Answer:
$39,960
Explanation:
Considering all the transactions recorded;
When insurance is paid in advance, the entries required are
Debit Prepaid Insurance
Credit Cash account
As time elapses and the insurance expires,
Debit Insurance expense
As such amount that should have been posted to insurance expense
= $5400/3
= $1800
Adjustment required
= $5400 - $1800
= $3600
When a fee is received in advance for a service yet to be rendered, the revenue for such fee is said to be unearned. The entries required are
Debit Cash account and Credit Unearned fees or deferred revenue.
As the service is performed and the revenue is earned, debit Unearned fees and credit revenue.
Hence the revenue will be deducted ($775).
When the inventory closing balance is understated, the cost of goods sold is overstated and as such the net income which is posted to the retained earnings will be understated
. $795
Interest expense to be recognized
= 12% * 3/12 * $22,000
= $660
the proper amount of net income for 2021
= $37,000 - $660 - $775 + $3600 + $795
= $39,960
The payback period for the investment made by Oriental Corporation would be <u>C. 4 years</u>.
<h3>What is the payback period?</h3>
The payback period is a capital budgeting tool that considers the length of time it takes to recover the investment cost using periodic cash inflows.
The technique shows the length of time an investment reaches a breakeven point (equal costs with equal cash inflows).
<h3>Data and Calculations:</h3>
Investment cash = $200,000
Annual net cash flows = $50,000
Life span = 10 years
Salvage value = $0
Discount rate = 10%
Payback period = 4 years ($200,000/$50,000)
Thus, the payback period for the investment made by Oriental Corporation would be <u>C. 4 years</u>.
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Answer:
Patent Infringement
Explanation:
Patent Infringement is the production or selling of another company's intellectual property, inventions or designs (as your own), without the permission or license of the owner.
Patent infringement and licensing infringement can be used interchangeably.
Windsor's gross profit for the month is:C. $1520.
<h3>Gross profit</h3>
First step
January purchase:
Purchase= 130 - (210 - 130)
Purchase=130-80
Purchase= 50 units
Sales revenue= (260 + 50) x 9
Sales revenue=310×9
Sales revenue= $2,790
Second step
Cost= (260 x 4) + (50 x 4.60)
Cost=1,040+230
Cost= $1,270
Third step
Gross profit:
Gross profit= 2,790 - 1,270
Gross profit= $1,520
Therefore the correct option is C.
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Answer:
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