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SVETLANKA909090 [29]

3 years ago

10

The balance in the prepaid rent account before adjustment at the end of the year is $21,000, which represents three months’ rent

paid on december 1. the adjusting entry required on december 31 is to

1 answer:

nikdorinn [45]3 years ago

6 0

Rent for December is
21000/3months= 7000

The adjusting entry is
Debt to rent expenses 7000
Credit to prepaid rent 7000

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Which spreadsheet type will determine how well a business has done over the past year?

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<span>profit-and-loss statement</span>

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State and city governments have promoted facilities where new businesses can open up shop and share common services such as secr

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Incubators

Explanation:

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3 years ago

The following partially completed process cost summary describes the July production activities of Ashad Company. Its production

xeze [42]

Answer:

Units Transferred Out $ 663750

Work In Process Ending $ 30440

Direct Materials Costs $ 11.5 per EUP Conversion Costs$6.2 per EUP

Explanation:

Ashad Company

Weighted Average Method

Cost Of Production Report

Equivalent Units of Production

Direct Materials Conversion

Units transferred out 37,500 EUP 37,500 EUP

<u>Units of ending work in process 2,000 EUP 1,200 EUP</u>

<u>Equivalent units of production 39,500 EUP 38,700 EUP</u>

Costs Added

Direct Materials Conversion

Costs of beginning work in

process $13,450 $1,860

<u>Costs incurred this period 440,800 238,080</u>

<u>Total costs $454,250 $239,940 </u>

<u />

Costs per EUP

Direct Materials Conversion

$454,250/ 39,500 EUP $239,940/38,700 EUP

= $ 11.5 per EUP = $6.2 per EUP

Dividing the costs with EUP gives cost per EUP.

Costs Accounted For

Units Transferred Out $ 663750

Materials = $ 11.5 * 37500=$ 431250

Conversion= $ 6.2 * 37500=$ 232500

Total = $ 663750

Work In Process Ending $ 30440

Materials = $ 11.5 * 2000=$ 23000

Conversion= $ 6.2 * 1200=$ 7440

Total = $ 30440

Now adding the costs of Transferred out units and the ending work in process inventory equals the total of the costs added.

$ 663750+$ 30440 = $454,250 + $239,940

$ 694190 = $ 694190

8 0

3 years ago

Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received

aleksley [76]

Answer:

A. $11,970

B. $11,890

C. January

Explanation:

a. Calculation for the after-tax cost if Isabel pays the $19,000 bill in December

After-tax cost=$19,000 - ($19,000 x 37%)

After-tax cost= $19,000 - $7,030

After-tax cost= $11,970

Therefore the after-tax cost if Isabel pays the $19,000 bill in December will be $11,970

b. Calculation for the after-tax cost if Isabel pays the $19,000 bill in January

First step is to calculate the cost before taxes

Cost before taxes = $19,000 - ($19,000 x 8%/12) Cost before taxes= $19,000 - $127

Cost before taxes= $18,873

Now let calculate the After-tax cost

After-tax cost = $18,873 - ($18,873 x 37%)

After-tax cost= $18,873 - $6,983

After-tax cost = $11,890

Therefore the after-tax cost if Isabel pays the $19,000 bill in January will be $11,890

c. Based on the above calculation for both a and b, Isabel should pay the amount of $19,000 bill in January reason that it has the lowest cost of debt of the amount of $11,890 compare to December which has the cost of debt of the amount of $11,970.

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3 years ago