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2 years ago

15

What is the proper adjusting entry at june 30, the end of the fiscal year, based on a prepaid insurance account balance before a

djustment, $18,500, and unexpired amounts per analysis of policies of $6,000?

1 answer:

blagie [28]2 years ago

6 0

Debt insurance expenses 6000
Credit prepaid insurance 6000

prepaid insurance account balance after adjustment is
18,500−6,000=12,500

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Target profit is $100,000; fixed overhead costs are $120,000 and fixed selling and administrative costs are $50,000. If total va

vlada-n [284]

Answer:

40%

Explanation:

The markup percentage to the variable cost using the variable cost method can be obtained by dividing the addition of the target profit and total fixed cost by the total variable cost as follows:

Total fixed cost = Fixed overhead costs + Fixed selling and administrative costs = $120,000 + $50,00 = $170,000

The markup percentage to the variable cost = (Target profit + Total fixed cost) / Total variable cost = ($100,000 + $170,000) / $675,000 = $270,000 / $675,000 = 0.40, or 40%.

Therefore, the markup percentage to the variable cost using the variable cost method is 40%.

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3 years ago

Two carpenters at a cabinet company are interested in receiving a raise in salary. Matt has worked for many years at the company

son4ous [18]

Answer:

C.

Explanation:

Jason will get the raise because even though he is new he works hard like he's been there for years. Matt will not get it because even though he has worked there for a while he doesn't do his job good.

Explanation:

5 0

2 years ago

Read 2 more answers

Let’s see how fees can hurt your investment strategy. Let’s assume that your mutual fund grows at an average rate of 5% per year

elena-14-01-66 [18.8K]

Answer:

We notice that the more the fees increase for a constant rate of return, the number of years it takes to double on the investment also increases. For example;

a). 15.6 years

b). 20 years

c). 28 years

Explanation:

The rule of 70 is a formula that can be used to estimate the number of years it will take an investment to double up.The formula is expressed as;

Number of years to double=70/Annual rate of return

a). Given;

Annual rate of return per unit of investment=5%

Annual fees per unit of investment=0.5%

Net rate of return=Annual rate of return-Annual fees=(5%-0.5%)=4.5%

Replacing;

Number of years to double=70/Net rate of return

=70/4.5=15.555 to nearest tenth=15.6 years

b). Given;

Annual rate of return per unit of investment=5%

Annual fees per unit of investment=1.5%

Net rate of return=Annual rate of return-Annual fees=(5%-1.5%)=3.5%

Replacing;

Number of years to double=70/Net rate of return

=70/3.5=20.0 to nearest tenth=20 years

c). Given

Annual rate of return per unit of investment=5%

Annual fees per unit of investment=2.5%

Net rate of return=Annual rate of return-Annual fees=(5%-2.5%)=2.5%

Replacing;

Number of years to double=70/Net rate of return

=70/2.5=28.0 to nearest tenth=28 years

We notice that the more the fees increase for a constant rate of return, the number of years it takes to double on the investment also increases

6 0

3 years ago

Whispering Winds Corp. has the following inventory data: July 1 Beginning Inventory 37 units at $18 $666 7 Purchases 129 units a

alexgriva [62]

Answer:

Whispering Winds Corp.

Using the FIFO inventory method, the amount allocated to cost of goods sold for July is:

= $2,585

Explanation:

a) Data and Calculations:

Date Description Units Unit Cost Total Cost

July 1 Beginning Inventory 37 $18 $666

July 7 Purchases 129 $19 2,451

July 22 Purchases 18 $20 360

July 30 Total available 184 $3,477

July 30 Ending inventory 46

July 30 Units sold 138

Cost of goods sold, using FIFO inventory method:

Date Description Units Unit Cost Total Cost

July 1 Beginning Inventory 37 $18 $666

July 7 Purchases 101 $19 1,919

Total cost of goods sold = $2,585

Ending inventory = $892 (18 * $20 + 28 * $19)

3 0

3 years ago

In August, one of the processing departments at Tsuzuki Corporation had beginning work in process inventory of $24,000 and endin

Ipatiy [6.2K]

Answer:

b. $307,000

Explanation:

Costs to be accounted in cost reconciliation report = Opening balance of work in process + Cost of production added during the month

= $24,000 + $283,000

= $307,000

Cost reconciliation report shows what costs need to be accounted for in a month and the manner in which they are actually accounted for.

It is a step in preparation of production report which shows how beginning work in process inventory and the costs which are added to production during the period are recorded.

Hence in cost reconciliation report pertaining to the month of Aug, opening work in process and costs added to production during the month are recorded.

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3 years ago