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Jillian runs a small printing business. She spends $2000 / month on ink, $30,000 a year on rent for the building, and $60,000 a

Alexxandr [17]

Answer:

Jillian's annual economic profit on the printing business is $6,000

Explanation:

Cost of ink = $2000/month = $2000×12/year = $24,000/year

Annual rent = $30,000

Annual salary of employees = $60,000

Total annual expenditure = $24,000 + $30,000 + $60,000 = $114,000

Annual revenue = $120,000

Annual economic profit = annual revenue - annual expenditure = $120,000 - $114,000 = $6,000

8 0

3 years ago

Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for

LenaWriter [7]

Answer and Explanation:

The computation of given question is shown below:-

Hi-Test Company

Weighted-average method

Equivalent units

Particulars Physical units Material Conversion costs

Units to be accounted for

Beginning work-in-progress 2,000

Production started 28,000

Total units 30,000

Units accounted for:

1. Completed and transferred

out 23,000 23,000 23,000

(23,000 × 100%)

Ending work-in-progress 7,000 7,000 2,800

(7,000 × 100%) (7,000 × 40%)

2. Total units 30,000 30,000 25,800

Materials Conversion costs Total costs

Costs to account for:

Beginning work in

progress $45,000 $56,320 $101,320

($25,600 + $30,720)

Costs added during

period $375,000 $341,000 $716,000

Total costs $420,000 $397,320 $817,320

÷

Total equivalent unit

of production $30,000 $25,800

3. Cost per equivalent unit $14.00 $15.40

Cost accounted for

4. Completed and transferred

out $322,000 $354,200 $676,200

(23,000 × $14.00) (2,800 × $15.40)

7. Ending work in progress $98,000 $43,120 $141,120

(30,000 × $14.00) (25,800 × $15.40)

Total cost $420,000 $397,320 $817,320

4 0

3 years ago

Rochester Corp. holds a 15% equity investment in LaCrosse Inc. Reedsburg Investments holds 45% of LaCrosse’s stock. On October 1

Bess [88]

Answer:

Correct Option is B) Rochester Income Increase, Reedsburg Income No effect

Explanation:

As per IFRS,

When a company holds share of any company up to 20% then it is an associate, and in this case Rochester holds only 15% and thus will increase its net income with dividend received. (Cost method is followed)

When a company holds more than 20 % and less than 50% then the equity method is followed until and unless major significance is not exercised, generally it is exercised. In that case equity method is followed, and any income received is adjusted from cost of investment, and do not form part of income.

4 0

3 years ago

Issued 30,000 shares of common stock in exchange for $300,000 in cash. Purchased equipment at a cost of $40,000. $10,000 cash wa

hichkok12 [17]

Answer:

T-accounts:

Cash

Accounts Titles Debit Credit

Common Stock $300,000

Equipment $10,000

Rent Expense 5,000

Prepaid Insurance 6,000

Accounts Payable 70,000

Accounts Receivable 55,000

Equipment

Accounts Titles Debit Credit

Cash $10,000

Notes Payable 30,000

Notes Payable

Accounts Titles Debit Credit

Equipment $30,000

Inventory

Accounts Titles Debit Credit

Accounts Payable $90,000

Cost of Goods Sold $70,000

Accounts Payable

Accounts Titles Debit Credit

Inventory $90,000

Cash $70,000

Accounts Receivable

Accounts Titles Debit Credit

Sales Revenue $120,000

Sales Revenue

Accounts Titles Debit Credit

Accounts Receivable $120,000

Cost of Goods Sold

Accounts Titles Debit Credit

Inventory $70,000

Rent Expense

Accounts Titles Debit Credit

Cash $5,000

Prepaid Insurance

Accounts Titles Debit Credit

Cash $6,000

Common Stock

Accounts Titles Debit Credit

Cash $300,000

Depreciation Expense

Accounts Titles Debit Credit

Acc Depreciation $1,000

Accumulated Depreciation - Equipment

Accounts Titles Debit Credit

Depreciation Expense $1,000

Explanation:

T-account consists of the following. An account title to record the corresponding account where the double-entry transaction is completed. A debit side on the left to enter the dollar value of the transaction, if the concerned account receives the value. A credit side on the right, also, to enter the dollar value of the transaction, if the concerned account gives out the value.

5 0

3 years ago

On November 1, 2018, ABC Corp. borrowed $100,000 cash on a 1-year, 6% note payable that requires ABC to pay both principal and i

Anika [276]

Answer:

C) credit to Note Payable of $1,000,000

Explanation:

The complete journal records for November 1, 2018 are:

Dr Cash account 100,000
Cr Notes Payable account 100,000

The company received $100,000 in cash. Since cash is an asset and it increased when the bonds were issued, it should be debited.

The company has to pay a note worth $100,000. Since notes payable is a liability and it increased when the bonds were issued, it should be credited.

6 0

3 years ago