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3 years ago

Which of the following is not a product cost?

Business

1 answer:

Sedbober [7]3 years ago

6 0

Explanation:

d indirect materials used in production hope it's right

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In accounting for a contingent liability, if the likelihood of the obligation is probable but the amount cannot be estimated, a

Tems11 [23]

Answer: d. provide disclosure in the footnotes to the financial statements.

Explanation:

A contingent liability is an obligation that a company might owe in future depending on the outcome of an event such as a law suit.

To record a contingent liability in the books, two conditions must be satisfied;

Loss must be probable
Amount must be estimable

If these two conditions are not satisfied then the contingent liability may simply be disclosed as a footnote in the financial statement. The amount here is not estimable so can be disclosed as a footnote.

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4 years ago

The following are methods of exchange EXCEPT

Dima020 [189]

Answer:

a bitcoin economy is the answer

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2 years ago

On the first day of the fiscal year, Shiller Company borrowed $63,000 by giving a five-year, 12% installment note to Soros Bank.

lidiya [134]

Answer:

Bank A/c Dr $63,000

To Notes Payable $63,000

(Being the issuance of the installment note for cash is recorded)

Explanation:

The journal entry is shown below:

Bank A/c Dr $63,000

To Notes Payable $63,000

(Being the issuance of the installment note for cash is recorded)

For recording this transaction, we debited the bank account as it increased the assets account and at the same time it decreased the liabilities so the notes payable is credited

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3 years ago

Rane Company had the following assets on January 1, 2017.

Viefleur [7K]

Answer:

Journal entries are prepared below

Explanation:

Journal entries required are given as follows

Jan. 1 (To record retirement of machinery)

Debit Credit

Accumulated depreciation-equipment $69,580

Equipment $69,580

June. 30 (To record the depreciation expense on forklift)

Debit Credit

Depreciation expense 2940

Accumulated depreciation-equipment 2940

Working

Annual depreciation = $29,400 / 5 years = $5880

depreciation for 6 months = $5880 x 6/12 = $2940

June. 30 (To record sale of forklift)

Debit Credit

Cash 11760

Accumulated depreciation-equipment(w) 20580

Equipment 29400

Gain on disposal of plant assets 2940

Working

Accumulated depreciation = 5880 x 3.5 years

Dec. 31 (To record depreciation expense on truck)

Debit Credit

Depreciation expense 3724

Accumulated depreciation-equipment 3724

Working

Annual depreciation on truck = ($32,736- $2,944) / 8 years = $3724

Depreciation for 2017 = $3724

Dec. 31 (To record discarding of the truck)

Debit Credit

Salvaged materials 2,944

Accumulated depreciation-equipment 22344

Loss on disposal of plant assets 7448

Equipment 32,736

Working

Accumulated depreciation = 3724 x 6 years = 22,344

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3 years ago

Becoming aware of the techniques used in media to get your attention and to influence your decisions allows you to

Vladimir79 [104]

I think its b, yeah it is

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3 years ago