Answer:
Debit interest expense and credit interest payable by $150
Explanation:
Given:
Amount borrowed = $30,000
Interest rate = 6%
Maturity = 6 months
If the company prepares monthly financial statements, then interest incurred in the month of November:
Interest expense = 
= $150
Adjusting entry passed:
Date Particulars Debit($) Credit($)
30th Nov Interest expense 150
Interest payable 150
(Being interest expense
accrued)
Answer:
The correct option is A,both the selling and buying units have complete information about costs.
Explanation:
A negotiated transfer price is a price agreed between the selling and buying divisions having considered factors such the external purchase price,the opportunity costs of selling internally and externally ,whether or not there is surplus capacity and may more.
Negotiated transfer price is fairer to both divisions as opposed to a transfer price imposed by management which could result in low morale in the buying or selling division depending on whether the price was set too high or too low.
Answer:
$14,837
Explanation:
Calculation for what The adjusted cash balance should be
Bank balance$14,237
Add Deposit in transit$4,500
Less Outstanding checks ($3,900)
Adjusted bank balance$14,837
($14,237+$4,500-$3,900)
Book balance$13,162
Less Bank service fees ($50)
Add Note collected $1,725
Adjusted book balance$14,837
($13,162-$50+$1,725)
Therefore The adjusted cash balance should be:
$14,837
There is not enough information to have a significant answer
Answer:
5,300
Explanation:
Given that,
contribution margin per unit = $7
selling price = $45 per unit
Fixed costs = $35,000
Total fixed cost after increase:
= $35,000 + $20,650
= $55,650
contribution margin per unit after increase:
= $7 + (50% × $7)
= $7 + $3.5
= $10.5
Therefore,
New Break even point:
= Fixed cost ÷ Contribution per unit
= $55,650 ÷ $10.5
= 5,300
