Answer:
4. Adjusting entries are typically recorded on the last day of the accounting period.
Explanation:
They aer recorded on the last day of the accounting period as we do adjustment for accrual accounting like:
expired prepaid rent, expired prepaid insurance, accrued wages payable, accrued revenues, accrued interest revenues or interest expense, depreication on assets, amortization and other.
Answer:
- a. 0.97 units per dollar input.
- b. $3.48 per dollar input.
Explanation:
a. Units sold per dollar input:
= Total units / (Total wage + Total Raw Material cost + Total Component cost)
= 50,200 / ( (7.60 * 625 hours) + 31,500 + 15,645)
= 50,200 / 51,895
= 0.97 units sold per dollar input
b. Sales per dollar input:
= Total sales / (Total wage + Total Raw Material cost + Total Component cost)
= (50,200 * 3.60 per unit selling price) / 51,895
= 180,720 / 51,895
= $3.48 per dollar input
Answer:
It's C
Explanation:
Your net worth isnt money you can spend its how much money your worth
Answer:
1. a. Raw Materials
Materials left in storeroom
= (7,390 - 6,800) * $145
= $85,550
b. Work in Process
90% were completed so 10% was left. 100 batteries were removed from the 6,800 batteries.
= 10% * (6,700 * 145)
= $97,150
c. Finished goods
Unsold goods are 30%.
= 6,700 * 90% * 30% * 145
= $262,305
d. Cost of goods sold
Sold goods were therefore 70%
= 6,700 * 90% * 70% * 145
= $612,045
e. Selling expense
= 100 batteries used in sales staff cars * 145
= $14,500
2.
- Raw materials - Balance Sheet
- Work in process - Balance Sheet
- Finished goods - Balance Sheet
- Cost of goods sold - Income statement
- Selling expanse - Income statement
Answer:
Explanation:
The T account is presented below:
Allowance for Doubtful Debts
Jan 29 $5,850 Jan 1 Beginning balance $54,200
Aug 9 $11,850 April 18 $4,000
Dec 31 $52,160 Nov 7 $7,000
Dec 31 Unadjusted
balance $4,660
Dec 31 Adjusting entry $64,660
Dec 31 Adjusted balance $60,000
