1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alekssandra [29.7K]
3 years ago
8

(b) The following expenditures relating to plant assets were made by Prather Company during the first 2 months of 2020. Opposite

each of the following transactions indicate the account title to which each expenditure should be debited. No. Expenditures Plant Assets 1. Paid $5,000 of accrued taxes at time plant site was acquired. select an account title 2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery was in transit. select an account title 3. Paid $850 sales taxes on new delivery truck. select an account title 4. Paid $17,500 for parking lots and driveways on new plant site. select an account title 5. Paid $250 to have company name and advertising slogan painted on new delivery truck. select an account title 6. Paid $8,000 for installation of new factory machinery. select an account title 7. Paid $900 for one-year accident insurance policy on new delivery truck. select an account title 8. Paid $75 motor vehicle license fee on the new truck.

Business
2 answers:
densk [106]3 years ago
6 0

Answer:

Please see explanation below

Explanation:

1. Paid $5,000 of accrued taxes at time plant site was acquired. - Debit accrued taxes account $5000, credit cash expenses account $5000.

2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery was in transit. - Debit freight and insurance in transit $200, credit cash expenses $200.

3. Paid $850 sales taxes on new delivery truck. - Debit sales tax $850, credit expenses $850.

4. Paid $17,500 for parking lots and driveways on new plant site. - Debit land improvements $17,500, credit cash expenses $17,500.

5. Paid $250 to have company name and advertising slogan painted on new delivery truck. - Debit advertisement $250, credit cash expenses $250.

6. Paid $8,000 for installation of new factory machinery. - debit installation costs (under plants and machinery $8000.

7. Paid $900 for one-year accident insurance policy on new delivery truck. - Debit insurance $900, credit cash expenses $900.

8. Paid $75 motor vehicle license fee on the new truck. - Debit licensing fees $75, credit cash expenses $75.

Romashka [77]3 years ago
3 0

Answer:

Refer to the attached file for the detailed breakdown:

You might be interested in
suppose you pay $9,400 for a $10,000 par treasury bill maturing in 6 months. what is the annualized holding period return for th
Leni [432]

The annualized holding period return for this investment is 13.17%.

<h3>Define annualized total return.</h3>

The fund's annual return is calculated using the annualized total return to show the rate of return required to generate a cumulative return. A holding period is the duration of time an investor keeps an investment in their portfolio or the interval between buying and selling a security.

The geometric average of yearly returns for each year during the investment period is known as the annualized return. When comparing two investments with different time periods or examining an investment's performance over time, the annualized return can be helpful.

Annualized Return =(Future value + Present value) ^ (1 / N) - 1

= [10,000/9,400]^12/6 - 1

= (1.0638298)²-1

= 1.1317 - 1

= 13.17%

To learn more about to calculate annual return, visit:

brainly.com/question/17023498

#SPJ4

4 0
9 months ago
Cullumber Company had a beginning inventory on January 1 of 75 units of Product 4-18-15 at a cost of $18 per unit. During the ye
lora16 [44]

Answer:

Weighted average:

EI:            2,290

COGS:     9, 160

LIFO

EI:            2,400

COGS:     9,050

FIFO

EI:            3,000

COGS:     8,450

Explanation:

beginning 75 units at $ 18 = $  1,350

Mar. 15    200 units at $21 =  $ 4,200

Sept. 4    175 units at $24 =  $ 1,800

July 20   125 units at $22 =  $ 2,750

Dec. 2      50 units at $27 =  $ 1,350

total units:  625 units cost of goods available: 11,450

average cost: 11,450/625  =  $ 18.32 per unit

inventory units: 625 - 500 = 125 units

Weighted average:

EI:          125 x $18.32 = 2,290

COGS: 500 x $18.32 = 9, 160

500 units were sold

LIFO:

last units are sold while frist are inventory

ending inventory

beginning 75 units at $ 18 = $  1,350

Mar. 15      50 units at $21 =  $<u>  1,050  </u>

                                  Total      2,400

COGS: available - ending inventory

11,450 - 2,400 = 9,050

FIFO

first units are sold while last are inventory

Dec. 2      50 units at $27 =  $ 1,350

July 20     75 units at $22 =  $ <u>1,650   </u>

                                  Total      3,000

COGS: available - ending inventory

11,450 - 3,000 = 8,450

7 0
3 years ago
If Food Markets were to acquire Meat Processors, the acquisition would be classified as a _____ acquisition.
EleoNora [17]

Answer:

a. Vertical

Explanation:

The vertical acquisition means the acquisition where the company purchased one of the suppliers. Like the manufacturing company buys the product i.e. not fully developed so here for fully developed the company purchased out its supplier so this we called as a vertical acquisition

Now as per the given situation since the food markets would be purchased Meat processors so this represent the vertical acquistion

hence, the correct option is a.

5 0
2 years ago
besides raising revenue, what is another important use of excise taxes? a. increasing traffic fines b. eliminating corruption in
stepladder [879]

Answer:

D.

discouraging the use of products like alcohol and tobacco

Explanation:

Excise taxes can be regarded as taxes that are been paid after purchasing a particular goods such as gasoline, it is also extended on activities like usage of high ways.. It should be noted that besides raising revenue, discouraging the use of products like alcohol and tobacco is another important use of excise taxes.

5 0
3 years ago
Read 2 more answers
Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet comput
Juliette [100K]

Answer:

Variable costing principle uses variable cost alone while absorption costing uses all cost both fixed and variable that are related to the production

1)Variable costing

Income = $28,000,000

Cost of production - $9,600,000

Gross profit = 18,400,000

Admin & selling expenses =509,091

PBIT = 17,890,909

2)Absorption costing

Income - $28,000,000

Cost of production  18,400,000

Gross profit        9,600,000

Admin $ selling expenses 5,259,091

PBIT = 4,340,909

3)Reported income is identical under both variable and absorption costing when production is the same with sales and there is no opening finished good inventory . All costs including the fixed costs are absorbed into the cost of production

Explanation:

Direct material - $40/unit

Direct labor $60/unit

Variable overhead cost - $2,200,000

Fixed overhead cost - $8,800,000

Variable admin cost - $700,000

Fixed admin cost - $4,750,000

Unit produced - 110,000

Unit sold - 80,000

Selling price - $350

sales revenue - 80000*$350 - $28,000,000

Cost

Direct material = 80000* 40= $3,200,000

Direct labor      = 80000*60 = $4,800,000

Variable overhead = 2200000/110000 * 80000 = $1,600,000

Fixed overhead = $8,800,000 =

Variable admin= 700000/110000 * 80000 = $509,091

Fixed admin = $ 4,750,000

Total cost = $23,659,091

7 0
3 years ago
Other questions:
  • Dragonfly, publisher of children's books, has purchased White Rabbit, another publisher of children's books. Both companies' boo
    9·1 answer
  • Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on rea
    11·1 answer
  • NASA is a government organization independent from the executive departments but with a narrower focus on space science and mann
    14·1 answer
  • Treasury bills are paying a 4% rate of return. A risk-averse investor with a risk aversion of A = 3 should invest entirely in a
    15·2 answers
  • You own 230 shares of stock in Green Mild Chili Peppers, Inc., that currently sell for $50.70 per share. The company has announc
    6·2 answers
  • Apple is known for its innovation. It conducts in-depth marketing research to determine what customers want. Its electronic devi
    15·1 answer
  • The cost of the basket of goods in 2005 is $550 and the cost of the basket of goods in 2011 is $700. if 2005 is used as the base
    11·1 answer
  • A cost is $11,000 at 1,000 units, $12,000 at 2,000 units, and $13,000 at 3,000 units. Using the high-low method, how much is the
    7·1 answer
  • Following the 2007-2009 financial crisis, many people feared that Greece might leave the euro and resume using the drachma. If t
    10·1 answer
  • Markets for individuals looking to buy products or services for personal or household use are called _____.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!