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Alinara [238K]
4 years ago
10

On January 1, 2020, Sheffield Company purchased at face value, a $1230, 10% bond that pays interest on January 1. Sheffield Comp

any has a calendar year end. The adjusting entry on December 31, 2020, is:
Business
1 answer:
kupik [55]4 years ago
4 0

Answer:

Dr Interest receivable 123

    Cr Interest revenue 123

Explanation:

Since Sheffield Company purchased the bonds at face value, all they need to report is accrued interest receivable. Since the interest is paid on January 1, they already have earned a year worth of interest.

Dr Interest receivable 123 (= $1,230 x 10%)

    Cr Interest revenue 123

The next day, January 1, you will need to record the interest received:

Dr Cash 123

    Cr Interest receivable 123

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Taft Company had no beginning work in process inventory. Its total manufacturing costs for the year were $858,000. If cost of go
disa [49]

Answer: $192,000

Explanation:

Given that,

Total manufacturing costs = $858,000

Cost of goods manufactured = $666,000

Cost of goods sold = $503,000

WIP - work in progress

Cost of goods manufactured = Beginning work in progress + Total manufacturing costs - Ending work in progress

$666,000 = 0 + $858,000 - Ending work in progress

Ending work in progress = $858,000 - $666,000

                                         = $192,000

4 0
4 years ago
When a corporate name such as Sony is combined with a product brand name such as Walkman, the brand category is referred to as:
Ulleksa [173]

Answer:

Tiered brand

Explanation:

Tiered branding is a strategy used to leverage a company's reputation for a product line. This develops a distinct identity for the product line.

In the given scenario Sony brand I being leveraged to promote the Sony Walkman.

Usually the common tiered branding is two tiered branding. The top tier is the parent brand while the second tier is the sub brand.

So Walkman is the sub brand that uses the reputation of Sony to boost awareness and sales of the new product.

3 0
3 years ago
When comparing different forms of advertising, the property manager should realize that A) trade journals are ineffective for re
Papessa [141]

Answer: C) direct mail is favored by industrial and commercial property owners.

Explanation:

Direct mail advertising is the method still preferred by most industrial and commercial property owners. This is simply down to the fact that it enables them to build a prospective list of clients that they can always target. They then mail these clients professional ads when there is an opening. The benefit of this is that they are mailing to who they would consider to be an audience more likely to act on the information that way their efforts are not wasted.

6 0
3 years ago
What is meant by accounting
abruzzese [7]

Answer:

accounting is a process of analysis and summarising business and financial transactions and verifying the reporting the results...

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7 0
2 years ago
A deposit of $1000 at 4% interest compounded continuously will grow to v(t) = 1000 e^0.04 dollars after t year. Find the average
elixir [45]

Answer: 20,816.215

Explanation:

Given that:

A deposit of $1000 at 4% interest compounding is defined by the growth function:

v(t) = 1000e^0.04t

Where t = number of years.

Find the average value during the first 40 years (that is, from time 0 to time 40.)

(That is t = 0,...,40)

For ease, we can use a python list comprehension to get our values.

v = [1000*2.7182818**0.04*t for t in range(41)]

V gives a list of the value of the deposit from year 0 till 40 years after the deposit.

Average = sum of compounding deposits / number of years

Sum of compounding deposits = sum(v) = $853464.8344

Number of years = len(v) = 41

Hence, average = $853464.8344 / 41

Average = $20,816.215

6 0
3 years ago
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