Answer: 18,000
Explanation:
Liability policy:
= 2,000
Insurance expense 2018:
= No. of months from 1 Jan 2018 to 31 Dec 2018 × Insurance expense per month
= 12 × 2,000
= 24,000
Prepaid insurance balance for liability policy on 31 Dec, 2018:
= Prepaid Insurance for liability policy - Insurance expense 2018
= 36,000 - 24,000
= 12,000
Crop damage policy:
= 500
Insurance expense 2018:
= No. of months from 1 Jan 2018 to 31 Dec 2018 × Insurance expense per month
= 12 × 500
= 6,000
Prepaid insurance balance for crop damage policy on 31 Dec, 2018:
= Prepaid Insurance for crop damage policy - Insurance expense 2018
= 12,000 - 6,000
= 6,000
Therefore,
Total prepaid insurance balance on 31 Dec 2018:
= Prepaid insurance balance for liability policy on 31 Dec, 2018 + Prepaid insurance balance for crop damage policy on 31 Dec, 2018
= 12,000 + 6,000
= 18,000
Answer:
$6 per unit
Explanation:
using the weighted average method:
units completed 92,000 x 100% (both materials and conversion)
ending work in progress 24,000
- materials 90% completed = 21,600
- conversion 40% completed = 9,600
equivalent unit conversion costs = total conversion costs / total equivalent units of conversion
- total conversion costs = $20,320 + $15,240 + $$182,880 + $391,160 = $609,600
- total equivalent units of conversion = 92,000 + 9,600 = 101,600
equivalent unit conversion costs = $609,600 / 101,600 units = $6 per unit
Answer:
Correct answer is (C)
Explanation:
At the beginning of the year.
Earnings per share (EPS) is the portion of profit earned by the company that is allocated to each outstanding share of its common stock. It is determined by taking the difference between a company's net income and dividends paid for preferred stock and then divided by the average number of shares outstanding. So if stock split occurred when calculating the current year EPS, the shares are treated as issued at the beginning of the year.
Answer:
$270,000
Explanation:
Contribution per kite = $6.50 - $3.50 = $3.00
Break even point = 90,000 kites
Since;
Break even point = Fixed cost / Contribution per kite.
We have:
90,000 = Fixed cost / $3.00
Fixed cost = 90,000 * $3.00 = $270,000
Therefore, Ocean City Kite Company's fixed costs is $270,000.
Average income is important because it tells us the income of an average person and gives an idea about the rising standard of living of people.
Average income is basically income earned per person in a given area in a specific year. More income means more money to fulfill your needs and wants. It is believed that the prosperity of a country depends on it. Money is considered an important factor in the development of a country. If the average income of a country increases there are chances of an increase in the development of that country. If the average income is lower there are fewer chances of development.
A country with high average income is considered rich and low average income country is considered poor. The World Bank also uses the average income to measure the development of any country. Therefore average income is considered a very important criteria for development.
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