Answer:
a.
Date Account Title Debit Credit
XX-XX-XXX Accounts Receivable $12,040
Fees earned $12,040
b. No it would not have been.
If using the cash basis, the revenue would only be recognized when the cash is paid to the company. As the cash has not been paid, there would be no need to adjust for the revenue in the present period.
Answer:
The correct answer is B: the jobs produced during the period have been under-costed
Explanation:
Giving the following information:
If manufacturing overhead has been under-allocated during the period, then which of the following is true?
(a) the jobs produced during the period have been over-costed
(b) the jobs produced during the period have been under-costed
(c) the jobs produced during the period have been costed correctly
(d) none of the above
When manufacturing overhead has been under-allocated means that the actual costs incurred where superior that the estimated cost for the period.
We can calculate for the total stockholders’ equity by using
the formula:
Total stockholders’ equity = Number of Shares * Price per
Share – Deficit Balance
Substituting our given values:
Total stockholders’ equity = 19,000 shares * ($12 / share) - $75,000
Total stockholders’ equity = $153,000
The accounts that will be used to record the disposal of the assets are Gain/loss on sale of asset and Sales Income
<h3>What is a
disposal account?</h3>
A disposal account calculates the gain or loss account that appears in the income statement.
The disposal account records the difference between the disposal proceeds and the net carrying amount of the fixed asset being disposed of.
Hence, the account that will be used to record the disposal of the assets is Gain/loss on sale of asset and Sales Income
Read more about assets disposal
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