One reward of starting your own business is ____

lina2011 [118]

Answer:

I want to say your answer is C - the maximum amount of work that an organization is capable of completing in a given period of time.

5 0

3 years ago

Below are transactions for Wolverine Company during 2021.

Nookie1986 [14]

Answer:

Wolverine Company

Adjusting Journal Entries:

1. Debit Deferred Revenue $2,000

Credit Rent Revenue $2,000

To record rent revenue for December.

2. Debit Insurance Expense $6,600

Credit Prepaid Insurance $6,600

To record the insurance expense for the year.

3. Debit Salaries Expense $3,000

Credit Salaries Payable $3,000

To record the unpaid salaries expense.

4. Debit Interest Expense $250

Credit Interest Payable $250

To accrue interest expense for 2 months.

5. Debit Supplies Expense $3,900

Credit Supplies $3,900

To record the supplies used during the year.

Explanation:

a) Data and Calculations:

1. Rent Revenue = $2,000 ($4,000/2)

2. Insurance Expense = $6,600 ($13,200*6/12)

3. Salaries Expense $3,000 and Salaries Payable $3,000

4. Interest Expense = $250 ($15,000 * 10% * 2/12)

5. Office Supplies:

Beginning balance $1,000

Purchases 3,400

Ending balance 500

Supplies Expense $3,900

b) Adjusting journal entries are made in order to allocate revenue and expenses to the period in which they are earned or incurred. This agrees with the accrual concept and the matching principle of generally accepted accounting principles, which require that revenue and expenses are recognized in the period they occur instead of when cash is exchanged.

7 0

3 years ago

A company had inventory on November 1, of 5 units at a cost of $24 each. On November 2, they purchased 14 units at $26 each. On

Serggg [28]

Answer:

e

Explanation:

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

If 11 inventories were sold, the inventory left would consist of 13 units purchased on the 2nd and 5 units the company had on the 1st

Inventory value = (13x 26) + (5 x 24) = 458

8 0

3 years ago

A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2020. Interest is paid on June 30 and December 31. T

Hoochie [10]

Answer:

Using effective-interest amortization, the approximate carrying value of the bonds on Dec 31, 2020 balance sheet is:

a. $14, 709, 481.

Explanation:

a) Data and Calculations:

Face value of bonds = $15,000,000

Bonds price = 14,703,108

Bonds discount = $296,892

Coupon interest rate = 7.8%

Effective interest rate = 8%

Interest payments on June 30 and December 31

June 30, 2020:

Interest expense = $588,124 ($14,703,108 * 4%)

Cash payment = $585,000 ($15,000,000 * 3.9%)

Amortization of discount = $3,124 ($588,124 - $585,000)

Bonds payable = $14,706,232 ($14,703,108 + $3,124)

December 31, 2020:

Interest expense = $588,249 ($14,706,232 * 4%)

Cash payment = $585,000 ($15,000,000 * 3.9%)

Amortization of discount = $3,249 ($588,249 - $585,000)

Bonds payable = $14,709,481 ($14,706,232 + $3,249)

4 0

3 years ago

The following is a partially completed lower section of a departmental expense allocation spreadsheet for Brickland. It reports

Alik [6]

Answer:

$6,400

Explanation:

Re-write the Question for Easier Understanding

Purchasing Maintenance Fabrication Assembly

$32,000 $18,0000 $96,000 $62,0000

(No of Purchase Orders) 16 4

(Sq Foot of Space) 3,300 2,700

Find:

Amount of Purchasing Department Expense to be allocated to Assembly.

The Question clearly states that Purchasing Department's expenses are allocaated based on the Operating Department's Purchase Order
Since total Purchase Order is 20 and Assembly's purchase order is 4
Assembly's allocation of Purchasing Expense= Assembly's Purchase Order/ Total Purchase Order × Purchase Department Expense

=Total Purchase Order= Fabrication (16) + Assembly (4)= 20

=Purchase Order for Assemby= 4

=Purchasing Department Expense= $32,000

=(4/20)× $32,000
=0.2 × $32,000
= $6,400

8 0

3 years ago

One reward of starting your own business is _____.