1. Formulate a unique business idea and state the mission and vision statements

Prepaid expenses require what type of adjusting entry?

AleksAgata [21]

Answer:

MATCHED

Explanation:

TOOK THE TEST

"Expenses should be matched with revenues. A deferred expense or prepayment, prepaid expense, is an asset representing cash paid out to a counterpart for goods or services to be received in a later accounting period."

7 0

3 years ago

Gold Company was experiencing financial difficulties, but was not bankrupt or insolvent. The National Bank, which held a mortgag

Fiesta28 [93]

The answer would be

5 0

3 years ago

Taggart Transcontinental currently has a bank loan outstanding that requires it to make three annual payments at the end of the

prohojiy [21]

Answer:

Future value is approximately $3,183,600 which is equal to $3,184,000.

Explanation:

Please see attachment

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6 0

4 years ago

Boxer Company owned 16,000 shares of King Company that were purchased in 2016 for $440,000. On May 1, 2018, Boxer declared a pro

Serjik [45]

Answer:

By 110,000 the retained earnings reduced by the property dividend.

Explanation:

Retained Earnings: The retained earnings is that earnings which is left after all payments relating to the business expenses, shareholder dividend. The earnings which is to be retained so that it can come in use in near future.

For retained earning calculation, the stock market value is recorded when the date is declared not on distribution date.

So, the calculation is computed below:

As the 50,000 shares is given for every 10 shares. So, first we have to compute for 1 share which comes by dividing shares to number of shares i.e. 50,000 shares ÷ 10 shares = 5,000 for 1 share.

Now, multiply by market value which comes = 5,000 × $22 = $110,000.

So, by 110,000 the retained earnings reduced by the property dividend.

4 0

3 years ago

Allocating Joint Costs Using the Net Realizable Value Method

Ilya [14]

Answer:

Allocating Joint Costs Using the Net Realizable Value Method

1. Joint Cost

Grades Allocation

L-Ten $1,850

Triol 6,569

Pioze 3,881

Total $12,300

2. Joint Cost

Grades Allocation

L-Ten $2,112

Triol 5,756

Pioze 4,432

Total $12,300

Explanation:

a) Data and Calculations:

Cost of each production run = $12,300

Product Gallons Further Processing Eventual Market Net Realizable

Cost per Gallon Price per Gallon Value

L-Ten 3,200 $0.70 $2.10 $4,480

Triol 3,700 1.10 5.40 15,910

Pioze 2,000 1.50 6.20 9,400

Total 8,900 $29,790

Allocation of join cost:

L-Ten = $4,480/$29,790 * $12,300 = $1,850

Triol = $15,910/$29,790 * $12,300 = $6,569

Pioze = $9,400/$29,790 * $12,300 = $3,881

Product Gallons Further Processing Eventual Market Net Realizable

Cost per Gallon Price per Gallon Value

L-Ten 3,200 $0.70 $2.10 $4,480

Triol 3,700 2.10 5.40 12,210

Pioze 2,000 1.50 6.20 9,400

Total 8,900 $26,090

Allocation of join cost:

L-Ten = $4,480/$26,090 * $12,300 = $2,112

Triol = $12,210/$26,090 * $12,300 = $5,756

Pioze = $9,400/$26,090 * $12,300 = $4,432

7 0

3 years ago