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2 months ago

Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred:

Business

1 answer:

arsen [3.4K]2 months ago

7 0

Answer:

Explanation:

The journal entry serves as a documentation of transactions corresponding to their accounts utilizing the debit and credit framework. A debit signifies an increase while a credit denotes a decrease.

S / NO Particulars Debit Credit

1 Cash 200,000

Share stock 200,000

2 Inventory 483,000

Account payable 483,000

3. Account receivable 675,000

Sales 675,000

Cost of goods sold 405,000

Inventory 405,000

4 Cash 562,000

Account receivable 562,000

5 Account payable 431,000

Cash 431,000

6 Motor Vehicle 39,000

Cash 39,000

7 Rent 25,200

Prepaid rent 2,100

Cash 27,300

8 Operating Expenses 20,000

Cash 18,000

Operating expenses payable 2,000

9 Depreciation 2,000

Motor Vehicle 2,000

10 Dividends payable 8,500

Cash 8,500

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The correct response is option B - Given this payoff matrix and the respective payoffs, each criminal has a motive to confess.

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1 month ago

Match the leadership qualities with the situations to which they relate.

Free_Kalibri [3773]

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1 month ago

In the simulation, explain how the original order results in one $22 fee, while the Wells Fargo reordering results in four $22 f

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In a scenario where transactions are recorded in the exact sequence they occurred, the customer owes $22. Conversely, if the transactions are arranged from largest to smallest, the customer’s account balance diminishes rapidly, leading to an overdraft of $88. Explanation: In the original order, one fee of $22 accumulates, resulting in a total debt of $22, calculated by multiplying 1 by $22. However, when sorted descending, four occurrences of the $22 fee arise, resulting in an overdraft of $88, as computed by multiplying 4 by $22.

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2 months ago

Chris owns his own business restoring antique cars. Last year, he restored 24 cars, which he sold for $1,100,000. The parts and

Mariulka [3825]

Answer:

a. $950,000.
$150,000.
a. $1,115,000.
d. -$15,000.
b. the difference between what a person currently makes and what they would earn in their best alternative.

Explanation:

1. Chris's accounting costs

The accounting cost reflects the explicit expenses of the venture. They are the usual costs;

= Parts and materials needed for restoration + Salaries of employees + His salary + Rent along with utilities

= 400,000 + 360,000 + 110,000 + 80,000

= $‭950,000‬

2. Chris's accounting profits

= Revenue - Accounting cost

= 1,100,000 - 950,000

= $150,000

3. Chris's economic cost

These consist of explicit costs plus implicit (opportunity) costs.

The opportunity cost represents the next best option which amounts to $275,000 should he have taken the position with Jay Leno as a personal auto restorer.

This means forgoing the $110,000 he makes currently.

= Accounting cost + Foregone salary - Current salary

= 950,000 + 275,000 - 110,000

= $1,115,000

4. Chris's economic profit

= 1,100,000 - 1,115,000

= -$15,000

5. b. the difference between what a person currently makes and what they would earn in their best alternative.

7 0

2 months ago

A repetitive manufacturing firm is planning on level material use. The following information has been collected. Currently, the

Scilla [3833]

Answer:

setup cost = $1.75

setup time = 2.625 min

Explanation:

given data

The firm operates for 250 days annually.

Annual demand is 22,000.

Daily demand is 88.

Daily production stands at 250.

Desired lot size is set at 63 (equivalent to 2 hours of output).

Holding costs are $40 per unit each year.

To determine

the setup cost and setup time

solution

The setup cost is calculated as

setup cost = $\frac{Q^2*H*(1-\frac{d}{p})}{2D}$ ......................1

Here, Q represents the desired lot size, H is the holding cost, d denotes daily demand, D is annual demand, and p is the daily output.

Plugging in the values,

setup cost = $\frac{63^2*40*(1-\frac{88}{250})}{2*22000}$

setup cost = $\frac{2969*40*(0.648)}{44000}$

setup cost = $1.75

Next,

the setup time is given by

setup time = $\frac{setup\ cost}{setup\ labor}$ ....................2

setup time = $\frac{1.75*60min/hr}{40}$

setup time = 2.625 min

8 0

2 months ago