Answer:
All the entries are made on December 31.
a.
Unearned Rent Revenue 750 Dr
Rent Revenue 750 Cr
b.
Salaries expense 7200 Dr
Salaries Payable 7200 Cr
c.
Supplies expense 1100 Dr
Supplies 1100 Cr
d.
Depreciation expense-Equipment 500 Dr
Accumulated depreciation-Equipment 500 Cr
e.
Insurance expense 1620 Dr
Prepaid Insurance 1620 Cr
Explanation:
a.
The rent received in advance is for one year. On December 31 the 3 months of rent becomes earned. So, we debit the unearned rent revenue account and credit the rent revenue.
b.
The salaries expense per day is $1800 and as the 31 December is a thursday, the salary for 4 days becomes an expense which is still not paid as salaries are paid on friday. So we debit the salaries expense by 1800 * 4 = 7200 and credit the salaries payable by the same amount.
c.
The supplies of 1100 (3000 - 1900) have been consumed and the supplies expense will be recorded for 1100 and the supplies account will be reduced by 1100.
d.
The depreciation on equipment is recorded.
e.
The insurance paid in advance in April of the current year is for 2 years or 24 months. The per month insurance expense is 4320 / 24 = 180
Till 31 December, the 9 months of insurance policy has been consumed and should be recorded as an expense and a reduction in the prepaid asset.
The amount is = 180 * 9 = 1620
Answer:
Champs Sports Bar will incur equal total costs if Pancho can hold annual shipping price per crate at $6
Explanation:
Current consumption = 6000 per year
Byron's Charge
Cost of 1 bottle = $9.25
1 crate contains 500 bottles
6000 bottles would be contained in 12 crates (6000 ÷ 500 = 12)
Cost of 1 crate = $9.25 × 500 = $4625
Shipping price per crate = $5
Cost of 1 crate + shipping price per crate = $4625 + $5 = $4630
Total cost to ship 12 crates (6000 bottles) = 12 × $4630 = $55560
Pancho's charge
Cost of 1 bottle = $9.20
I crate contains 100 bottles
6000 bottles would be contained in 60 crates (6000 ÷ 100 = 60)
Cost of 1 crate = $9.20 × 100 = $920
Let the shipping price per crate be y
Cost of 1 crate + shipping price per crate = ($920 + y)
Total cost to ship 60 crates = 60($920 + y)
To solve for y, equate the two total costs
60($920 + y) = $55560
Divide both sides by 60
$920 + y = $926
y = $926 - $920 = $6
Champs Sports Bar will incur equal total costs if Pancho can hold annual shipping price per crate at $6.
The quality certification that deals primarily with conformance to customer requirements is ISO <u>9000</u>; ISO <u>14000</u> is concerned primarily with the organization's effect on the environment.
<u>Explanation:</u>
A collection of global quality management and quality assurance standards designed to help businesses efficiently document the components of the quality system required to maintain an effective quality system, understood as ISO 9000. These are not industry specific, and can be extended to organizations of any scale.
The collection of specifications for environmental management generated and published by the International Organization for Standardization is known as ISO 14000 principles, which offer guidelines or structure for organizations seeking to systematize and develop their initiatives in environmental management.
Answer:
Price
Quality
Explanation:
There are many things to be considered when choosing a supplier, however, price (covering price, Total Cost of Opportunity ) and Quality ( covering product and service quality and quality history) should be prioritized.
OPTIONS:
A. Resources B. reserves. C. overheads. D. variable costs.
Answer:
A. Resources
Explanation:
Resources are factors that aid the production process of any business, which includes land, labor, capital, and management. All are combined together to make production successful. The organization’s processes, the employees and its equipment can be regarded as the company’s resources which are put together in the production of greeting cards for customers use.