Answer:
Debit Advertising expense $916.67
Credit Prepaid Advertising $916.67
Being entries to recognize advertising expense incurred for 5 months.
Explanation:
When an amount is paid in advance, the entries posted are
Debit Prepaid Advertising
Credit Cash account (with the amount prepaid)
As the expense is incurred, entries required would be
Debit Advertising expense
Credit Prepaid Advertising (with the amount incurred)
Expense incurred in 5 months
= 5/6 × $1100
= $916.67
Hence the entries required will be
Debit Advertising expense $916.67
Credit Prepaid Advertising $916.67
Being entries to recognize advertising expense incurred for 5 months.
.Answer:
B) explicit cost of producing goods and services.
C) implicit cost of producing goods and services.
Explanation:
We know,
Economic profit = Total revenue - the explicit cost of producing goods and services - the implicit cost of producing products and services.
On the other hand, accounting profit = Total revenue - Total explicit cost
Through economic profit, a country or an industry can measure profitability after deducting monetary and opportunity costs from revenue.
Therefore B and C is the answer.
Answer:
relevant cost to make are $9.00
Explanation:
Consider the avoidable costs only because they are relevant for this decision.
Direct materials $2
.00
Direct labor $3
.00
Variable manufacturing overhead $4
.00
Total $9.00
Generally accepted accounting principles are the standards and rules that accountants follow while recording and reporting financial activities.
<h3>
What is Generally accepted accounting principles?</h3>
A unified collection of accounting regulations, guidelines, and practices published by the Financial Accounting Standards Board is known as generally accepted accounting principles (GAAP) (FASB). When assembling their financial accounts, American public firms' accountants are required to adhere to GAAP.
Ten basic principles serve as the framework for GAAP, which is a set of regulations. The International Financial Reporting Standards (IFRS), which are seen as more of a principles-based norm, are frequently used as a comparison. There have recently been initiatives to move GAAP reporting to IFRS because it is a more global standard.
To learn more about Generally accepted accounting principles, visit:
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Answer:
Charge a lower price in the United States and a higher price in Japan.
