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Tresset [83]
3 years ago
9

How much will be in the Prepaid Insurance account at the end of the year, after the adjusting entries have been prepared and pos

ted
Business
1 answer:
Crazy boy [7]3 years ago
8 0

Answer: $8,400

Explanation:

The $9,600 is for 2 years in advance. This can be apportioned per month at a rate of;

= 9,600/24

= $400 per month.

October to the end of the year is 3 months so;

= 400 * 3

= $1,200 will be recorded for the year.

Prepaid Insurance will therefore reduce to;

= 9,600 - 1,200

= $8,400

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Mark the three choices that are true of a living trust.
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Bramble Corp. applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-
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Answer:

$11,000 under applied

Explanation:

To compute the under or over applied overhead, we need to find out the predetermined overhead rate

Predetermined overhead rate = Total estimated manufacturing overhead ÷ Estimated machine hours

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= $8.2

Then, the overhead applied is;

= Actual machine hours × Predetermined overhead rate

= 495,000 × $8.2

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3 0
2 years ago
A company is doing business with a German entity and, as a result, has entered into a forward exchange contract on December 18,
elena-14-01-66 [18.8K]

Answer:

$18,000 gain

Explanation:

Calculation for the amount of foreign currency gain or loss that should be recognized in income on December 31, year 2

Since Forward rate was given as:

December 18, year 2 $1.25

December 31, year 2 $1.31

Which means we have to Deduct the forward rate of December 18, year 2 which is $1.25 from the forward rate of December 31, year 2 which is $1.31 and then multiply it by the amount in which forward rate was purchased which is 300,000 Euro which will in turn give us the amount of foreign currency gain that should be recognized in income on December 31, year 2

Now let calculate

Forward rate December 18, year 2 $1.25

Less Forward rate December 31, year 2 $1.31

=$0.06 gain per Euro

Now let calculate for the amount of foreign currency gain that should be recognized in income on December 31, year 2

Hence,

Forward rate purchased amount 300,000 Euro ×$0.06 gain per Euro

=$18,000 gain

Therefore the amount of foreign currency gain that should be recognized in income on December 31, year 2 will be $18,000 gain.

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