The required journal entry will be by debiting bad debt expense and crediting allowance for uncollectible amounts by 80,400. Total amount for bad debts in 2018 is 85,080.
1) The two journal entries will be :
1. Bad debt expense Dr. 80,400
To Allowance for uncollectible accounts 80,400
2. Allowance for uncollectible accounts Dr. 45,000
To Accounts receivable 45,000
2) Year adjusting entry will be
Bad debt expense Dr. 4,680
To Allowance for uncollectible accounts 4,680
3) The accounts receivable will appear as 587,920 in the balance sheet of 2018.
The Allowance for Doubtful Accounts account is a contra asset account that is used to adjust the balance sheet amount of Accounts Receivable to the amount the company estimates is recoverable from its customers. These are all the answers required for the question.
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Correct question:
Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 3% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly.
At the end of 2017, accounts receivable were $586,000 and the allowance account had a credit balance of $50,000. Accounts receivable activity for 2018 was as follows:
Beginning balance $ 586,000
Credit sales 2,680,000
Collections (2,543,000 )
Write-offs (45,000 )
Ending balance $ 678,000
Summary
Age Group Amount Percent Uncollectible
0-60 days $ 400,000 4 %
61-90 days 95,000 15
91-120 days 55,000 25
Over 120 days 128,000 36
Total $ 678,000
Required:
1. Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year.
2. Prepare the necessary year-end adjusting entry for bad debt expense.
3-a. What is total bad debt expense for 2018?
3-b. How would accounts receivable appear in the 2018 balance sheet?
if the foreign exchange rate is the price in foreign currency for a dollar, then the exchange rate quotes is called
If the foreign exchange rate is the cost of buying a dollar in a foreign currency, the exchange rate quote is known to as an indirect quote.
What is meant by foreign exchange rate?The rate at which one currency can be converted into another is known as the foreign exchange rate. Currency pairs are always traded on the foreign exchange market, and exchange rates always involve two different currencies. Almost 90% of all currency exchanges in 2019 involved the U.S. dollar, according to data from the Bank for International Settlements, a financial organization that serves as a bank to central banks all around the world.
Currency rate adjustments can have a significant impact on the investment power of various markets because businesses are establishing larger international relationships and investors. Investors must understand how their investment will alter as their currency fluctuates. Multinational corporations often prepare all of their financial statements in a single reporting currency. For instance, US businesses must generate a balance sheet, an income statement, and other reports in US dollars.
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Businesses can legally employ only those workers who
Answer: Who can show proof of eligibility to work in the US
Explanation:
Businesses can legally employ only those workers who... can show proof of eligibility to work in the United States.
It would be iilegal for a buisness to hire a person that is not eligible to work in the US, and for this, you need to be an American Citizen or a legal immigrant.
Answer: C-
Can show proof of eligibility to work in the United States
Explanation:
when should an event programing be used
Answer:
The utilization of the given topic is summarized throughout the below section.
Explanation:
Event-driven programming language shall be used if the software doesn't somehow monitor the sequential order of such occurrence.The software circulation or activity was mostly directly guided to an external mechanism like a consumer or client (e.g. a GUI), a whole other method (e.g. a customer or a server).true or false: the term copyright means the author or creator has the right to own and sell a copy of the work they have produced.
Copyright refers to the legal right of the creator or author to possess and market a copy of the work they have created is true .
Copyright is a type of legal protection that gives the author of an original work the sole right to its use and distribution. This implies that the author of a piece of art, music, or literature has the authority to determine how and by whom it may be utilized.
Copyright also prevents others from using the work without permission. Copyright law grants the creator of a work the exclusive right to reproduce, distribute, and derivative works based on the original work.
Anyone wishing to use the work must seek permission from the author or a license from the copyright holder.
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How important is money
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.
The process of allocating the cost of an asset to expense over the useful life of the asset is called.
Answer:
Depreciation
Explanation:
Depreciation is the process of allocating the cost of an asset over the course of its useful life in order to align its expenses with revenue generation.
[RevyBreeze]
Which one of the following statements represents a strategic initiative?
Advertising a special two-week promotion
Curtailing vacation time for a 3-month period
Sending a sales rep to a trade show
O Setting up a fund for continuing education for employees
Answer:
Advertising a special two-week promotion
Explanation:
Advertising a special two-week promotion is a strategic initiative, and it is more specifically, an expansive strategic initiative that aims at product development, or market development, or market penetration, all of which are corporate strategies whose ultimate goal is corporate growth.
Fiona wrote a check to the veterinarian for $89. 56. She’ll use the check register to record her transaction. What will be her new balance? A check register has a balance of 2,324 dollars and 41 cents. 225 dollars and 14 cents is debited, 475 dollars and 12 cents is deposited, and 25 dollars and 89 cents is debited. $2,458. 94 $2,484. 83 $2,549. 55 $2,575. 44.
Fiona's new balance would be $2,458. 94.
When a debit transaction takes place, money is withdrawn from the account. Thus the amount of money in the account would be reduced by the amount withdrawn. Debits would be withdrawn from the balance.
When a credit transaction takes place, money is deposited into the account. The amount of money in the account increases by the amount deposited. Deposits would be added to the balance.
New balance = 2324,41 - 89.56 - 225.14 + 475.12 - 25.89 = $2,458. 94.
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One of the first tasks to accomplish when developing a presentation is to _____.
A. Understanding the needs of your audience
B. Gathering content for an effective review
C. Reading the slides aloud for the audience to interpret them
D. Developing effective slides
E. Applying the story line approach
A. Understanding the needs of your audience is one of the first tasks to accomplish when developing a presentation.
A presentation is a means of conveying information, ideas, or messages to an audience in a structured and engaging manner. It involves presenting content using various mediums such as visual aids, spoken words, and interactive elements to effectively communicate and engage with the audience. Presentations can be delivered in various settings, including business meetings, conferences, educational settings, and public speaking events. The goal of a presentation is to inform, persuade, inspire, or entertain the audience, and it typically involves careful planning, organizing content, and delivering it in a clear and compelling manner.
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Stock in Cheezy-Poofs Manufacturing is currently priced at $65 per share. A call option with a $65 strike and 90 days to maturity is quoted at $3.25. Compare the percentage gains and losses from a $21,125 investment in the stock versus the option in 90 days for stock prices of $55, $65, and $75. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Leave no cells blank - be certain to enter "0" and select "None" wherever required. Input all amounts as positive values. Omit the "%" sign in your response.)
Options % Gain/Loss Stock % Gain/Loss
$55 $65 $75
The percentage gains and losses from a $21,125 investment in the stock versus the option in 90 days for stock prices of $55, $65, and $75
If you buy stock, your investment's % return is only the stock's percentage change between now and 90 days from now.
Return on investment equals (60 - 65) / 65, = -7.69% when the price is 60 in 90 days. ROI equals (65 - 65) / 65, = 0% when the price is 65 in 90 days.
If you decide to buy a call option in this scenario, your investment profit would be equal to the option's payoff less its 3.25 purchase price.
Price reaches 60 in 90 days, the option is not exercised, and the net profit is equal to 0 - 3.25, or -3.25. ROI is equal to -3.25 / 3.25, which is 100%. The price drops to 65 in 90 days, the option is not exercised, and the result is a net loss of -3.25 percent. ROI is equal to -3.25 / 3.25, which is 100%.
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help quick!
According to the video, which qualities do Insurance Underwriters need? Check all that apply.
O communication skills
O customer service skills
Ocomputer skills
Oknowledge of sales strategies
Oan outgoing attitude
O a background in finance
Answer: 1 3 6 or A C F
Explanation:
I just did it on the edge
Answer:
ACF
Explanation:
got it correct on Edge 2020
in an international setting, day-to-day decisions about labor relations are usually handled by each foreign subsidiary
the correct answer is The day-to-day decisions about labor relations are usually handled by each foreign subsidiary in companies that operate across borders.
Depending on the context, the term "labor relations" might signify different things in different fields of study. It is a branch of labor history that examines human connections with regard to work in the broadest sense and how they relate to issues of social inequality in an international setting. It expressly includes historical, uncontrolled, and non-Western kinds of work. Labor relations are defined as "whom one works for or with and under what standards. The sort of labor, type and amount of pay, working hours, levels of physical and mental strain, as well as the degree of freedom and autonomy connected with the work are all determined by these rules—implicit or explicit, written or unwritten.
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which of the following statements about cash flow diagramming is false? which of the following statements about cash flow diagramming is false? the end of period x is at the same time as the beginning of period x 1. more than one cash flow can take place at the end of a single period. cash flows that take place during the middle of a compounding period are placed on the diagram at the start of that period. cash flows that occur during the same compounding period can be algebraically combined into a single cash flow.
Statements concerning cash flow diagramming are untrue since cash flows that occur in the midst of a compounding period are depicted on the diagram at the beginning of that period. The right response in this case is option C.
Cash flows that take place during the middle of a compounding period are usually shown on the diagram at the point in time at which they occur, rather than at the start of that period.
In a cash flow diagram, the end of period "x" is not necessarily at the same time as the beginning of period "x + 1". Multiple cash flows can take place at the end of a single period. Algebraically, cash flows that happen within the same compounding period can be merged to form a single cash flow.
Complete question:
which of the following statements about cash flow diagramming is false? which of the following statements about cash flow diagramming is false?
A - the end of period x is at the same time as the beginning of period x 1.
B - more than one cash flow can take place at the end of a single period.
C - cash flows that take place during the middle of a compounding period are placed on the diagram at the start of that period.
D - cash flows that occur during the same compounding period can be algebraically combined into a single cash flow.
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A job application is a form used to make a job request. (3 points)
True
False
Answer:
I would say it is True.
Explanation:
A job application form states your personal information
when home depot entered the quebec market in canada, two percent of people were aware of the retail chain. to determine advertising effectiveness during the first 18 months in quebec, awareness research was done a second time. for this research, it was decided that if at least 50 percent of a 600-person sample of the population were aware of the home depot brand, it would continue its present advertising program. here, level of awareness is an example of multiple choice a measure of success. secondary data. a constraint. a barrier to entry. an assumption.
Only 2% of people in Quebec, Canada, were aware of Home Depot when it first entered the market. The results of a second round of awareness study were used to assess the effectiveness of advertising in Quebec during the first 18 months. For the purposes of this study, it was decided that the Home Depot brand would continue its current advertising program if at least 50% of a 600-person sample of the population were aware of it. This is an illustration of a success indicator.
The answer is measure of success.
The components that make up the criteria that can be used to b whether or not it is worthwhile to invest time and effort in a project are referred to as the measure of success, in plain English. A few of the numerous examples of the variables that make up a success metric are contentment, income, and position.
The business in the example needed to assess whether its marketing efforts were yielding any benefits, so it created a quantitative criterion to gauge its effectiveness.
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According to the pm essential skills video case, project managment is all about what?.
According to the Project Management Essential skills video case, project management is all about Managing Complex Inter-Linear Relationships.
What is Project Management?Project management is the process of managing a team's effort to fulfill all project goals within the limits set.
This data is often specified in project documentation, which is prepared at the start of the development process. Scope, time, and budget are the key restrictions.
In other words, the objective of project management is to plan and manage a project so that its stated goals and deliverables are met.
It entails detecting and controlling risks, as well as cautious resource management, prudent budgeting, and good communication across numerous teams and stakeholders.
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Jim paid $250,000 for an apartment building with a fair market value of $260,000. At the time of the sale, the building was appraised at $225,000. For income tax purposes, what would be the basis of the apartment building
The amount of $225,000 will be the would be the basis of the apartment building for income tax purposes.
Basically, the cost basis is the purchase cost which is $225,000.
The fair market value and appraised cost does not have anything to do with tax basis for income tax purposes.
In conclusion, the amount of $225,000 will be the would be the basis of the apartment building for income tax purposes
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I will mark you as brainliest!!
What is stock turnover?
A. How long customers have own the products they've purchased
B. How quickly inventory sells
C. How much it costs to keep inventory
D. How the stock market affects inventory
Answer:
d.how the stock market affects inventory
Explanation:
a stock turnover is the rate at which a company's goods are sold and replaced. I hope that helped <3
stock movement Effects of the stock market on inventory Thus option (D) is correct.
What is the stock price?A share price is the price of a single share of a company's salable equity shares. In layman's terms, the stock price is the largest amount of money someone is willing to pay for the stock or the lowest amount for which it can be purchased.
Stock market Analysts in economics and financial theory utilize random walk techniques to model the behavior of asset prices, particularly share prices on stock exchanges. This technique is founded on the assumption that investors operate rationally and without bias, and that they evaluate the value of an asset at any given time based on future expectations.
Therefore, Thus option (D) is correct.
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Explain why a rise in the pound sterling exchange is likely to affect the rate of inflation in the uk
Answer:
A higher inflation rate in the UK compared to other countries will tend to reduce the value of the Pound Sterling because: High inflation in the UK means that UK goods increase in price quicker than European goods. ... This increase in the supply of pounds decreases the value of Pound Sterling.
A person who needs a car for a few weeks while visiting family out of state
would most likely choose to do which of the following?
A. Finance a car
B. Rent a car
C. Lease a car
D. Join a carpool
Answer:
B. Rent a car or A car rental
Explanation:
Got the quiz question correct!
what is the difference between an ipo (initial public offering) and an seo (seasoned equity offering)?
When a privately held company decides to raise revenue, IPO will offer ownership shares of stock or debt securities to the public for the first time. A seasoned equity offering occurs when a previously listed company releases additional shares or debt instruments.
What is an IPO?An initial public offering (IPO) is the procedure of releasing new shares of stock to the general public for the first time in a private corporation. A company can obtain equity funding from the general public through an IPO.
Since there is typically a share premium for current private investors, the transition from a private to a public company can be a crucial time for private investors to fully realise gains from their investment. Additionally, it enables public investors to take part in the offering.
The company has expanded with a relatively small number of shareholders as a pre-IPO private company, including early investors like the founders, family, and friends as well as qualified investors like venture capitalists or angel investors.
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Question 1 (10 points) 1. Create one well-stated customer related goal that would be relevant for Chatters Hair Salon. (doublecheck: Is it SMART?) 2. You are an advisor to the manager responsible for meeting this goal and they need a recommendation on how to keep track of the progress toward the goal. Provide advice that is relevant to this goal and this company.
1. The goal is relevant for the salon and is SMART (Specific, Measurable, Achievable, Relevant, Time-bound).
SMART evaluation:
Specific: The goal specifies increasing customer satisfaction through improving the overall salon experience, focusing on the customer's perception and satisfaction.
Measurable: Customer satisfaction can be measured through surveys, feedback forms, ratings, and reviews, allowing the salon to track improvements.
Achievable: Improving the salon experience is achievable by implementing customer-centric strategies, training staff, enhancing facilities, and optimizing service processes.
Relevant: Customer satisfaction is a key factor in the success of any service-oriented business, making it highly relevant to Chatters Hair Salon.
Time-bound: The goal does not specify a specific time frame, so it would be beneficial to set a deadline or target, such as increasing customer satisfaction by a certain percentage within six months or a year.
2. Recommendation: Implement customer feedback collection, monitor KPIs, provide staff training, and initiate improvement initiatives to track progress toward the goal.
Regularly collect customer feedback: Use customer surveys, feedback forms, and online reviews to gather insights into customer satisfaction levels and identify areas for improvement.
Monitor and analyze feedback: Assign a staff member or team responsible for collecting, analyzing, and reporting customer feedback to identify trends, common issues, and areas of excellence.
Set key performance indicators (KPIs): Establish measurable KPIs related to customer satisfaction, such as customer ratings, repeat business percentage, or positive online reviews, and track these metrics regularly.
Conduct regular staff training: Provide ongoing training sessions for salon employees to enhance their skills, knowledge, and customer service abilities.
Implement improvement initiatives: Based on customer feedback and analysis, develop action plans to address any identified areas for improvement and track the progress of these initiatives over time.
By following these recommendations, Chatters Hair Salon can effectively track progress toward their customer satisfaction goal and make data-driven decisions to continually enhance the salon experience for their customers.
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Samantha deposits $1,500 into the Park Street Bank. The account pays 1.12% annual interest, compounded daily. To the nearest cent, how much is in the account at the end of three non-leap years?
Answer:
=$1,551.255
Explanation:
The amount can be calculates using the formula
A = p x ( 1 + r) ^n
Where A = Amount
P= principal: $1500
r=1.12% or 0.0112 per year. Dairy interest rate = 0.0112/365
n = 365 days x 3 = 1095
A= 1500 x( 1 + 0.0112/365)^1095
A =$1500 x ( 1.00003068493)^1095
A =$1500 x 1.034170
A =$1,551.255
Which of the following describes mannerisms? question 2 options: style of speaking or behaving dressing appropriately values and standards working effectively with others
Answer:
It's A:
Styles of speaking or behaving
Explanation:
Manners do not include of getting along with your staff. Manners are something that is taught by speaking and your actions.
Mannerism can be described as the style of speaking or behaving and dressing appropriately. It is a habitual gesture, speech pattern, or method of behaving.
What is Mannerism?A particular trait or style, especially in behavior or speech: a frequent or typical manner, mode, or way of doing something.
These “micro-behaviors” could be anything from a simple throat-clearing to a very particular tic (i.e., biting nails when nervous).
Thus, option A is correct.
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According to the Six Steps in Strategic Planning find out the Aldi and Mercadona strategic plan 2021-2022 in Spain. Highlight the major differences and similarities between them. (33 points)
Make a picture related to Aldi and Mercadona Positioning Strategies in Spain using Price and Services / Products lines Offered axis. Explain why each company are using these positioning strategies. (33 points)
Discuss the Retail Mix factors (store atmosphere, Interior layout, Advertising, Personal selling, etc) that this Retailers are using currently. (33 points)
The strategic plan of Aldi and Mercadona in Spain is to continue with their expansion plans, but with a focus on sustainability and digitalization.
Aldi has committed to increasing its presence in the country by opening 50 new stores by the end of 2021, while Mercadona aims to open between 10 and 12 new stores per year. Both retailers have also pledged to make their operations more environmentally friendly by reducing plastic waste and investing in renewable energy. The major differences between Aldi and Mercadona's strategic plans are that Aldi is focused on rapid expansion and increasing its market share in Spain, while Mercadona is more focused on consolidating its position as the leading supermarket chain in the country.
Aldi's expansion plans are also more aggressive than Mercadona's, with Aldi planning to open 50 new stores in Spain by the end of 2021, compared to Mercadona's goal of opening between 10 and 12 new stores per year. Aldi and Mercadona's positioning strategies in Spain are based on price and product line offered. Aldi is known for its low prices and wide range of products, while Mercadona is known for its high-quality products and customer service. Aldi's low prices are achieved through a combination of cost-cutting measures and a simplified supply chain, while Mercadona's high-quality products and customer service are achieved through a commitment to investing in its employees and suppliers.
Both companies use these positioning strategies to differentiate themselves from their competitors and attract customers who are looking for either low prices or high-quality products and customer service. In terms of the retail mix factors, both retailers are using a combination of store atmosphere, interior layout, advertising, personal selling, and other factors to create a unique shopping experience for their customers. Aldi's stores are designed to be simple and efficient, with a focus on low prices and wide product selection.
Mercadona's stores are designed to be more upscale, with a focus on high-quality products and customer service. Both retailers invest heavily in advertising, with Aldi using its famous "Aldi Finds" marketing campaign to promote its low prices and unique products, while Mercadona uses a more traditional advertising approach focused on promoting its high-quality products and customer service.
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in the base year, what can we say about real gdp and nominal gdp?
In the base year, we can say that nominal GDP and real GDP are equal, but in subsequent years, real GDP provides a better measure of economic performance by adjusting for inflation.
In the base year, the inflation rate is zero, which means that the nominal GDP and real GDP are equal. This is because the prices of goods and services in the base year are used to calculate both nominal and real GDP. Therefore, in the base year, we can say that nominal GDP and real GDP are equal.
However, in subsequent years, as prices change, there will be a difference between nominal GDP and real GDP. This difference is due to inflation, which causes the prices of goods and services to increase over time.
As a result, nominal GDP will tend to overstate economic growth, while real GDP will provide a more accurate measure of economic performance by adjusting for inflation.
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interviews are more purposeful and structured than other conversations.
True. Interviews are typically more purposeful and structured compared to other conversations. In an interview, there is a specific goal or objective, such as gathering information, assessing qualifications, or making hiring decisions.
The interviewer prepares a set of predetermined questions or topics to cover during the interview, ensuring that the conversation stays focused and relevant. The interview process often follows a structured format, including introductions, specific questioning techniques, and evaluation criteria. This structure helps ensure consistency, fairness, and effectiveness in gathering the desired information or making informed decisions.
Interviews often follow a structured format, which may include an introduction, a series of predetermined questions, and a conclusion. The interviewer may use specific questioning techniques, such as open-ended questions or behavioral-based questions, to gather relevant information. This structure helps create a consistent and standardized process, allowing for fair comparisons between candidates or effective information gathering.
Moreover, interviews often involve an evaluation component, where the interviewer assesses the candidate's qualifications, skills, or fit for a particular role. This evaluation process requires the interviewer to be attentive, take notes, and make objective judgments based on the information provided during the interview.
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Accounting assessment q15/15 assigning indirect costs to specific jobs is completed by _____.assigning indirect costs to specific jobs is completed by _____. applying a predetermined overhead rateapplying a predetermined overhead rate using the manufacturing cost incurredusing the manufacturing cost incurred allocating to manufacturing overhead accountallocating to manufacturing overhead account applying indirect costs to work in process
Assigning indirect costs to specific jobs is completed by D. applying indirect costs to work in process.
What are indirect costs?Indirect costs are costs that are not directly traceable to cost objects (e.g. a job, product, or service unit).
Indirect costs are overheads incurred as a result of a business activity but without direct impact. For example, utilities, office supplies, etc. are all indirect costs.
Thus, assigning indirect costs to specific jobs is completed by D. applying indirect costs to work in process.
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HELP ME PLEASE!!
what is the most important information you can use to make a decision on a loan?
A. loan APR
B. loan length
C. bank's reputation
D. bank's lobby hours
Answer:
C. bank's reputation
Explanation:
If a bank issues loans at half prime, it won't matter if their customer service is subpar.
Answer:
Don't yell at me if I get it wrong but I think it's C.
If the breakeven point is 20,000 and the contribution margin is $1.30, how much are fixed costs?
A) 20,000
B) $26,000
C) $15,384
Fixed costs can be calculated by subtracting the contribution margin per unit from the selling price per unit and then dividing the result by the contribution margin per unit.
Using the given information, we can calculate the fixed costs as follows:Contribution margin per unit = Selling price per unit - Variable cost per unit$1.30 = Selling price per unit - Variable cost per unit Breakeven point = Fixed costs / Contribution margin per unit$20,000 = Fixed costs / $1.30 per unit
Solving for fixed costs, we get:
Fixed costs = $20,000 x $1.30 per unit
Fixed costs = $26,000
Therefore, the fixed costs are $26,000.
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