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Anna11 [10]
3 years ago
7

The unadjusted trial balance of Sandhill Exposure Inc. had these balances for the following select accounts: Supplies $3,500, Un

earned Service Revenue $8,450, and Prepaid Rent $1,600.At the end of the period,1. A count showed $640 of supplies on hand.2. Services of $3,300 had been performed related to the unearned revenue account3. One month’s worth of rent, worth $480, had been consumed by Sandhill Exposure.Record the required adjusting entries related to these events.
Business
1 answer:
Lelechka [254]3 years ago
4 0

Answer:

1. Cost of goods manufactured A/c Dr.  $2,860

              To Supplies                                               $2,860

2. Unearned Revenue A/c Dr.                   $3,300

                   To Revenue A/c                                    $3,300

3. Rent Expense A/c Dr.                            $480

        To Prepaid Rent A/c                                           $480  

Explanation:

As for the provided information, all the materials consumed during the period, expenses consumed, revenues earned shall be adjusted to the relevant current period.

1. All the supplies are consumed and only $640 of supplies are in hand, assuming when the supplies were bought it was recorded as inventory the supplies consumed during the year shall be charged as expense. For this entry will be: for the amount = $3,500 - $640 = $2,860

Cost of goods manufactured A/c Dr.    $2,860

              To Supplies                                              $2,860

2. Out of total unearned revenue recorded as liability the revenue which is earned shall be equal to amount of services provided till date.

Adjusting entry will be:

Unearned Revenue A/c Dr.                 $3,300

                   To Revenue A/c                               $3,300

3. Out of the total prepaid rent the rent related to current period, which is consumed shall be treated as expense for the period.

Adjusting entry will be:

Rent Expense A/c Dr.                          $480

        To Prepaid Rent A/c                                  $480

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Answer:

The correct answer is letter "D": Both B and C.

Explanation:

Policies and procedure compliance imply following the Code of Ethics and good procedures every company establishes to ensure employees are not misusing the resources of the firm to their favor or the favor of other individuals. That code establishes the rules all workers must be committed to at the moment of accepting working by the organization.

Thus, <em>Wilma Robles should report the missing Emerald cards to her immediate supervisor and follow-up on the activities of the employees involved. Besides, all the workers in charge of Emerald cards must receive an assessment on how to use those cards according to the company's guidelines</em>.

8 0
3 years ago
7. Eva and Maria entered into a written contract pursuant to which Eva was to render decorating services for Maria for a total p
xxMikexx [17]

Answer:

(a) Eva endorsed the check, without making any further notations on it, deposited it and sued Maria for the remaining $15,000 she claims is due. Judgment for whom?

Maria's debt is settled (cancelled) because Eva accepted the check and did not write "under protest" or "without prejudice" when she endorsed it. This debt was an unliquidated debt since maria and Eva did not agree on the total amount due, but since Eva cashed the check without writing down any type of notation with respect to their disagreement, the debt will be considered settles.

(b) Instead of the facts in (a) assume that Eva wrote "under protest" on the check when she endorsed it and, after depositing it, sues Maria for $15,000. What result?

If Eva wrote under protest, then she is not accepting Maria's payment. She is entitled to cash the check because she might need the money, but she is making it clear that she doesn't agree with the settlement. Eva could win the suit (that also depends on other factors not specified in the question).

(c) Instead of the facts in (a) and (b), assume that Eva and Maria had a telephone conversation in which Eva agreed to take $60,000 in full satisfaction of Maria’s obligation under the contract. Maria then sent the check, with a letter referencing the telephone conversation. Eva wrote "under protest" on the check, endorsed and deposited it, and then sued Maria for $15,000. What result? Explain.

Unless Maria can prove that Eva agreed with the $60,000 payment, then a court would not even consider the telephone call and the outcome would be similar to question (b). The problem with oral agreements is that one party will say this and the other party will say something else. You need some type of proof in order for an oral agreement concerning a $75,000 (or even $60,000) dispute to be valid.

3 0
3 years ago
Suppose the following items were taken from the December 31, 2017, assets section of the Boeing Company balance sheet. (All doll
saul85 [17]

Answer:

Inventory $16,933

Notes receivable—due before December 31, 2018 368

Debt investments (short term) 2,008

Accounts receivable 5,785

Cash 9,215

Explanation:

Current Assets Section consists of Asset items that can be converted into cash within the period of 12 months.

Conversion happens in order of liquidity. Which means how much cash can be realized from conversion of a non-monetary asset in short term.

The order is given as <em>below</em>:

Inventory $16,933

Notes receivable—due before December 31, 2018 368

Debt investments (short term) 2,008

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6 0
3 years ago
Sherry is known for being very task oriented in her approach to manage subordinates. Which at the following statement is noot li
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Answer:

a. She tends to work to develop trusting relationships with subordinates.

Explanation:

since in the given situation it is mentioned that sherry to be called as the very task oriented person in order to manage the subordinates so as per the given situation the first option is correct as it is not describe her behavior that she develop the relationship with the subordinates in a trust worthy way

So the option a is correct

6 0
3 years ago
They want to make a profit of $55,498 Unit Variable costs = $11 Unit selling price is = $37 Fixed costs = $18,470 How many units
belka [17]

Answer:

2,845 units

Explanation:

To find the answer you need to consider that the profit is equal to the sales minus the costs.

Let's consider that x is the number of units sold

Sales= Price per unit*number of units sold

Sales= 37x

Variable cost= Cost per unit*number of units sold

Variable cost= 11x

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55,498=37x-11x-18,470

55,498+18,470=26x

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x=73,968/26= 2,845

According to this, the answer is that they need to sell 2,845 units to make the desired profit.

6 0
3 years ago
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