inventory and is payable by September 30. Magnuson is considering buying an eight-harness loom so that she can weave more intricate patterns in linen. The new loom costs $1,000 and would be depreciated at $20 per month. Her bank has agreed to lend her $1,000 at 18% interest per year, with $200 payment of principal, plus accrued interest payable each December 31. Magnuson believes she can weave 15 linen place…Can you please solve this accounting question ?Mike purchases a bicycle costing $142.80. State taxes are 6% and local sales taxes are 3%. The store charges $20 for assembly. What is the total purchase price?
- Patricia's Quilt Shoppe sells homemade Amish quilts. Patricia buys the quilts from local Amish artisans for $220 each, and her shop sells them for $370 each. She also pays a sales commission of 4% of sales revenue to her sales staff. Patricia leases her country-style shop for $800 per month and pays $1,600 per month in payroll costs in addition to the sales commissions. Patricia sold 95 quilts in February. Prepare Patricia's traditional income statement and contribution margin income statement for the month. Prepare the traditional income statement for the month. Patricia's Quilt Shoppe Income Statement For the Month Ended February 28 Less: Less: AJulianna Abdallah owns and operates FirstCakes, a bakery that creates personalized birthday cakes for a child’s first birthday. The cakes, which sell for $56 and feature an edible picture of the child, are shipped throughout the country. A typical month’s results are as follows: Sales revenue $749,280 Variable expenses 561,960 Contribution margin 187,320 Fixed expenses 133,000 Operating income $ 54,320 How many cakes will Julianna Abdallah have to sell if she wants to earn $171,654 in operating income each month? cakes LINK TO TEXT LINK TO VIDEO Assuming a 30% tax rate, how many cakes will Julianna Abdallah have to sell if she wants to earn $74,284 in net income each month? (Round answer to 0 decimal places, e.g. 5,275.) cakesA vendor prepares 100 hotdogs every day and sells them at $20/piece. For each hot dog, he spends $12 on the raw material. Additionally, he spends $1 for packing each hotdog and monthly $50, $20, and $10 for food truck rent, electricity, and other expenses respectively. Lost sales are taken as $1 per unhappy customer. Leftover hotdogs can be sold for $5/piece. On a particular day in June, it rained heavily so the vendor was able to sell only 80 hot dogs.Determine the vendor's profit for that day. Assume there are 30 days in the month.[Financial Account][5]