Answer:
C. when they are incurred, whether or not cash is paid.
Explanation:
In accrual accounting, expenses are recorded in the moment they are incurred, even if they have not been paid for.
In fact, the term "accrued expense" means an expense that has been incurred, but not yet paid.
One common example of an accrued expense is accrued wages:
Suppose that a firm hires a worker on March 1, for a wage of $1,000 dollars per month, that is due to be paid at the end of the month (March 31). This worker is earning $33 per day. By March 4, the firm should have recorded accrued wages for $132 ($33 x 4 days) even if no payments will be made until March 31.
Answer:
The amount of depreciation expense adjustment for the month of august is $2650.
Explanation:
First of all it is important to know what is accumulated depreciation and why it is important. Accumulated depreciation can be termed as the sum total of all the depreciation expenses that have been charged on an asset over its useful period of life. It is important because by subtracting the accumulated depreciation from the book value of the asset we get to know what is the carrying value of the asset.
Amount of depreciation expense adjustment for August =
accumulated depreciation expense at the end of august
-
accumulated depreciation expense at the end of july
= $7600 - $4950
= $2650
Answer:
Explanation:
Assume: The Federal Alternative Minimum Tax rate of 20%
G.R EDWIN INC $
Sales 6, 020, 000.00
Less:
Cost of goods sold 3, 060,000.00
Gross profit 2,960,000.00
Less:
Operating Expenses 2,650,000.00
Profit 310,000.00
Less: Int Expense 27,000.00
Net Profit 283,000.00
Tax liability assuming tax rate of 20%
= 283,000 * 20%
=$56,600
The correct answer is the suspension stability system. This
is defined as a kind of detection by which it detects driving conditions by
means of lowering or raising the vehicle’s wheel that makes the ride more
leveled or more smoother.
Answer
Overhead allocation to each product is :
W1 $5,161
M0 $21,639
Total $26,800
Gross profit of each product:
W1 $7,239
M0 -$5,239
Total $2000
Kindly refer to the attached document for a detailed breakdown of workings