Accounts receivable are assets on a balance sheet most likely because they represent the?

Lupine Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. T

Anna [14]

Answer:

Allocated MOH= $420

Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (253,600/31,700) + 6

Predetermined manufacturing overhead rate= $14 per machine hour

<u>Now, we can allocate overhead to Job L716:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 14*30

Allocated MOH= $420

5 0

3 years ago

On July 1, 2019, Sheffield Corp. pays $20,700 to Kalter Insurance Co. for a 3-year insurance contract. Both companies have fisca

11111nata11111 [884]

Explanation:

The journal entries are as follows:

On July 1

Prepaid Insurance A/c Dr $20,700

To Cash A/c $20,700

(Being prepaid insurance is paid)

On December 31

Insurance expense A/c Dr $

To Prepaid insurance A/c $1,110

(Being the insurance expense is recorded)

The insurance expense is shown below:

= $20,700 ÷ 3 years × 6 months ÷ 12 months

= $3,450

3 0

3 years ago

A company had net sales of $660,000, total sales of $810,000, and an average accounts receivable of $78,000. Its accounts receiv

qwelly [4]

About 78,000 until the turn over

5 0

3 years ago

Explain where in the U.S. balance of payments an entry would be recorded for each of the following:

aleksandrvk [35]

Answer:

a. This a capital inflow and it will be recorded in the capital account in the BOP in the BOP.

b. This is an imports of merchandise and it will be recorded under current account in the BOP.

c. This is also an import of merchandise and it will be recorded under current in the BOP.

d. This is an exports of merchandise and it will be recorded under current in the BOP.

e. This an outflow of capital and it will be recorded under capital accounts in the BOP.

f. This is a purchase or import of service and it will be recorded under current account in BOP.

g. This is a sale or export of service and it will be recorded under current account in the BOP.

Explanation:

Balance of Payment (BOP) refers to the statement in which every monetary transactions made between residents of a country and the rest of the world during a specific period are recorded.

Balance of payments records the inflows and outflows of capital which monitors under capital account, imports and exports of merchandise and service which are monitor under current account, and financial transactions.

Therefore, we have:

a. A Hong Kong financier buys some U.S. corporate stock.

This a capital inflow and it will be recorded in the capital account in the BOP in the BOP.

b. A U.S. tourist in Paris buys some perfume to take home.

This is an imports of merchandise and it will be recorded under current account in the BOP.

c. A Japanese company sells machinery to a pineapple company in Hawaii.

This is also an import of merchandise and it will be recorded under current in the BOP.

d. U.S. farmers make a gift of food to starving children in Ethiopia

This is an exports of merchandise and it will be recorded under current in the BOP.

e. The U.S. Treasury sells a bond to a Saudi Arabian prince.

This an outflow of capital and it will be recorded under capital accounts in the BOP.

f. A U.S. tourist flies to France on Air France.

This is a purchase or import of service and it will be recorded under current account in BOP.

g. A U.S. company sells insurance to a foreign firm.

This is a sale or export of service and it will be recorded under current account in the BOP.

3 0

3 years ago

margo borrows $800, agreeing to pay it back with 5% annual interest after 7 months. how much interest will she pay?

Gala2k [10]

Answer:

23

Explanation:

800 * 5% * (7/12) = 23.333

dividing 7 by 12 coz there r 12 months in a year and she is paying for 7.

7 0

1 year ago