Answer:
$215,000
Explanation:
Retained Earning is an equity account and its balance is credit in nature. It is the accumulated balance of all the prior year's income / losses after paying all the dividend. This balance can be used for the dividend payment or reinvestment in the business.
Any prior years adjustment in the revenue and expense will be recorded in the retained earning because it carry the accumulated profit all the prior years.
The premium on insurance for only one year should be recorded, but premium of 3 years is expense in 2020, from which there is an advance premium of 2 years.
Adjustment Value = $30,000 x 2/3 x (1-0.25) = $15,000
The adjustment should be added in the retained earning balance as it was expensed earlier.
Adjusted retained earning balance = $200,000 + $15,000 = $215,000
Answer:
$44
Explanation:
Given that
Direct material cost = $17
Direct labor cost = $10
Variable manufacturing overhead = $17
The computation of unit product cost using variable costing is shown below:-
Unit product cost = Direct material cost + Direct labor cost + Variable manufacturing overhead
= $17 per unit + $10 per unit + $17 per unit
= $44
Therefore for computing the unit product cost we simply added the direct material cost, direct labor cost and variable manufacturing overhead.
Answer:
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Explanation:
Answer:
<em>Open Communication</em>
Explanation:
In business, open communication is<em> really the capacity of anyone to obtain, access and share communication resources on one level in order to provide value-added facilities on yet another level in a layered communication system architecture under equal conditions with a transparent relationship between cost and pricing.</em>
It is important for business because it encourages your staff to become more involved and recognize that what they are doing counts to business success.
Answer:
The amount of uncollectible accounts expense that will be recognized on the Year 1 income statement is $1,620.
Explanation:
To arrive at the amount of uncollectible accounts expense that will be recognized on the Year 1 income statement, we simply need to calculate 3% of the company's sales on account balance, as follows:
3% of ($190,000 - $136,000) = $1,620
So, $1,620 would be the bad debt expense that will be recorded in Year 1 income statement, since there is no opening balance of sales on account and allowance for doubtful accounts.
Also, note that the collection on account during the year would reduce the sales on account balance, as shown above.
