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Sergio039 [100]
4 years ago
15

Which of the following statements about adjusting entries is NOT true?

Business
1 answer:
vfiekz [6]4 years ago
8 0

Answer:

4. Adjusting entries are typically recorded on the last day of the accounting period.

Explanation:

They aer recorded on the last day of the accounting period as we do adjustment for accrual accounting like:

expired prepaid rent, expired prepaid insurance, accrued wages payable, accrued revenues, accrued interest revenues or interest expense, depreication on assets, amortization and other.

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chubhunter [2.5K]
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6 0
3 years ago
The Yum and Yee food truck near the business school serves customers during lunch hour by taking orders and making fresh batches
Marina86 [1]

Answer:

Setup time = 2.5 min. per order

Process capacity = 1.09 units/minute

Utilization = 7.5 minutes

Explanation:

The time to cook just one order = 3 minutes

Cooking two orders in a batch = 3.5 minutes

cooking three orders = 4 minutes

bagging and accepting payments = 0.80 minutes

a) Setup time:

Setup time = 3 - 0.5

= 2.5 min. per order

b) Process capacity:

Production = Setup time + ( Processing time * Batch size )

= 2.5 + (0.5 * 6)

= 5.5 minutes

Process capacity = Batch size / Production

= 6 / 5.5

= 1.09 units/minute

c) Utilization:

Batch size = 10

Production = Setup time + (Processing time * Batch size)

= 2.5 + (0.5 * 10)

= 7.5 minutes

5 0
3 years ago
The depreciation deduction for year 11 of an asset with a 20-year useful life is $4,000. If the salvage value of the asset was e
PtichkaEL [24]

Answer:

The answer is $80,000

Explanation:

The formula for straight-line depreciation is:

[Cost of asset - salvage value(if any)] ÷ useful life of the asset

Depreciation = $4,000

Cost of asset= ? (represented by y)

Useful life of the asset = 20 years

$4,000 = y ÷ 20 years

y is $4,000 x 20 years

y = $80,000

Therefore, the initial cost of the asset was $80,000

7 0
3 years ago
A degree of aggressive procurement involvement not normally encountered in supplier selection refers to ____. Group of answer ch
Dmitriy789 [7]

Answer:

supplier development.

Explanation:

A degree of aggressive procurement involvement not normally encountered in supplier selection refers to supplier development.

Supplier development is a business strategy and it involves the process of working one-to-one basis or closely with certain suppliers in order to improve and boost their performance for the benefit of growing and developing an organization.

It is a concept that is also similar to reverse marketing in business management. It is a strategic business plan which is aimed at improving the quality and performance of suppliers by availing them resources they need to achieve success and have competitive advantage in the supply chain.

For instance, a buying organization might decide to implore suppliers to enter an emerging market.

Also, another example of the supplier development is, in order to prevent the wide-spread of Corona virus, CDC is ensuring its suppliers of ppe (personal protective equipment) are continuously supplying face masks.

8 0
4 years ago
ABC Tax Planning Service started business in January 2018. The company rented an office for 7,000 per month starting from Januar
Jet001 [13]

Answer:

The answer is: C) $14,000

Explanation:

ABC Tax Planning Services paid six months of rent in advance, from January to July. It spends $7,000 per month on rent, so the six months prepaid rent would be $42,000. On April 30, 2018, ABC had already rented the offices for 4 months, so it had only two months left in its Prepaid Rent account, equivalent to $14,000 (2 x $7,000).

3 0
3 years ago
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