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qaws [65]
3 years ago
7

The following are the events and transactions related with a township for the year 2015. You are required to prepare necessary e

ntries for Township for the year 2015.
a. The Township adopted a budget calling for appropriations of $500,000. The estimated revenues (all property taxes) were $450,000.
b. The Township sent property tax bills amounting to $450,000 to property owners.
c. Property owners paid $420,000 of property taxes to the Township.
d. A purchase order of $65,500 was sent to a vendor of supplies.
e. The supplies ordered in transaction d. were received in good order and the accompanying invoice of $55,000 was approved.
Business
1 answer:
Mademuasel [1]3 years ago
8 0
That would be answer A
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7 0
3 years ago
Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis of direct materials cost. At year-end
Helen [10]

Answer:

See below

Explanation:

Required 1

Overhead rate

= Overhead costs ÷ Direct material cost

= [$612,000 ÷ $1,800,000] × 100

= 34%

Required 2

Total cost of job in process

$90,000

Less: Materials cost of job in process

($27,000)

Less: Overhead applied (34% × $27,000)

($9,180)

Direct labor cost

$53,820

8 0
3 years ago
Excerpts from Huckabee Company's December 31, 2018 and 2017, financial statements are presented below: 2018 2017 Accounts receiv
ICE Princess25 [194]

Answer:

The Huckabee's 2018 average collection period (rounded) is 5 times

Explanation:

To find out the average collection period for Huckabee's 2018, we have to use the formula of the average collection period which is presented below:

Average collection period = Net credit sales ÷ Average accounts receivable

where,

Net credit sale is $400,000

And, the average accounts receivable is calculated by applying the equation which is shown below:

= (2017 accounts receivable + 2018 accounts receivable) ÷ 2

=  ( $72,000 + $80,000 ) ÷ 2

= $76,000

Now apply the above values to the formula

So, the answer would be equal to

= $400,000 ÷ $76,000

= 5.26 times

The other things like opening balance of merchandise inventory and cost of goods and  the ending balance of merchandise inventory and cost of goods is irrelevant. Thus, it is not to be considered.

Hence, Huckabee's 2018 average collection period (rounded) is 5 times

5 0
3 years ago
For banks, online transactions are an inexpensive alternative to branch banking. Transaction costs are about ________ per online
MaRussiya [10]

Answer:

The corrects answers that fills the gaps are: 2 cents; $1,07.

Explanation:

Electronic payment methods are a payment system that facilitates the acceptance of payments to carry out transactions without having to use cash. The development of financial systems and advances in information technology have allowed the emergence of these new means of payment, which are increasingly used worldwide.

Among the main electronic means of payment can be mentioned: debit cards, credit cards, mobile wallet and internet transactions - electronic banking.

The advantages:

- They are safer than the use of cash.

- They allow paying for goods or services in an immediate or faster way.

- They allow easy control over the operations and expenses incurred.

- They can be used to make purchases online.

- In some cases, they help build a credit history.

- They allow access to financial products and services.

4 0
2 years ago
Suppose in its income statement for the year ended June 30, 2017, The Clorox Company reported the following condensed data (doll
Leviafan [203]

The answer & explanation for this question is given in the attachment below.

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2 years ago
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