Explanation:
The adjusting entry is as follows
On December 31
Insurance expense A/c Dr $5,150
To Prepaid insurance A/c $5,150
(Being the insurance expense is recorded)
It is computed below:
= Balance in prepaid insurance account - unexpired amount
= $9,050 - $3,900
= $5,150
While passing the adjusting entry we debited the insurance expense account and credited the prepaid insurance account
Answer:
True
Explanation:
Performance management refers to defining criteria for evaluation of performance.
It involves processes via which employees and managers work in coherence to plan and review work objectives of different employees and how effectively they contribute towards organizational goals and objectives.
Such a process is responsible for evaluating the performance of employees with respect to their respective contribution towards goals and involves measuring such performance as per the standards to performance.
The process helps in identifying performance deviations from expected standards and the corrective action which is required to be taken.
Answer:
Number of units to be sold= 6,093
Explanation:
Giving the following information:
Selling price= $120
Unitary variable cost= $52.8
Fixed cost= $396,480
Desired profit= $13,000
<u>To calculate the number of units to obtain the desired profit, we need to use the following formula:</u>
Break-even point in units= (fixed costs + desired profit) / contribution margin per unit
Break-even point in units= (396,480 + 13,000) / (120 - 52.8)
Break-even point in units= 6,093.4 = 6,093
Answer:
Her regular gross pay is $360
Explanation:
Regular gross pay is that pay which the person earn on daily basis or it is a fixed amount which he gets after completing a month.
In the question, we have to find out the regular gross pay which includes the daily earning of a person
So, her regular gross pay is equal to
= number of hours × rate per hour
= 40 × $9
= $360
We don't include overtime wages as it is not included in regular gross pay. So, it is ignored.
Hence, her regular gross pay is $360
Answer:, $27 per share
Explanation:
GIVEN THE FOLLOWING ;
Original Cost of stock per share = $26
Date purchased = 9th June
12th June, Stock sold at = $23 per share
On 30th June, Repurchasement cost = $24 per share.
Loss on stock = original cost of stock per share - sales price of stock
Loss on stock = $26 - $23 = $3
The customer in this case sold his stock at a loss and repurchases a similar stock within 30 days. This is called a washout sale and in this case, the loss incurred on the sold stock is added to the cost basis of the new stock purchased.
Repurchased price = $24
Loss on sold stock = $3 per share
Therefore, customer cost basis =
$24 + $3 =$27 per share.
