What do the personal financial choices you have made show a bank (who is considering you for a loan?)

Marin Products produces three products — DBB-1, DBB-2, and DBB-3 from a joint process. Each product may be sold at the split-off

sattari [20]

Answer:

MARIN PRODUCTS

Selling after further processing

DBB-1 DBB-2 DBB-3

unit 16,000 24,000 36,000

Sales revenue after

processing $1,040,000 $1,200,000 $2,700,000

Joint Cost (757,895) (1,136,842) (1,705,263)

Separate processing cost (110,000) (44,000) (66,000)

Net Income 172,105 10,158 928,737

selling at slipt off point

DBB-1 DBB-2 DBB-3

unit 16,000 24,000 36,000

Sales revenue $400,000 840,000 1,980,000

Joint Cost (757,895) (1,136,842) (1,705,263)

Net Income (357,895) (296,842) 274,737

Decision : All products should be processed further in order to increase the profit of the company

Allocation of Joint Cost

Cost per unit = $3,600,000/76,000= $47.37

DBB-1 = $47.37*16,000 = $757,895

DBB-2 = $47.37*24,000 = $1,136,842

DBB-3 = $47.37*36,000 = $1,705,263

Explanation:

8 0

3 years ago

A) Depreciation on the company's equipment for 2017 is computed to be $16,000.

OleMash [197]

Answer:

Adjusting Journal Entries:

a) Debit Depreciation Expense - Equipment $16,000

Credit Accumulated Depreciation - Equipment $16,000

To record depreciation charge for the year.

b) Debit Insurance Expense $8,100

Credit Insurance Prepaid $8,100

To record insurance expense for the year.

c) Debit Office Supplies Expense $2,583

Credit Office Supplies Account $2,583

To record office supplies used for the year.

d) Debit Deferred Revenue $2,750

Credit Service Revenue $2,750

To record revenue for work done this period.

e) Debit Insurance Expense $4,200

Credit Prepaid Insurance $4,200

To record insurance expense for the year.

f) Debit Wages Expense $5,000

Credit Wages Payable $5,000

To record unpaid wages as of December 31, 2017.

Explanation:

Adjusting journal entries are entries made in the journal to accrue expenses and revenue in line with the accrual concept and the matching principle of U.S. GAAP. The concept and principle require that expenses and revenue are matched in the period they were incurred and not when they were actually paid for or received.

4 0

3 years ago

Indicate the effect of each transaction during the month of October 20Y8 and the balances for the accounting equation after all

Leona [35]

Answer:

For better visualization, the answer is presented in a table

$\left[\begin{array}{ccccc}&Assets&=&Liabilities +&Equity\\1&45,000&=&&45,000\\2&-2,000&=&&-2,000\\Bal.&43,000&=&0&43,000\\3&5,000&=&&5,000\\Bal.&48,000&=&0&48,000\\4&&=&&\\Bal.&48,000&=&0&48,000\\5&20,000&=&20,000&\\Bal.&68,000&=&20,000&48,000\\6&-1,000&=&&-1,000\\Bal.&67,000&=&20,000&47,000\\7&8,000&=&&8,000\\Bal.&75,000&=&20,000&55,000\\8&-3,000&=&&-3,000\\Bal.&72,000&=&20,000&52,000\\9&-100&=&&-100\\Bal.&71,900&=&20,000&51,900\\\end{array}\right]$

Procedure details described below:

Explanation:

Opened a business bank account for Jones, Inc., with an initial deposit of $45,000 in exchange for common stock.

The cash is an asset for the company And Jones Is the Owner thus, asset and equity increase by 45,000

Paid rent on the office building for the month, $2,000.

The rent is an expense is an incurred cost to continue the operations of the business It decreases the equity and asset (cash used to pay the rent)

Received cash for fees earned of $5,000.

The fees are revenue from the business operations this is a realized gain, therefore, increases equity. Also, Assets increase as cash is an asset.

Purchased equipment, $7,000.

There is no change in the quantities but, the composition of the asset did change. Cash decrease while equipment increase.

Borrowed $20,000 by issuing a note payable.

The note payable is a future obligation to pay. It is a liability for the company assumed in exchange for an asset (cash)

Paid salaries for the month, $1,000.

Like rent, this is an incurred cost(expense) It decreases Equity also, assets as we use cash to pay it.

Received cash for fees earned of $8,000.

Exactly like the previous time, a realized gain generates an increase in equity and assets.

Paid dividends, $3,000.

The dividends are paid to the company's owners thus, the cash leaves the company into the owner's pocket. Both, assets and equity decrease (as there are fewer assets available for the owners to take)

Paid interest on the note, $100.

The interest also is an incurred cost thus, like salaries and rent expense we decrease equity and assets.

3 0

3 years ago

The ___________ remains the most important consumer buying organization in american society and has been researched extensively.

Elanso [62]

The family remains the most important consumer buying organization american society and has been researched extensively. Hope this helps, good luck.

4 0

3 years ago

"paid as agreed" on your credit report is

Alexus [3.1K]

Answer & Explanation:

"Pays as agreed" is a term you want to see on your credit report. It simply means you have been repaying a debt according to the agreement between you and the lender or creditor.

6 0

4 years ago