What is information gathered for a research called?

The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to

Ahat [919]

Question Completion:

Assume that Supplies were purchased during the year worth $13,000.

Record the adjusting entries.

Answer:

Adjusting Journal Entries on December 31, 2021:

Debit Interest Expense $4,000

Credit Interest payable $4,000

To record the accrued interest on the notes payable.

Debit Salaries Expense $3,000

Credit Salaries payable $3,000

To record the accrued salaries at year end.

Debit Supplies Expense $9,200

Credit Supplies $9,200

To record supplies expense for the year.

Explanation:

a) Data and Calculations:

Supplies purchased = $13,000

Supplies at year-end = 3,800

Supplies consumed = $9,200 ($13,000 - $3,800)

b) Adjusting entries are journal entries done at the end of a financial period to ensure that expenses and revenues are matched to the period they occur instead of when cash is exchanged. This accords with the accrual concept and the matching principle of accounting.

3 0

3 years ago

Case X: Compute cash received from customers:

Inessa05 [86]

Answer:

Sahim Company

Case X: Cash received from customers = $508,600

Case Y: Cash paid for rent = $141,400

Case Z: Cash paid for merchandise = $481,500

Explanation:

a) Data and Calculations:

Case X: Compute cash received from customers:

Sales $ 515,000

Accounts receivable, December 31, 2013 27,200

Accounts receivable, December 31, 2014 33,600

Case Y: Compute cash paid for rent:

Rent expense $ 139,800

Rent payable, December 31, 2013 7,800

Rent payable, December 31, 2014 6,200

Case Z: Compute cash paid for merchandise:

Cost of goods sold $ 525,000

Merchandise inventory, December 31, 2013 158,600

Accounts payable, December 31, 2013 66,700

Merchandise inventory, December 31, 2014 130,400

Accounts payable, December 31, 2014 82,000

Case X: Cash received from customers:

Accounts receivable

Account Titles Debit Credit

Sales $ 515,000

December 31, 2013 27,200

December 31, 2014 $33,600

Cash received 508,600

Case Y: Cash paid for rent:

Rent Payable

Account Titles Debit Credit

Rent expense $ 139,800

December 31, 2013 7,800

December 31, 2014 $6,200

Cash paid 141,400

Case Z: Cash paid for merchandise:

Cost of goods sold $ 525,000

Merchandise inventory, December 31, 2014 130,400

Merchandise inventory, December 31, 2013 (158,600)

Purchases during 2014 $ 496,800

Accounts payable

Account Titles Debit Credit

December 31, 2013 $66,700

Purchases during 2014 496,800

December 31, 2014 $82,000

Cash paid for merchandise 481,500

3 0

3 years ago

At May 31, 2017, the accounts of Lopez Company show the following.

frosja888 [35]

Answer:

a. cost of goods manufactured schedule.

Direct materials $62,400

Direct labor $50,000

Manufacturing overhead applied $40,000

Add Opening work in process Inventory $14,700

Less Closing work in process Inventory ($15,900)

Cost of goods manufactured $151,200

b. income statement for May

Sales Revenue $215,000

Less Cost of Goods Sold :

Opening finished goods Inventory $12,600

Add Cost of goods manufactured $151,200

Less Closing finished goods Inventory ($12,600) ($176,400)

Gross Profit $38,600

c.presentation of the manufacturing inventories

raw materials $7,100

work in process $15,900

finished goods $9,500

Total Inventory $32,500

Explanation:

a.Cost of Goods Manufactured schedule included all the manufacturing costs incurred during production.

b.The Income statement is used to calculate gross profit as Sale less Cost of Sales.

c.The manufacturing inventories are presented in the balance sheet in their older of liquidity starting with the least liquid category.

7 0

3 years ago

Calculating Standard Quantities for Actual Production Guillermo's Oil and Lube Company is a service company that offers oil chan

vova2212 [387]

Answer:

Number of quarts for 960 oil changes= 6,144 quarts

No of hours for 960 oil changes = 432 hours

Number of quarts for 950 oil changes=6,080 quarts

No of hours for 950 oil changes= 427.5 hours

Explanation:

Guillermo's Oil and Lube Company

1.Number of quarts for 1 oil change = 6.4 quarts of oil

Number of quarts for 960 oil changes= 6.4 quarts of oil *960= 6,144 quarts

2. Number of minutes for 1 oil change = 27 minutes

Number of minutes for 960 oil changes = 27 minutes*960= 25920 minutes

No of hours for 960 oil changes = 25920/60= 432 hours

3.Number of quarts for 1 oil change = 6.4 quarts of oil

Number of quarts for 950 oil changes= 6.4 quarts of oil *950= 6,080 quarts

Number of minutes for 1 oil change = 27 minutes

Number of minutes for 950 oil changes = 27 minutes*950= 25650 minutes

No of hours for 950 oil changes= 25650/60= 427.5 hours

5 0

3 years ago

Which type of tax funds the salaries of public school teachers?

Svet_ta [14]

Answer:

c

Explanation:

6 0

2 years ago

What is information gathered for a research called?​

What is information gathered for a research called?