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Katen [24]
3 years ago
9

Harper Company lends Hewell Company $13,200 on March 1, accepting a four-month, 6% interest note. Harper Company prepares financ

ial statements on March 31. What adjusting entry should be made before the financial statements can be prepared? Select the correct answer.
Business
1 answer:
a_sh-v [17]3 years ago
6 0

Answer:

Explanation:

The journal entry is shown below:

Interest receivable A/c Dr $66

            To Interest revenue A/c $66

(Being accrued interest is recorded)

The computation of accrued interest is shown below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)  

= $13,200 × 6% × (1 months ÷ 12 months)

= $66

The one month is calculated from March 1 to March 31

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High-Low Cost Estimation and Profit Planning Comparative 2007 and 2008 income statements for Dakota Products Inc. follow: DAKOTA
Vika [28.1K]

Answer:

(a)

5,500 units

(b)

6,125 units

Explanation:

First, we need to calculate the per unit selling price.

                        2007       2008

Unit sales        5,000      8,000

Sales revenue $60,000 $96,000

Selling Price    $12           $12

Now we need th separate the vairbale and fixed cost from total expense using high low method

Variable cost = ( Higher activity Expense - Lower activity Expense ) / ( Higher activity - Lower activity )

Variable cost = ( $76,000 - $64,000 ) / ( 8,000 units - 5,000 units )

Variable cost = $12,000 / 3,000 units = $4 per unit

Fixed cost = $76,000 - ( $4 x 8,000 units ) = $44,000

Contribution Margin = Selling Price - Variable cost = $12 - $4 = $8

(a)

Breakeven Point = Fixed Cost  / Contributin margin per unit

Breakeven Point = $44,000 / $8 = 5,500 units

(b)

Target sales = ( Fixed cost + Desired Profit ) / Contribution margin per unit

Target sales = ( $44,000 + $5,000 ) / $8 = 6,125 units

8 0
3 years ago
__________________ are ways that a nation can draw up regulations, inspections, and paperwork to make it more costly or difficul
Diano4ka-milaya [45]

Answer: Nontariff barriers

Explanation:

Nontariff barriers are trade barriers that are used whereby the import and export of goods and services are restricted. It should be noted that the restriction is not by tariffs but can include include embargoeds, quotas, sanctions, and levies.

The main reason for trade barriers are to generate revenue for the government and also to protect the local industries.

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2 years ago
Kraus Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are
ludmilkaskok [199]

Answer:

The units started and completed is 59,900 tons

Explanation:

The computation of the number of tons started and completed during October is shown below:

Units Completed = Beginning Work in Process Units Completed + Units started and Completed

74,900 units = 15,000 tons + Units started and Completed

So, the units started and completed is

= 74,900 tons - 15,000 tons

= 59,900 tons

Hence, the units started and completed is 59,900 tons

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3 years ago
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