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omeli [17]
3 years ago
11

Adjustment for Prepaid Expense The supplies account had a beginning balance of $3,690 and was debited for $1,700 for supplies pu

rchased during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $1,290.
Business
1 answer:
zysi [14]3 years ago
4 0

Answer:

Dr supplies expense   $4,100

Cr supplies                                       $4,100

Explanation:

Supplies used in the year needs to be ascertained before any adjusting entry can be posted.

Supplies used=beginning supplies+purchases-ending supplies

beginning supplies is $3,690

purchases of supplies was $1,700

ending balance of supplies was $1,290

supplies used=$3,690+$1,700-$1,290=$ 4,100.00  

The used portion of supplies would be debited to supplies expense while supplies inventory is credited with the same amount.

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In the current labor market, suppose that the wage rate for accountants is significantly higher than the wage rate for economist
Citrus2011 [14]

The best explanation for the rise in economist salaries and the fall in accounting salaries would be (B) The supply of economists must have decreased, and the supply of accountants must have increased.

<h3>Why is this the best explanation?</h3>

When there is a decrease in the supply of a commodity, its prices will go up. The salaries of economists went up because the number of economists available, decreased.

When there is an increase in the supply of something, the price will decrease. This is why the accountants saw their salaries decrease - the number of accountants available increased.

In conclusion, option B is correct.

Find out more on demand and supply at brainly.com/question/4804206.

4 0
1 year ago
Your portfolio is invested 30 percent each in Stocks A and C, and 40 percent in Stock B. What is the standard deviation of your
Assoli18 [71]

Answer:

portfolio's standard deviation = 6.18%

Explanation:

we must first determine the expected returns for each stock:

stock A = (0.15 x 31%) + (0.6 x 16%) + (0.2 x -3%) + (0.05 x -11%) = 13.1%

stock B = (0.15 x 41%) + (0.6 x 12%) + (0.2 x -6%) + (0.05 x -16%) = 11.35%

stock C = (0.15 x 21%) + (0.6 x 10%) + (0.2 x -4%) + (0.05 x -8%) = 7.95%

then we must determine the variance of each stock's return:

stock A = {[0.15 x (31 - 13.1)²] + [0.6 x (16 - 13.1)²] + [0.2 x (-3- 13.1)²] + [0.05 x (-11 - 13.1)²]} / 4 = (48.0615 + 5.046 + 51.842 + 29.0405) / 4 = 33.4975

stock B = {[0.15 x (41 - 11.35)²] + [0.6 x (12 - 11.35)²] + [0.2 x (-6- 11.35)²] + [0.05 x (-16 - 11.35)²]} / 4 = (131.868375 + 0.2535 + 60.2045 + 37.401125) / 4 = 57.4219

stock C = {[0.15 x (21 - 7.95)²] + [0.6 x (10 - 7.95)²] + [0.2 x (-4- 7.95)²] + [0.05 x (-8 - 7.95)²]} / 4 = (25.545375 + 2.5215 + 28.5605 + 12.720125) / 4 = 17.3369

portfolio's variance = (0.3 x 33.4975) + (0.4 x 57.4219) + (0.3 x 17.3369) = 38.21908

portfolio's standard deviation = √38.21908 = 6.18%

5 0
2 years ago
Dexter Industries purchased packaging equipment on January 8 for $72,000. The equipment was expected to have a useful life of th
Flauer [41]

Answer:

<h2>Dexter Industries</h2>

1. Depreciation Expense for the three years ending December 31:

i) Straight-line Method:

Depreciation charge = (Cost - Residual Value)/Useful life

= Depreciable amount/useful life

Annual Depreciation = ($72,000 - $4,500)/3 = $22,500

Depreciation Expense:

Year 1      $22,500

Year 2     $22,500

Year 3     $22,500

ii) Units-of-Activity Method

Depreciable amount x (hours used/useful life in hours)

or Depreciable amount per hour x hours used

Depreciable amount = $72,000 - $4,500 = $67,500

Depreciation Expense:

Year 1      $28,500 (7,600/18,000 x $67,500) or 7,600 x $3.75

Year 2     $22,500 (6,000/18,000 x $67,500) or 6,000 x $3.75

Year 3     $16,500 (4,400/18,000 x $67,500) or 4,400 x $3.75

iii) Double-Declining-Balance Method

Steps:

Divide 100/useful life = 33.33333%.  This is the straight-line percentage.

Multiply this by 2, to obtain the percentage for double-declining method.

This gives 66.66666%

Depreciation Expenses:

Year 1 = $48,000 ($72,000 x 66.66666%)

Year 2 = $16,000 (($72,000 - $48,000) x 66.66666%))

Year 3 = $3,500  not $5,000 (($72,000 - $48,000 - $16,000) x 66.66666%))

The last year's depreciation cannot exceed the book value less the residual value.

1B) Total Depreciation Expense for the three years by each method:

i) Straight-line Method

Total Depreciation = $22,500 x 3 = $67,500

ii) Units-of-Activity Method

Total Depreciation = $67,500 ($28,500 + 22,500 + 16,500)

iii) Double-Declining-Balance Method

Total Depreciation = $67,500 ($48,000 + 16,000 + 3,500)

2. The method that yields the highest depreciation expense for Year 1:

The Double-Declining-Balance Method

3. The method that yields the most depreciation over the three-year life of the equipment:

None.  They yield the same total depreciation because of the presence of the residual value.

Explanation:

1) Cost of Equipment = $72,000

Useful Life = 3 years or 18,000 operating hours

Residual Value = $4,500

2) Depreciation is systematic reduction of the recorded cost of a long-term asset until the asset's value becomes zero or negligible.  It is an accounting estimate based on the entity's judgement.  It is a way of spreading the cost of a noncurrent asset in accordance with the accrual concept and matching principle over the periods that benefit from the long-term asset.  There are many methods which can be adopted.

5 0
2 years ago
An automated turning machine is the current constraint at Jordison Corporation. Three products use this constrained resource. Da
Maru [420]

Answer:A. LN, JQ, RQ

Explanation:

To know the current profitability, we need to determine the contribution margin unit  by the minutes on the constraints .

a) For LN  

Contribution by unit =  Selling price per unit- Variable cost per unit

$ 161.88 -$116.12 = $45.76

Contribution by the minutes = Contribution by unit / Minutes on the constraint

= $45.76/ 2.60 = 17.60

B) For JQ

Contribution by unit =  Selling price per unit- Variable cost per unit

$ 350.41 -$279.11 = $71.3

Contribution by the minutes = Contribution by unit / Minutes on the constraint

= $71.3/ 4.60 = 15.50

c) For RQ  

Contribution by unit =  Selling price per unit- Variable cost per unit

$ 446.71 -$338.71 = $108

Contribution by the minutes = Contribution by unit / Minutes on the constraint

= $108/ 7.50 = 14.40

In order of their current profitability from most profitable to least profitable, We have LN with 17.60, next JQ with 15.50 and the least RQ with 14.40  

4 0
3 years ago
In the case discussed, the Supreme Court held that the trademark for Coca-Cola was valid and banned another company from using a
lakkis [162]

Answer:

The Supreme Court ruled that the name Coke was so well known around the world, that it is effectively a common term for the trademarked Coca Cola. If other companies try to use similar terms like Koke for other types of products, e.g. bakery items, there is a risk that the Coca Cola company would be negatively affected by that product's image since consumers might associate Koke directly to Coca Cola.

It doesn't matter if the products were low quality or not, the courts cannot determine that, what matters is that the use of the term may negatively impact another company.

7 0
3 years ago
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