Answer:
Equivalent units of production for materials
Opening work in process was complete with respect to materials so not EUP there.
Closing work in process was complete as well.
EUP for materials is:
= Units transferred to Finishing Department - opening WIP
= 630,000 - 150,000
= 480,000 units
Equivalent units of production for conversion
= EUP opening work in process + units transferred to finishing department + EUP closing work in process
= (40% * 150,000) + 480,000 + (40% * 120,000)
= 60,000 + 480,000 + 48,000
= 588,000 units
<em />
<em>EUP opening work in process already had 60% of conversion cost incurred in previous period so only 40% will be incurred in present period. </em>
Answer:
it's a tangible long-term asset
Answer:
c. she will get no discount.
Explanation:
Given that
2/15, n/30
That means if the payment is made within 15 days then 2% discount is given and total credit period allowed is 30 days
As it is mentioned that invoice is received on March 19 and the amount paid on April 10 so the number of days is 22
So there is no discount given as it is exceeded than 15 days
The answer is going to be B. The social benefit is less than the private
Answer:
a. HORIZONTAL METHOD
INCOME STATEMENT
date Income $ - Expenses $ = net income
1 Nov - - - - -
b. adjusting
31 each rent 5,300 - - 5,300
month
c. BALANCE SHEET AS AT 31 DEC
Assets = Equity + Liabilities
+ bank $84,800 - prepaid expense +$84,800
Explanation:
on 1 Nov there is no entry for the amount in the income statement because it is not yet earned only the balance sheet is affected + bank $31800 and + income received in advance ( liability) $31800
each month's rent = $31800/ 6month =$5300
18 months rent = 95400
unearned at december = 18 months - 2 months earned
= 95400- 10600
=$84,800