Answer:
Instructions are listed below.
Explanation:
Giving the following information:
Machine setups
Estimated annual overhead cost= $198,800
Number of setups 2,800
Machining
Estimated annual overhead cost= $337,400
Machine hours 24,100
Inspections.
The estimated annual overhead cost= $81,000
Number of inspections 1,500.
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Machine Setup:
Estimated manufacturing overhead rate= 198,800/2,800= $71 per setup
Machining:
Estimated manufacturing overhead rate= 337,400/24,100= $14 per machine hour
Inspections:
Estimated manufacturing overhead rate= 81,000/1,500= $54 per inspection.
Answer and Explanation:
The adjusting journal entries are as follows:
On Dec 31
Amortization expense $22,150 ($110,750 ÷ 5 years)
To Copyrights $22,150
(Being amortization expense is recorded)
Here amortization expense is debited as it increased the expenses and credited the copyrights as it decreased the assets
On Dec 31
Amortization expense $19,250 ($38,600 ÷ 6 years × 10 ÷ 12)
To Patents $19,250
(Being amortization expense is recorded)
Here amortization expense is debited as it increased the expenses and credited the patents as it decreased the assets
On Dec 31
No journal entry is required
Answer:Commingling escrow (trust) money with personal funds.
Explanation: Commingling of funds is the bringing together of two or more funds from different source in such a way that the owner of the funds can not properly determine how much is his or her own.
COMMINGLING OF FUNDS BELONGING TO THE PRINCIPAL WITH PERSONAL FUNDS IS PUNISHABLE UNDER THE UNITED STATES OF AMERICA CONSTITUTION AND CAN LEAD TO REVOCATION OF THE LICENSE OF AREAL ESTATE SALES PERSON.
other options are permissible like the use of aggressive sales techniques(extraordinary actions like creating artificial urgency,thinking like a marketer etc),not showing buyers all the available properties in a given area is not punishable as there are various reasons that can lead to such.
Depreciation means they become less valuable, appreciation means they become more valuable or more expensive.
Answer:
current ratio:
C.2.6:1
Quick ratio:
1.9:1
Explanation:
Current Ratio measures the ability of a business to pay its short term debts.
Quick Ratio measures the ability of the business to measure the available of liquid assets to pay the immediate debts.
Current Assets = Cash + Cash at bank + Account Receivable + Prepayments + Inventory = $2,000 + $20,000 + $5,500 + $1,500 + $10,000 = $39,000
Current Liabilities = Account Payable + Wages Payable + Tax Payable = $12,000 + $1,500 + $1,500 = $15,000
Current ratio = Current assets / Current Liability = $39,000 / $15,000 = 2.6
Quick ratio = ( Current assets - Inventory )/ Current Liability = ( $39,000 - $10,000 ) / $15,000 = $29,000 / $15,000 = 1.9
