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3 years ago

Which pfds would be considered readily accessible?

1 answer:

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This question can be found on the test for Boater Safety. The PFDs that can be considered to be readily accessible are those worn by passengers, those kept in open bins near a passengers seat, and the ones that can be grabbed quickly by anyone on board. The PFDs that are not considered to be readily accessible would be any that are sealed in their original plastic bags. The PFDs must be put on in a reasonable amount of time during an emergency.

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On August 1, 2020, Ascent Corp. borrowed $80,000 cash on an 8-month note payable with a 7% annual rate that requires Ascent to p

Ipatiy [6.2K]

Answer and Explanation:

The computation is shown below:

Interest payable:

= Borrowed amount × rate of interest × given months ÷ total months

= $80,000 × 7% × 5 ÷ 12

= $2,333.33

And,

Interest expense:

= Borrowed amount × rate of interest × given months ÷ total months

= $80,000 × 7% × 3 ÷ 12

= $1,400

So here for recording the payment of interest the interest payable is debited for $2,333.33

The same is to be considered

6 0

3 years ago

Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to

Vlada [557]

Answer:

See explanation Section

Explanation:

Adjusting Entries

Req. A, B

A. Since the partial amount of insurance policy has been expired-

Debit Insurance Expense $3,203

Credit Prepaid Insurance $3,203

An expense will be appeared and the current assets will be decreased.

B. Debit Teaching supplies Expense $7,528

Credit Teaching supplies $7,528

As the company has $2,776 supplies available from $10,304, teaching supplies expense will appear as $7,528 = (10,304 - 2,776)

Req. C, D, and E

C. Debit Depreciation expense-equipment $12,814

Credit Accumulated depreciation-equipment $12,814

D. Debit Depreciation expense-professional library $6,407

Credit Accumulated depreciation-professional library $6,407

E. Debit Unearned revenue $5,600

Credit Service revenue $5,600

Note: Monthly fee of $2,800 from November to December. Therefore, 2 months fee = $2,800*2 = $5,600 has been earned.

Req. F, G and H

F. Debit Accounts receivable $8,750

Credit Service revenue $8,750

Note: As WTI has not yet received any payment from October 15 to December 31, there will be 2 and a half months bill due. Each month = 3,500. Therefore, 2 months = $7,000, and a half-month = $(3,500 ÷ 2) = $1,750. Total receivable = $7,000 + $1,750 = $8,750.

G. Debit Salaries expense $400

Credit Salaries payable $400

Note: As there are two employees and two days salary have been accured, total salaries payable = $100 per day × 2 employees × 2 days = $400

H. Debit Rent Expense $2,062

Credit Prepaid rent $2,062

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4 years ago

During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 46,000 mini refrigerators, of whi

notsponge [240]

Answer:

Sales 8,800,000

Less: Cost of goods sold (W1) 5,241,739.13

Contribution 3,558,260.87

Less: Fixed manufacturing cost 598,000

Less: Fixed selling and admin cost 320,000

Net Income 2,640,260.87

(W1) Cost of goods sold

Direct Material 3,450,000

Direct Labour 1,196,000

Variable manufacturing cost 782,000

Variable selling cost 600,000

Total variable cost 6,028,000

Less:closing inventory 786,260.87 (6,028,000/46,000*6,000)

COST OF GOODS SOLD 5,241,739.13

8 0

3 years ago

In the context of experimental research, the logic of random assignment is

zimovet [89]

The answer to this question is: groups have equal and balanced composition.
Which means that each groups in experimental research are not displaying the too mcuh difference in term of average characteristics.
This will make sure that the data that acquired during the research are stable and can be trusted (not affected by a special variance)

3 0

3 years ago

Douglas County sought bids for a construction project. Robert Taggart wanted to submit a bid but knew the project needed rock. H

Jet001 [13]

Answer:

No, there is no contract between the two parties because of withdrawal of offer (Revocation) before the acceptance of the other party.

Explanation:

When one party offers another party and after some time the offer maker withdraws the offer by communicating that they had revoked then the offer is no more available to the other party and is often termed as Revocation. So when the offer maker revokes before the acceptance of the offer by the other party then their is no offer at consideration to the other party, which means if there is no offer then their can not be an acceptance of an offer and of course when there is no acceptance then there is no contract.

The communication of revocation was held before the acceptance of the offer of the other party which agains says that the contract was not actually formed.

4 0

3 years ago