Answer:
c
Explanation:
when Offering the business more efficient ways to make and encourage the business can develop
The adjusting entry would recognise insurance expense of $1,500.
Explanation:
The policy of an insurance company, tax insurance, insurance for business failure, etc. typically lasts a year, with payments charged in full (insurance premiums). Insurance policy is never the same as the financial year of the product. There are also expected to be several consolidated financial statements and some partial financial statements for compensation premiums.
Example of insurance premium payment:
On 31 December, the insurer files an correction report in order to document the expired (extended) cost of insurance and to the the pre-paid number. This is done with an premium fee of $1,000 and a prepayment policy bonus of $1,000.
Answer:
Explanation:
Beginning capital balance(Sam) $58000
+ Currnt year income ( $40000 / 2 = $20000) $20000
[Devide by 2 because they share income]
- Sam's withdrawal ($15000)
Sam's capital balance = 58000+20000-15000 = $63000
Answer and Explanation:
The computation of the incremental net income is shown below:
<u>Particulars Sell Process Further Incremental Net income
</u>
Sales $20,000.00 $50,000.00 $30,000.00
(10,000 units × $2) (10,000 × $5)
Less:
Additional
Processing cost $18,000.00 $18,000.00
Total $20,000.00 $32,000.00 $12,000.00
Answer:
1. Predetermined Overhead Rate = Manufacturing overhead costs / Machine Hours
Predetermined Overhead Rate = $216,000/2,700 hours
Predetermined Overhead Rate = $80 per machine hour
2. Allocated overheads =Predetermined Overhead Rate * Machine hours used by Job 551
Allocated overheads = $80 * 90 machine hour
Allocated overheads = $7,200
3. Date Description Debit Credit
15/01 Work In Progress Inventory $7,200
Manufacturing overhead $7,200
(To record allocation of overheads towards Job 551)