I need this question answer general Accounting Pablo was reviewing the water bill for his carwash business and determined thatthe highest bill, $5,000, occurred in July when2,200 cars were washed and thelowest bill, $3,200, occurred in February when 1,400 cars were washed. Whatwas the fixed portion of the water bill?A. $3,600B. $50C. $3,150D. $4,100

Step 1: Define High Low MethodIf the cost related to the highest activity period and the lowest…

Answered: Pablo was reviewing the water bill for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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See the attached image for question: The manager of the ice cream shop noticed that 90% of all club members brought along a family member who spent an average of $18 in the shop. The tax on their bill was 5.5%. A, What was the total amount spent by the family members in one year?B, What would each family member have to spend, on average, to generate $5,000 in income before sales tax?C, What would each family member's average bill be with sales tax?
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Jane James owns an appliance store. She usually receives $50,000 worth ofappliances per month. She does not like to owe people money and alwayspays her bills on the day she receives the invoice. Someone told her thatif she delayed payment, she could actually increase her profit because themoney would be earning interest in her account. She went through her billsand found that she actually had an additional 10 days, on average, to payher invoices. She also found that she was earning 2 percent interest on themoney she had in her money market savings account.a. If she delayed payment by the 10 days, how much additional interest wouldshe earn for the year?b. Explain how this problem represents a disbursement float.
Jason’s Doughnut Shop had cash sales for the day of $700. In addition, all sales are subject to an 8% sales tax. What journal entry should be made to record the day’s sales and sales taxes? Show your calculations.
Klee Motors is a small car dealership. On average, it sells a car for $24 000, which it purchases from the manufacturer for $20 000. Each month, Klee Motors pays $60 000in rent and utilities and $60 000 in salespeople’s salaries. In addition to their salaries, sales people are paid a commission of $500 for each car they sell. Klee Motors also spends $15 000 each month on local advertisements. a. How many cars must Klee Motors sell each month to break even? b. Will Klee Motors earns a profit if it can sell 6 cars? c. How much sales revenue shall the company earn to achieve a $100,000 profit?
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Schoenen Motors is a small car dealership. On average it sells a car for $33,000, which it purchases from the manufacturer for $29,000. Each month, Schoenen Motors pays $66,000 in rent and utilities and $73,000 for salespeople's salaries. In addition to their salaries, salespeople are paid a commission of $700 for each car they sell. Schoenen Motors also spends $12,000 each month for local advertisements. Its tax rate is 40%. Required 1. How many cars must Schoenen Motors sell each month to break even? 2. Schoenen Motors has a target monthly net income of $64,500. What is its target operating income? How many cars must be sold each month to reach the target monthly net income of $64,500? Requirement 1. How many cars must Schoenen Motors sell each month to break even? Schoenen Motors must sell cars each month to break even. (Round the number of cars up to the nearest whole number.) Requirement 2. Schoenen Motors has a target monthly net income of $64,500, What is its target operating…
Jennifer took clothes to the cleaners three times last month. First, she brought 3 shirts and 1 pair of slacks and paid $8.46. Then she brought 5 shirts, 3 pairs of slacks, and 1 sports coat and paid $26.91. Finally, she brought 5 shirts and 1 sports coat and paid $14.94. How much was she charged for each shirt, each pair of slacks, and each sports coat? Jennifer was charged $ for each shirt. $ for each pair of slacks, and $ for each sports coat.
Schoenen Motors is a small car dealership. On average, it sells a car for $27,000, which it purchases from the manufacturer for $23,000. Each month, Schoenen Motors pays $48,200 in rent and utilities and $68,000 for salespeople's salaries. In addition to their salaries, salespeople are paid a commission of $600 for each car they sell. Schoenen Motors also spends $13,000 each month for local advertisements. Its tax rate is 40%. Read the requirements. Requirement 1. How many cars must Schoenen Motors sell each month to break even? Schoenen Motors must sell cars each month to break even Requirement 2. Schoenen Motors has a target monthly net income of $51,000. What is its targeted monthly operating income? How many cars must be sold each month to reach the target monthly net income of $51,000? The target monthly operating income is They would need to sell cars to reach the target monthly income of $51,000.
Purrfect Pets, Inc. provides animal daycare for $ 28 per day. Customers buy three month packages, which provide 15 days of care per month. In January they received cash payments from 12 customers. For the month of January, they will recognize ________ of revenue under the cash basis, and ________ of revenue under the accrual basis. A. $15,120;$5,040 B. $ 420; $1,260 C. $5,040;$5,040 D. $15,120;$15,120
Royall Company purchased a delivery truck at $25,000 plus 8% sales taxes. Royall paid $3,000 in cash and financed the rest at 6% requiring 40 equal monthly payments at the end of each month. Compute the amount of the monthly payment that Royall must pay.
Can you solve this general accounting question with accurate accounting calculations?

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