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3 years ago

What is the adjusting entry required if Allenson Brick Company prepares financial statements on June 30?

Business

1 answer:

lara31 [8.8K]3 years ago

6 0

Answer:

a. Interest Expense 6,000 Interest Payable 6,000

Explanation:

Adjusting entries are accounting journal entries that convert a company's accounting records to show when the money changed hands and to convert your real-time entries to entries that reflect your accrual accounting system.

In Allenson Brick Company, the accrued expenses entry is made to record interest expense in the year that has not been paid yet by the entry:

Interest Expense 6,000

Interest Payable 6,000

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inessss [21]

Mean is where you add all of the values together and then divide the total by the number of values.

After doing this, you should see this...

20,000+40,000+20,000+60,000+70,000 = 210,000

After you get this number, you divide by the number of values, in this case, 5.

210,000/5 = 42,000

6 0

3 years ago

Timothy's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $110,500. What is th

const2013 [10]

Answer:

The amount of FICA tax withheld is $532.78

Explanation:

Earnings subject to tax = $117,000

Earnings for current month = $110,500

Therefore, the money subject to tax = Earnings subject to tax - Earnings for current month = $117,000 - $110,500 = $6500

Gross pay for current month = $8,950

Tax rate OASDI = OASDI rate × money subject to tax = 6.2% × $6500 = 0.062 × $6500 = $403

Tax rate Medicare = Gross pay for current month × Medicare rate = $8950 × 1.45% = $8950 × 0.0145 = $129.775

The amount of FICA tax withheld = Tax rate OASDI + Tax rate Medicare = $403 + $129.775 = $532.78

The amount of FICA tax withheld is $532.78

5 0

3 years ago

Assume you are running a paid campaign and your original budget was $50,000 for the month. It's a 31-day month and you have spen

mash [69]

Answer: $2750

Explanation:

The original budget was $50,000 for the month, $20,000 has been spent already after which there was a revision of the monthly budget to $75,000.

Since $20000 has been spent, the remaining budget will be:

= $75000 - $20000

= $55000

Also, the money was spent for 11 days, therefore the number of days remaining will be:

= 31 - 11

= 20 days.

Therefore, the new daily budget for the month will be:

= $55,000 / 20 days

= $2,750

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3 years ago

J&J Materials and Construction Corporation produces mulch and distributes the product by using dump trucks. The company use

lilavasa [31]

Answer:

$3,999.04 F

Explanation:

Calculation to determine the flexible-budget amount for variable manufacturing overhead?

First step is to calculate the Budgeted fleet hours per unit

Budgeted fleet hours per unit = 568 ÷ 710

Budgeted fleet hours per unit = 0.8

Second step is to calculate the Budgeted fleet hours allowed for 660 truckloads

Budgeted fleet hours allowed for 660 truckloads

Budgeted fleet hours allowed for 660 truckloads = 660 × 0.8

Budgeted fleet hours allowed for 660 truckloads = 528

Third step is to calculate the Budgeted variable overhead rate per machine hour

Budgeted variable overhead rate per machine hour = $89,460 ÷ 528

Budgeted variable overhead rate per machine hour = $169.43

Fourth step is to calculate the Flexible-budget amount

Flexible-budget amount = 528× $169.43

Flexible-budget amount= $89,459.04

Now let calculate the Flexible-budget variance

Flexible-budget variance = $85,460 − $89,459.04

Flexible-budget variance= $3,999.04 F

Therefore the Flexible-budget variance is $3,999.04 F

4 0

3 years ago

Identify four negative effects of economic growth on society/the environment.

stiv31 [10]

Negative effects of Economic Growth on Society/ The Environment - Noise pollution and lower air quality arising from air pollution and road congestion.

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3 years ago