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trasher [3.6K]
3 years ago
12

For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31.

Business
1 answer:
Anastaziya [24]3 years ago
5 0

Answer:

Step 1) The current balance equals to $ 9000

Step 2)The current balance should equal to (9000/12 * 10) $ 7500

Step 3) the adjusting entry would be

Dec 31              Unearned Revenue          $ 1500 (dr)

                              Revenue Earned                                     $ 1500 (Cr)

Step 1) The current balance equals to $ 400.

Step 2) The current balance should equal $ 100

Step 3) The adjusting entry would be

Dec 31             Unearned Services Revenue    $ 300 (dr)

                                Services Revenue  Earned                     $ 300 (Cr)

Step 1) The current balance equals to $ 3000.

Step 2) The current balance should equal ( $ 30,000/12 *4= $ 10,000) $ 30,000- $ 10,000= $ 20,000

Step 3) The adjusting entry would be

Dec 31             Unearned Rent Revenue    $ 10,000 (Dr)

                                  Rent Revenue  Earned                      $ 10,000 (Cr)

You might be interested in
Pineapple Motor Company manufactures two types of speciality electric motors, a commercial motor and a residential motor, throug
Usimov [2.4K]

Answer:

a. Single Plant wide  Factory Overhead  Rate = $ 140 per machine hour

Overhead Rate of  Assembly Department $ 120 per machine hour

Overhead Rate of  Testing Department=    $ 150 per unit per machine hour.

Total Overhead per Unit    Commercial  $ 588      Residential $  462      

Explanation:

Pineapple Motor Company

Assembly Department  Factory Overhead 360,000

Testing Department  Factory Overhead 900,000

Total  Factory Overhead 1,260,000

Direct machine hours were estimated as follows:

Assembly Department 3,000 hours

Testing Department 6,000

Total 9,000 hours

                                      Commercial              Residential

Assembly Department       1.4 dmh                    1.1 dmh

Testing Department             2.8                           2.2

Total machine hours per unit 4.2 dmh           3.3 dmh

Single Plant wide  Factory Overhead  Rate = Total  Factory Overhead 1,260,000/Total 9,000 hours

a. Single Plant wide  Factory Overhead  Rate = $ 140 per machine hour

Overhead Allocated to Assembly Department = No of Hours * Rate

                      = 3000  * $ 140 = $ 420,000

Overhead Allocated to Testing Department = No of Hours * Rate

                      = 6000  * $ 140 = $ 840,000

b. Overhead Rate of  Assembly Department = Factory Overhead / Machine Hours= 360,000/3,000 hours = $ 120 per machine hour

                     

Overhead Rate of  Testing Department=   Factory Overhead / Machine Hours=  900,000/ 6000 hours=  $ 150 per unit per machine hour.

Overhead Allocated

                                         Commercial              Residential

Assembly Department       1.4 *120                   1.1 dmh *120

                                               168                          132

Testing Department             2.8*150                    2.2*150

<u>                                                420                             330                    </u>

<u>Total Overhead per Unit     $ 588                       $  462              </u>

c. ABC approach is better as it gives an estimate of the overhead per unit both for the Commercial and Residential department using the assembly and testing overheads rates separately. The single plant wide rate gives a mere estimate of the overall costs.

3 0
3 years ago
Terrence Industries charges manufacturing overhead to products by using a predetermined application rate, computed on the basis
puteri [66]

Answer:

See below

Explanation:

First, we need to get the predetermined rate

Predetermined rate = Cost of manufacturing overhead / Cost driver

= $1,800,000/60,000

= $30

We will now calculate the application.

Actual labor hours × rate

= 61,500 × $30

= $1,845,000

We will now compare actual with overhead cost

= Applied Overhead cost - Actual manufacturing overhead

= $1,845,000 - $1,810,000

= $35,000

The above is an over application of overhead cost because the cost applied exceed the actual cost.

5 0
3 years ago
The value of which of these expressions is closest to e?
coldgirl [10]

Answer: B

Explanation:

Therefor, value 2.659 is closest to the value of e

( I hope this helped of not I’m sorry)

6 0
2 years ago
Terri, age 16, is a dependent of her parents in 2020. During the year, Terri earned $5,000 in interest income and $3,000 from pa
aleksandrvk [35]

Answer:

A. $4,650

B. $1,750

C. $2,900

Explanation:

A. Calculation to determine Terri's taxable income

TAXABLE INCOME

Earned income $3,000

Add Unearned income $5,000

Gross income & AGI $8,000

($3,000+$5,000)

Less: Standard deduction ($3,350)

(Greater of either $3,000 or $1,050 income earned +$350)

Taxable income $4,650

($8,000-$3,350)

Therefore Terri's taxable income is $4,650

b. Calculation to determine How much of Terri's income is taxed at her rate

TAXED AT TERRI'S RATE​

Taxable income $4,650

($8,000-$3,350)

Less: amount taxed at parents' rate ($2,900)

($5,000-$2,100)

Taxed at Terri's rate​ $1,750

Therefore The amount of Terri's income that is taxed at her rate is $1,750

c. Calculation to determine How much is taxed at her parent's rate

TAXED AT PARENTS' RATE:

Net unearned income=$5,000-$2,100

Net unearned income= $2,900

($5,000-$2,100)

Therefore The amount of Terri's income that is taxed at her parent's rate is $2,900

6 0
3 years ago
________ distribution is a strategy in which producers of convenience prodcuts and raw material stock their products in as many
dem82 [27]

Answer:

Intensive Distribution

Explanation:

Intensive distribution is a strategy in which producers of convenience products and raw material stock their products in as many outlets as possible.

In this strategy, the producers of convenience products try to provide the product to the consumers where and when they want. In this way, consumers get brand exposure for any product they wish to buy and also it made convenient for them to buy the product. Example of such products are soaps, biscuits etc.

Thus the answer for the question is Intensive Distribution.

5 0
3 years ago
Read 2 more answers
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