Answer:
d. net income for the year will be overstated.
Explanation:
The prepaid rent account is used to record the amount paid in advance for rent. Once the amount is paid, the entries required are
Debit Prepaid rent
Credit Cash account
On subsequent use of the rent, the required entries are
Debit Rent expense
Credit Prepaid rent
As such where at the end of the fiscal year, the usual adjusting entry to update Prepaid Rent for the portion of the benefit that was used up / expired was accidentally omitted, net income for the year will be overstated as the rent expense that would have been posted to reduce it would have been omitted.
Answer:
a) 46.7, 80 b) 20, 60 c) yes
Explanation:
a) % utilization= utilization/design capacity × 100
= 7/15 × 100
= 46.7%
% efficiency= efficiency/design capacity × 100
= 12/15 × 100
=80%
b) Utilization= 2/10 × 100 = 20%
Efficiency= 6/10 × 100= 60%
c) A system with higher efficiency ratios will always have higher utilization as these systems will have lesses number of failures
Answer:
The correct answer is True
Explanation:
In calculating the equivalent units with respect to labor,the physical units at the start of the period is multiplied by the percentage of completion.
In other words, the equivalent units is shown thus:
Equivalent units =100000 units*20%
Equivalent units =20000 units
This implies that labor has carried out 20% of the work required to transform the 100000 units into finished products,since only 20% work is completed, the remaining 80% is expected in the next period.
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