Answer:
Explanation:
The adjusting entries are shown below:
1. Insurance expense A/c Dr $1,200
To Prepaid insurance A/c $1,200
(Being prepaid insurance is adjusted)
2. Supplies expense A/c Dr $6,200
To supplies A/c $6,200
(Being supplies adjusted)
The supplies at the end of the year is computed below:
= Supplies account balance + purchase of supplies - available supplies
= $5,000 + $2,000 - $800
= $6,200
Answer:
Instructions are below.
Explanation:
Giving the following information:
Job 765:
Direct material= $5,670
Direct labor= $3,500
Machine Hours= 27
Job 766:
Direct material= $8,900
Direct labor= $4,775
Machine Hours= 44
Job 765 produced 152 units, and Job 766 consisted of 250 units.
Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $200 per hour.
Costs sheet:
<u>Job 765:</u>
Direct material= 5,670
Direct labor= 3,500
Allocated overhead= 200*27= 5,400
Total cost= 14,570
Unitary cost= 14,570/152= $95.85
<u>Job 766:</u>
Direct material= 8,900
Direct labor= 4,775
Allocated overhead= 200*44= 8,800
Total cost= 22,475
Unitary cost= 22,475/250= $89.9
Answer:
C. Nicholas is not required to recognize gross income, but must reduce his cost basis in the land to $130,000
Explanation:
Answer:
<u>debited</u>
Explanation:
Partnership refers to a mutual agreement wherein two or more individuals agree carry out a business and to share profits and losses in a specified ratio or as per the clauses of the partnership deed.
When partners retire, the balances standing to the credit of their capital accounts needs to be settled or paid off.
As per the given information, Wilma is paid $45000 in cash. The journal entry in this case would be:
Wilma's Capital A/C Dr. $45000
To Cash A/C $45000
For the remaining balance, Wilma shall be paid in cash as follows,
Wilma's Capital A/C Dr. $5000
To Cash A/c $5000
(Being settlement of a retiring partner's capital account being recorded)
