Answer:
Explanation:
Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.
There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.
The outstanding deposits is computed below:
= Company cash receipts - bank deposited
= $74,620 - $71,370
= $3,250
And, the outstanding checks is computed below:
= Company written checks - Processed by bank
= $72,512 - $71,252
= $1,260
The preparation of the bank reconciliation statement on May 31 is presented in the spreadsheet. Kindly find the attachment below:
Answer:
Dr Equipment $22,843
Dr Licence expenses $210
Dr Prepaid Insurance $875
Cr Cash $23,928
Explanation:
Preparation of the journal entry for Bench Company
Based on the information given we were told that Company made the following transaction:
Purchase of delivery van for tha amount of $22,175
Sales taxes for the amount of $443
Painting for the amount of $225
Vehicle license for the amount of $210
Accident insurance for the amount of $875
Therefore based on the above Bench Company Journal entry will be recorded as:
Dr Equipment $22,843
($22,175+$443+$225)
Dr Licence expenses $210
Dr Prepaid Insurance $875
Cr Cash $23,928
Average fixed costs continually decrease is the correct answer. The average costs assist in identifying the costs related to producing a single unit, whereas the total cost of production aids businesses in understanding the entire expenses incurred.
The total fixed cost is divided by the quantity of units produced to get the average fixed cost. The fixed cost incurred in producing a unit of output is known as the average fixed cost.
Any increase in output reduces the average fixed cost because Total Fixed Cost is constant. Though the average fixed cost can go very small, it will always exist.
To learn more about average fixed cost, click here
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Answer:
The cost per unit under absorption costing is $167
Explanation:
Under absorption costing approach, the direct material, direct labor, Variable manufacturing overhead and fixed manufacturing overhead are considered as product cost. All other cost are considered as period cost
Thus, the cost per unit under the absorption costing is
Particulars Amount
Direct material $66
Direct labor $60
Variable manufacturing overhead $7
Fixed manufacturing overhead <u> $34</u>
$ 200,600 / 5,900
Cost per units <u>$167</u>
Thus, the cost per unit under absorption costing is $167
Answer:
Purchases= 20,675 pounds
Explanation:
Giving the following information:
Production:
Feb= 20,900
Mar= 20,000
One pound of material is required for each finished unit.
Desired ending inventory= 25% of the following month's production needs.
<u>To calculate the purchase required for February, we need to use the following formula:</u>
Purchases= production + desired ending inventory - beginning inventory
Purchases= 20,900 + (20,000*0.25) - (20,900*0.25)
Purchases= 20,675
