Answer:
Amount of net income would be $28,050
Explanation:
First year:
Sales = $260,000
Write off = $4,000
Reported net income = $28,600
Second year:
Sales = $312,00
Write off = $4,800
Reported net income = $31,200
Amount of net income if the allowance method had been used, and the company estimated that 1-3/4% of sales would be uncollectible:
= $28,600 + $4,000 – ($260,000 × 1-3/4%)
= $28,600 + $4,000 - $4,550
= $28,050
Job 1
Direct material 6000
Direct labor 4000
Overhead=4000x
Where x is the predetermined rate
Job 2
Direct material 3000
Direct labor 2000
Overhead=2000x
Total cost=total cost of job 1+Total cost of job 2
18000=6000+4000+4000x+3000+2000+2000x
Solve for x to find the percentage
6000x=3000
X=3000/6000
X=0.5×100=50%
Answer:
Bond issue:
Dr cash $63,660
Cr Bonds payable $56,000
Cr Premium on bonds payable $7,660
Interest payment:
Dr Interest expense $1,273.2
Dr Premium on bonds payable $126.8
Cr Cash $1,400
Explanation:
The bond issue brought about cash proceeds of $63,660 which implies that the bonds were issued at a premium of $7660 ($63,660-$56,000) above the par value of $56,000.This means that cash account would be debited with $63,660 while bonds payable and premium on bonds payable would be credited with $56,000 and $7660 respectively.
The interest payment=$56,000*5%*6/12=$1400
interest expense=$63,660*4%*6/12=$1273.2
The premium amortization=interest payment -interest expense
=$1400-$1273.2
=$126.8
Answer:
a) Historical Cost principle
b) Economic entity assumption
c) Full disclosure principle
d) Monetary unit assumption
e) Materiality principle
f) Conservatism
g) Matching principle
h) Historical cost principle
Answer:
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