Answer:
$7,000
Explanation:
Increase in Temporarily Restricted Net Assets = $2,000 + $10,000 + $5,000 = $17,000
Net increase in Temporarily Restricted Net Assets = Increase in Temporarily Restricted Net Assets - Amount of the conference room furniture purchased = $17,000 - $10,000 = $7,000
Note that the conference room furniture purchased is deducted because the donor did not stipulate a time restriction on holding the furniture.
Therefore, total amount should be recorded as an increase to Temporarily Restricted Net Assets is $7,000.
Explanation:
13,200 Rent prepaid on January 1 for 1 year
÷ 12 Months
$ 1,100 Rent expense per month
Thus, $1,100 Rent expense per month
× 7 Months
$7,700 Rent expense for January through July
At July 31, Aiden's Tavern should record $ 7700 of rent expense.
Answer:
Dr Allowances for sales returns $600
Cr Sales refund payable $600
Being increase sales refund estimate
Explanation:
The sales refund account is liability account that should naturally have a credit balance.
In the current period the balance in the sales refund payable account should be $900 in total,but there is a balancing credit amount already in the account,intuitively, the amount needed to raise the balance in the account to $900 is $600.
The necessary entries required for the sales refund payable is shown below:
Dr Allowances for sales returns $600
Cr Sales refund payable $600
Being increase sales refund estimate
There is no adjusting entry to accounts receivable as that deals with receipt of cash from sales transactions and not the actual sales transactions.
When the refund is eventually settled with cash, a debit is posted to sales refund payable and a credit to cash account
A. falls is the best option
Answer:
$7.05
Explanation:
Given that
Direct labor = $3.50 per unit
Direct material = $1.25 per unit
Variable overhead = $41,400
Total fixed overhead = $150,000
Produced units = 18,000
The computation of total product cost per unit under variable costing is shown below:-
Total Variable overhead = Variable overhead ÷ Produced units
= $41,400 ÷ $18,000
= $2.3
Total product cost per unit = Direct labor + Direct material + Total variable overhead
= $3.50 + $1.25 + $2.3
= $7.05
