Answer:
$1,100
Explanation:
Computation for the Work-in-Process transferred to the finished goods warehouse on April 30
Work-In-Process Inventory, April 1 300
Direct materials used in production 225
Direct labor costs incurred 400
Manufacturing overhead costs 350
Less Work-In-Process Inventory, April 30 ($175)
Work-in-Process transferred to the finished goods warehouse $1,100
Therefore the Work-in-Process transferred to the finished goods warehouse on April 30 will be $1,100
True, in some cases I would argue.
Answer:
a debit to Insurance Expense and a credit to Prepaid Insurance
Explanation:
The adjusting entry to record the prepaid insurance is shown below:
Insurance expense Dr XXXXX
To Prepaid insurance XXXXX
(Being the prepaid insurance account is adjusted)
For recording the adjusting entry, we debited the insurance expense and credited the prepaid insurance account so that the proper posting could be done
Answer:
False
Explanation:
Since interest income from municipal bonds is exempt from federal taxes, and usually it is also exempt from state and local taxes, the coupon rate that they pay is generally lower than private or federal bonds.
If the coupon rate is the same for a municipal hospital than that of a private hospital, the real interest rate paid by the municipal bond is higher. For example, both pay a 10% coupon: if you own a municipal bond you will earn 10%, but if you own a private bond your net earning will be = 10% - federal income taxes (and state/local income taxes)
