On 1 May the Sea Traders Company purchased 200 spare parts for fishing boats, costing 20 each.
Question:
(a) Calculate the profit made on this transaction.
(b) Explain the impact of each transaction on the accounting equation.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
a Calculation of profit Amount Amount Cost of sold each ...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Sea Company purchased 60% of Island Companys common stock for $180,000. On the acquisition date, Islands book value of net assets totaled $250,000 and the fair value of identifiable net assets...
-
Suppose that you are a collector of antique cars and you need to purchase spare parts for a 1938 engine. These parts are not made anymore and are scarce. You discover that Beem has the spare parts...
-
Brave Maven Inc. (BMI) operates in challenging economic times. It currently manufactures trucks and equipment used for construction as well as off-road automobiles and automotive parts. During the...
-
Some will argue that KPMG inappropriately subordinated its judgments to Xerox preferences. How could accounting firms ensure that auditors do not subordinate their judgments to client preferences on...
-
A coil carrying a current I =10 mA is placed in a uniform magnetic field so that its axis coincides with the field direction. The single-layer winding of the coil is made of copper wire with diameter...
-
Water at 20°C flows through the piping junction in the figure, entering section 1 at 20 gal/min, the average velocity at section 2 is 2.5 m/s. A portion of the flow is diverted through the...
-
The weights (in pounds) for a sample of adults before starting a weight-loss study are listed. What is the mean weight of the adults? 274 235 223 268 290 285 235
-
On May 15, Criqui Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due, the...
-
An agent makes the following statement to a potential buyer: 'The property has amazing views - look at these images. You can see all the way to the bay!' The agent shows the buyer images of the...
-
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2020. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from...
-
Which of the following errors would be detected at the point of listing a trial balance? (a) The bookkeeper enters a cash sale as a debit of 49 in the cash book and as a credit of 94 in the sales...
-
The following transactions relate to Toy Manufacturers Company during the month of June. (a) Calculate the profit on sale. (b) Explain the effect of each transaction on the accounting equation. Date...
-
A corporate bond portfolio manager was overhead asking:Why do I need a credit risk model. I can get information about the probability of default from credit ratings? How would you respond to this...
-
A phase lead compensator has the transfer function \[ \mathrm{G}_{c}(s)=\frac{10(1+0.04 s)}{(1+0.01 s)} \] The maximum phase angle lead provided by this compensator will occur at a frequency...
-
Which one of the following is NOT a correct statement about the state-space model of a physical system ? (a) State-space model can be obtained only for a linear system (b) Eigen values of the system...
-
A system is placed in a feedback organisation as shown in Fig. D8.2. Design a lead compensator so as to meet the following design goals: (i) Error coefficient \(\mathrm{K}_{v}=2\) (ii) Phase margin...
-
The matrix of any state-space equations for the transfer function \(C(s) / R(s)\) of the system, shown below in figure is (a) \(\left[\begin{array}{rr}-1 & 0 \\ 0 & -1\end{array}ight]\) (b)...
-
An architecture of a feedback compensator is shown in Fig. D 8.10. Design the parameters \(\mathrm{K}\) and \(b\) to achieve the following specifications: (i) Peak overshoot \(\leq 10 \%\) (ii)...
-
The March 2016 bank statement of Tongs Toyworld has just been received from its bankers. The following information is available: 1. The March bank column totals of the cash receipts and cash payments...
-
The MIT Sloan School of Management is one of the leading business schools in the U.S. The following table contains the tuition data for the masters program in the Sloan School of Management. a. Use...
-
Give five examples of items which are assets?
-
Explain what 'recognition' means in accounting?
-
Explain what 'recognition' means in accounting?
-
What is printed by the following Java statement: System.out.println(what01(4, 7)); The method is defined as: private static int what01(int n, int k { } int v = 0; for (int j = 0; j < n; j++) { v=v 10...
-
Write a MATLAB code/script which includes a row vector named your first name constructed with square brackets consisting of the digits in your student number in order and calculates the sum of the...
-
Write a MATLAB code/script includes calling a function named your first name which returns the area and volume of a cylinder. This code prompts the user to enter the radius (r) and height (h) values...
Study smarter with the SolutionInn App