Answer:
Fuel is an expense and the fact that it was not paid off immediately means that it is an amount owed to Western Oil thereby making it an Accounts Payable.
Journal entry is:
Date Account title and Description Debit Credit
Fuel Expense $4,360
Accounts Payable $4,360
Answer:
C. GDP in 2015 is $500 billion.
Explanation:GDP(GROSS DOMESTIC PRODUCT) is a macroeconomic measure that is used to describe the total monetary value of the goods and services rendered within an economy in a given period of time usually annually.
IT IS GENERALLY BELIEVED THAT THE HIGHER THE GROSS DOMESTIC PRODUCT (GDP) IN AN ECONOMY SIGNIFIES THAT THE ECONOMY IS EFFICIENT IN MANAGING ITS PRODUCTIVE RESOURCES AND THE PRODUCTIVITY OF THE ECONOMY IS HIGH.
Answer:
The amount of insurance expense that should appear in the company's 2019 income statement is $1,000
Explanation:
The computation of the insurance expense is shown below:
= Beginning balance of prepaid expense + Additional insurance premium - ending balance of prepaid expenses
= $900 + $600 - $500
= $1,000
For computing the accurate value we added the opening balance of prepaid expenses, additional premium and deducted the ending balance of the prepaid expenses
Answer:
a. 9,030 units.
Explanation:
The computation of the weighted average equivalent units produced is
= Beginning units f product in a department + additional started and completed units + ending work in process units after considering the one-fourth completion
= 880 units + 8,000 units + 150 units
= 9,030 units
The ending work in process units come
= 600 units ÷ 4
= 150 units
