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4 years ago

Several transactions for Trolley, Inc. are presented below. The company adjusts its books only at year-end.

Business

1 answer:

Eduardwww [97]4 years ago

4 0

Answer: See explanation

Explanation:

It should be noted that adjusting entries are normally made at the conclusion of an accounting period so that the income and expenditure will be allocated to the particular period when they took place.

Prepaid rent is calculated as:

= 2660 × (36-5)/36

= 2660 × 31/36

= 2290.56

Unearned revenue:

= 8000 × 11/48

= 1833.33

Accrued interest:

= 3400 × 12% × 8/12

= 3400 × 0.12 × 8/12

= 272

Salary expense:

= 2500 × 4/5

= 2000

The adjusting entry has been attached.

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Brady Company entered into these transactions during May 2022, its first month of operations.

Monica [59]

The effect of each transaction on the accounting equation is to be shown in the attachment below.

The following information should be considered:

In the accounting equation, the total assets should be equivalent to the total liabilities & the shareholder equity.
It determined the financial position, performance of the company.
It is known as the presentation of the balance sheet.

In this way, the accounting equation should be prepared.

Learn more: brainly.com/question/14689492

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3 years ago

The more illiquid something is the easier it is to turn into cash.<br><br> true or false?

k0ka [10]

Answer:

False

Explanation:

Illiquidity in the context of a business refers to a company that does not have the cash flows necessary to make its required debt payments, although it does not mean the company is without assets.

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3 years ago

The value proposition for the AARP brand is seen in what kinds of benefits for the members?

ankoles [38]

Answer:

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Explanation:

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2 years ago

________ is the extent to which a selection tool produces consistent results over time.

shusha [124]

This answer would be reliability.

6 0

3 years ago

Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 7

bonufazy [111]

Answer:

1) total equivalent units:

materials = 73,000

conversion = 81,500

2) costs assigned to ending WIP:

materials = $23,013.70

conversion = $27,288.32

Explanation:

beginning WIP 78,000 + 10,000 - 73,000 = 15,000

materials = 100% (0 added during the period)

conversion = 30% (70% added during the period, 10,500 EU)

units started 73,000

units finished 78,000

units started and finished = 63,000

ending WIP 10,000

materials = 100%

conversion = 80%, 8,000 EU

Beginning WIP

Materials $24,000

Conversion $35,000

Costs added during the period:

Materials $168,000

Conversion $278,000

total equivalent units:

materials = 73,000

conversion = 10,500 + 63,000 + 8,000 = 81,500

cost per EU:

Materials = $168,000 / 73,000 = $2.30137

Conversion = $278,000 / 81,500 = $3.41104

costs assigned to ending WIP:

materials = 10,000 x $2.30137 = $23,013.70

conversion = 8,000 x $3.41104 = $27,288.32

5 0

3 years ago