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jarptica [38.1K]
3 years ago
11

Nick contracts for the sale of this year's strawberry crop to Phoenix, with payment to go to Rural Cooperative Association. The

contract reserves to Nick and Phoenix the right to modify its terms. Rural Cooperative's right to payment is
Business
1 answer:
FromTheMoon [43]3 years ago
7 0

Answer:

Subject to any change That Phoneix and Nick make

Explanation:

Since in the question,  it is given that the contracts reserve the right to change or modify the term of the contract between the Nick and Phoenix and the payment is go to Rural Cooperative Association

Therefore the right to payment reflects the changes that made by Phoneix and Nick as the contract allows to make any modification or changes to the contract terms

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If you're renting a house or apartment, you only need renter's insurance for the first few months.
tensa zangetsu [6.8K]

Answer:

You'll only need renters insurance if your landlord or your building requires it. While not required otherwise, anyone renting any type of residence long-term—be it an apartment or single-family home—should strongly consider purchasing a renters insurance policy.

4 0
3 years ago
Which of the following is an allocation base commonly used under the traditional methods for allocation of overhead costs?
Ksju [112]

Answer: Direct labor hours

Explanation: In simple words, direct labor hours refers to the standard amount of time that the labor takes to complete a task. It is a very common and has been used traditionally as an allocation base for the overhead costs.

Using this as a base, the accountant can allocate the overheads by allocating the per unit cost on the basis of direct labor hours worked in a particular span of time.

Hence, from the above we can conclude that the correct option is B.

6 0
3 years ago
E3-33B. (Learning Objectives 1, 3: Journalizing adjusting entries and analyzing their
myrzilka [38]

The act of logging any transaction, whether or not it is an economic one, is known as a journal entry. Transactions are listed in an accounting journal that shows a company's debit and credit balances.

<h3>Give a brief account on adjusting journal entries.</h3>

An adjusting journal entry is one that is made at the end of an accounting period in the general ledger of a business to record any unrealized income or expenses that occurred during the period. An adjusting journal entry is necessary to accurately account for a transaction that happens between two accounting periods.

To solve the question :

1. Adjusting journal entries are as follows :

Particulars                                                                  Debit.                Credit

a. Insurance expense A/c

($800 + $2,500 - $2,400)                                          $600

To prepaid insurance A/c                                                             $600

(entry for expired portion of

prepaid insurance)  

b. Interest receivable A/c                                           $1,200

To interest revenue A/c                                                             $1,200

(adjusting entry for

accrued interest revenue)  

c. Unearned service revenue A/c ($1,500 - $600)    $900

To service revenue A/c                                                                       $900

(entry for earned portion of

unearned service revenue)  

d. Depreciation expense A/c                                           $4,700

To accumulated depreciation A/c                                             $4,700

(To record depreciation expenses)  

e. Salaries Expense A/c

($24,000 / 5 days × 3 days)                                             $14,400

To Salaries payable A/c                                                           $14,400

(To record accrued salaries expenses)  

f. Income tax expense A/c

($21,000 × 25%)                                                          $5,250

To income tax payable A/c                                                            $5,250

(To record income tax expenses)

2. Calculating whether these omitted adjustments resulted in an overstatement or underestimate of net income

a. Adjusting Entry for Insurance Expense of $600 : Overstated

b. Adjusting Entry for accrued revenue of $1,200 : Understated

c. Adjusting entry for Service Revenue Earned of $900 : Understated

d. Adjusting Entry for Depreciation Expense of $4,700 : Overstated

e. Adjusting Entry for Salaries Expense for

three day of $14,400 : Overstated

f. Adjusting Entry for Income Tax Expense of $5,250 : Overstated

Impact on Net Income without Adjusting Entries of $22,850 : Overstated

To know more about, journal entries, visit :
brainly.com/question/15889958

#SPJ1

7 0
1 year ago
Lease or Sell Casper Company owns a equipment with a cost of $366,000 and accumulated depreciation of $53,200 that can be sold f
aalyn [17]

Answer:

The Company should Lease the equipment (Alternative 1)

Explanation:

Preparation of a differential analysis on March 23 as to whether Casper Company should lease or sell the equipment.

DIFFERENTIAL ANALYSIS

Lease Equipment (Alternative 1); Sell Equipment (Alternative 2) Differential Effect on Income (Alternative 2)

Revenues $285,200 $273,400 –$11,800

Costs –$15,100 –$8,202 $6,898

($273,400*3%=$8,202)

Income (Loss) $270,100 $265,198 $4,902

Therefore Based on the above Differential Analysis the Company should LEASE the equipment (Alternative 1).

6 0
3 years ago
During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $6 per
kupik [55]

Answer:

$192,000

Explanation:

Calculation for What is the value of ending inventory under variable costing

Using this formula

Value of ending inventory =[(Direct materials+Direct labor+Variable overhead+(Fixed overhead/Units produced)×Ending units in inventory]

Let plug in the formula

Value of ending inventory=[($6+ $4+ $5 + ($234,000/26,000 units) ×8,000 units]

Value of ending inventory= ($15 units+$9 units)×8,000 units

Value of ending inventory=$24 per units×8,000 units

Value of ending inventory = $192,000

Therefore the value of ending inventory under variable costing will be $192,000

8 0
2 years ago
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