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1 year ago

use the accounting equation to solve for the missing information. 2. did jacob's overhead doors report net income or net loss?

Business

1 answer:

vichka [17]1 year ago

7 0

Total assets 44900

Less: Liablities 14,550

Total Owner's equity 30,350

Less: Owner's capital 30,670

Add: Drawings 7,500

Less: Revenues 8,850

Expense 1,670

Assets =Liabilities +Owner's-Drawings+Revenues-Expense capital

44,900 = 14,550 + 30,670- 7,500 + 8,850 - 1,670
2. Jacob states a profit of $7,180

Net Income = Revenues – Expenses
= 8850–1670 = 7180

Equipment, real estate, raw materials, and inventories are examples of tangible assets. Intangible assets include things like royalties, patents, and other intellectual property.

The amount earned by an individual or corporation after costs, allowances, and taxes is referred to as net income. Net income in company is the amount that remains after all costs, such as salaries and wages, the cost of goods or raw materials, and taxes, have been paid.

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The answer is material math error.

An adjusting entry is essentially a bookkeeping modification that improves the accuracy of the financial statements by reflecting the revenue and spending on an accrual basis, which is typically but not always the case. At the conclusion of the accounting period, adjustments are made. This might happen towards the end of the month or at the end of the year.

Prior period adjustments are errors or mistakes committed in the prior reporting period. These mistakes must be remedied or eliminated by taking suitable corrective action. Prior period items include factual errors, arithmetic errors, and errors in applying accounting rules.

Therefore, material math error is the correct option.

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identify each of the following expenditures as chargeable to land, land improvements, buildings, machinery and equipment, or oth

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An expenditure represents a charge with both coins or credit score to buy items or services. It is recorded at a unmarried factor in time (the time of buy), as compared to an expense this is recorded in a length wherein it's been used up or expired. This manual will evaluate the distinctive styles of fees utilized in accounting and finance.

The required details about expenditure is mentioned below .

(a) Land -

Cost of land fill for constructing site.

Special evaluation paid to town for extension of water fundamental to assets.

Cost of razing and putting off the vintage constructing on assets received for a constructing site.

Delinquent actual property taxes assumed with the aid of using client on assets received for a constructing site.

Attorney's rate for identify search.

(b) Land Improvements -

Cost of paving parking region for personnel and customers.

Parking lot lighting.

Installing a fence across the parking lot.

(c) Buildings -

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Interest incurred on mortgage in the course of production of constructing.

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1 year ago

Perteet Corporation's relevant range of activity is 3,600 units to 8,000 units. When it produces and sells 5,800 units, its aver

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Answer:

Total MFG Overhead $ 20680

Explanation:

Perteet Corporation

Manufacturing overhead consists of Variable manufacturing overhead and Fixed manufacturing overhead.

Variable manufacturing overhead $ 1.40

Fixed manufacturing overhead $ 3.30

Manufacturing overhead per unit $ 4.7

No of units = 4,400

Total MFG Overhead = 4.7 * 4400 = $ 20,680

The manufacturing overhead costs do no not consists of Fixed selling expense, Fixed administrative expense ,Sales commissions and Variable administrative expense. Another way of finding the manufacturing overhead costs is subtracting the cost of direct materials and direct labor from the cost of goods sold.

Cost of Goods Sold $ 14.2

Direct materials $ 6.30

Direct labor $ 3.20

Variable manufacturing overhead $ 1.40

Fixed manufacturing overhead $ 3.30

Total Manufacturing Costs= $ 14.2

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Less Direct Labor Costs = $ 3.2

Mfg Overhead= $ 4.7

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2 years ago

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Answer: The correct answer is "D. Goods in Process and Factory Overhead."

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Indirect labor: it is the labor consumed in the administrative areas of the company or that production staff that does not participate directly in the production of the good. As it is part of the cost that is indirectly incorporated into the product, it is considered factory overheads.

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1 year ago

use the accounting equation to solve for the missing information. 2. did jacob's overhead doors report net income or net​ loss?

use the accounting equation to solve for the missing information. 2. did jacob's overhead doors report net income or net loss?