True or False

Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $610,000 for servi

andrey2020 [161]

Answer:

Answer for the question:

Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $610,000 for services rendered to its clients and paid out $425,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: January 1, 2021 December 31, 2021 Accounts receivable $ 75,000 $ 67,000 Prepaid insurance 5,800 7,100 Prepaid rent 10,500 9,600 Deferred service revenue 10,500 12,200 Accrued liabilities (for various expenses) 13,500 17,700 In addition, 2021 depreciation expense on office equipment is $28,500. Required: Determine accrual basis net income for 2021.

is given in the attachment.

Explanation:

4 0

4 years ago

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using a computerized inventory management system, a paint supply store franchise continuously monitors the inventory of all the

NemiM [27]

Holding costs if 40% of the purchase price per gallon per year. The total annual inventory cost for the company's current policy is $1,487.56.

The total cost of annual holdings and yearly service fees is included in the annual index cost.

This can be estimated by:

Cost of ordering = $35

Ordering number = 90 gallons

Price = $4.00

Cost of holding = 40% × 4 = 1.6 per unit per year

Weekly needs = 70 gallons

Number of weeks in a year = 52

Yearly demand = 52 × 70 = 3630

Numbers of orders = 3640/90 = 40.444

Total ordering price = 40.444 × 35 = 1415.56

Inventory holding amount = 90/2 × 1.6 = $72

Total inventory cost = 1,415.56 + $72 = $1,487.56

Therefore, the total annual inventory cost will be $1,487.56.

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2 years ago

Eclipse Motor Company manufactures two types of specialty electric motors, a commercial motor and a residential motor, through t

stiv31 [10]

Answer:

A. Commercial 540

Residential 360

B. Commercial 585

Residential 390

Explanation:

a) Calculation to Determine the per-unit factory overhead allocated to the commercial and residential motors .

First step is to calculate the Plantwide overhead rate using this formula

Plantwide overhead rate =Estimated overhead /Esimated machine hours

Let plug in the formula

Plantwide overhead rate = 1080000/9000

Plantwide overhead rate = $ 120 per MH

Now let Determine the per-unit factory overhead allocated to the commercial and residential motors

Using this formula

Per -unit factory overhead allocated=Actual MH per unit *Plantwide overhead rate

Let plug in the formula

Per -unit factory overhead allocated to COMMERCIAL=4.5 dmh*120

Per -unit factory overhead allocated to COMMERCIAL=540

Per -unit factory overhead allocated to RESIDENTIAL=3.0 dmh*120

Per -unit factory overhead allocated to RESIDENTIAL=360

Therefore the per-unit factory overhead allocated to the commercial and residential motors under the single plantwide factory overhead rate method will be:

Commercial 540

Residential 360

b. Calculation to Determine the per-unit factory overhead allocated to the commercial and residential motors

First step is to calculate the Departmental overhead rate

ASSEMBLY TESTING

Estimated overhead 280,000 800,000

÷Estimated machine hours each department 4,000 5,000

=Departmental overhead rate 70 160

Now calculation the per-unit factory overhead allocated to the commercial and residential motors

COMMERCIAL RESIDENTIAL

Assembly 1.5 dmh*70=105 1.0 dmh*70=70

Testing 3.0*160= 480 2.0*160= 320

Per -unit factory overhead allocated 585 390

(105+480=585)

(70+320=390)

Therefore the per-unit factory overhead allocated to the commercial and residential motors under the multiple production department factory overhead rate method will be:

Commercial 585

Residential 390

5 0

3 years ago

Unclearninglab.litmos.com

adell [148]

Answer:

Janine and Josh

Josh can advise Janine of each of the following except:

Josh should tell Janine that she can only change her current plan to a 5-

star plan during the Annual Election Period.

Explanation:

The Special Election Period (SEP) for the 5-star Medicare Plan lasts one week, that is, between Nov. 30 and Dec. 8. However, there is an Annual Enrollment Period (AEP) that lasts from October 15th to December 7th. During the annual enrollment period, any plan holder can change her Medicare plan, depending on its availability in her area.

3 0

3 years ago

Which issue has dominated many of the research questions in lifespan development?

shutvik [7]

The issue has dominated many of the research questions in lifespan development. Nature vs. Nurture

The four major themes in lifelong development are the continuities and discontinuities in development, the importance of critical periods, the focus on specific periods versus the entire lifespan, and the debate between nature and nurture.

Lifelong Development focuses on human development. While some developmentalists study the evolutionary trajectory of species other than humans, the majority study human growth and change.

helps you understand human development and growth. It also helps us understand the risk factors that affect fetuses and their genetic traits. We will learn about healthy habits that affect longevity and how our genetic makeup plays a role in our health.

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2 years ago