Answer:
The number of units that would appear in June's production budget are 297000 units.
Explanation:
The production in June will contain 80% units that relates to June's budgeted sales and 20% units that relate to July's budgeted sales. Thus, the number of units that are to be produced in June are:
June's Production = 0.8 * 295000 + 0.2 * 305000 = 297000 units
Thus, in June, 297000 units will be produced.
Answer: C) A debit of $200,000.
Explanation:
In 2018, Hawk sold all the Diamond Investment bonds at $700.
The amount of reclassification adjustment would be;
= Sales price - original purchase price
= (1,000 * 700) - (1,000 * 500)
= $200,000
The amount should be debited to reverse the gains recorded over the other years.
Answer:
Total FV= $134,711.26
Explanation:
Giving the following information:
Cash Flow:
Cf2= $22,200
Cf3= $40,200
Cf5= $58,200
Interest rate= 9 percent per year.
To calculate the future value, we need to use the following formula on each cash flow:
FV= PV*(1+i)^n
Cf2= 22,200*(1.09^3)= 28,749.64
Cf3= 40,200*(1.09^2)= 47,761.62
Cf5= 58,200
Total FV= $134,711.26
<span>The process of earning your income is called earning a living. It may be because we need different things to live a comfortable life. For these, we need a income first. So by earning income, we are indirectly earning a (comfortable) living.</span>
Answer:
1. No journal entry required
2. No journal entry required
3 Dr Loss $470,000
Cr Contingent liability $470,000
Explanation:
Preparation of the journal entry to Record any amounts as a result of each of these contingencies
1. Based on the information given we were told that The likelihood of the payment is reasonably possible which means that contingent liability amount was not recognized and therefore NO JOURNAL ENTRY IS REQUIRED
No journal entry required
2. Based on the information given we were told that Environmental Printing was expecting to win the case and be awarded the cash amount involved which means NO JOURNAL ENTRY IS REQUIRED reason been the CONTINGENT GAIN will not be recognized until the amount is received.
No journal entry required
3. Contingent liability was recorded because the payment is reasonably possible and Estimated.
Dr Loss $470,000
Cr Contingent liability $470,000
