Answer:
(a) Discount on bonds payable ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES
(b) Interest expense (credit balance) ⇒ WHEN INTEREST EXPENSE IS INCLUDED IN THE INCOME STATEMENT IT HAS A DEBIT BALANCE, WHEN IT HAS A CREDIT BALANCE IT MEANS IT IS A LIABILITY AND MUST BE REPORTED IN THE BALANCE SHEET
(c) Unamortized bond issue costs ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET, IT IS A CONTRA LIABILITY ACCOUNT
(d) Gain on repurchase of debt ⇒ SHOULD BE REPORTED IN THE INCOME STATEMENT AS PART OF OTHER GAINS AND LOSSES
(e) Mortgage payable (payable in equal amounts over next 3 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES (UNDER CURRENT AND LONG TERM LIABILITIES)
(f) Debenture bonds payable (maturing in 5 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES
(g) Notes payable (due in 4 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES
(h) Premium on bonds payable ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LIABILITIES (REDUCES BONDS PAYABLE)
(i) Bonds payable (due in 3 years) ⇒ SHOULD BE REPORTED IN THE BALANCE SHEET UNDER LONG TERM LIABILITIES
If I were a policy maker in Country LT, I would create a regulatory policy that allowed the grain producer to make as much in profit as possible, but still protect consumer needs. The company would be required to create various smaller companies, each selling different types and quality of grain for varying prices. This would preserve the ideals of free enterprise, encourage competition within the market, and help to keep food costs down for consumers.
Answer: $13,700
Explanation:
Given the following :
Month of September:
Direct materials = $2300
Direct labor used = $3800
Overhead = 200% of direct labor cost incurred
Therefore September overhead :
200% × $3800
2 × $3800 = $7,600
Work in process account at the end of September :
Direct labor cost + direct material cost + overhead
$3800 + $2300 + $7600 = $13,700
Answer:
1
Explanation:
Manufacturing Overhead sometimes also referred as Factory Overhead includes only those costs which are directly traceable to the production of a product i-e, Direct labor and Material Costs.
Answer:
a. Yes, it is likely to be enforceable during Larry's employability with Curb.
Explanation:
Larry has signed a contract with Curb that he will not be writing script for any other show while he is working with him. If Larry writes the script for Jerry he will be held responsible for breach of contract terms, and the agreement is likely to be enforceable by court against Larry.
