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SIZIF [17.4K]
3 years ago
5

Cortina Company accumulates the following adjustment data at December 31. Indicate (1) the type of adjustment (prepaid expense,

accrued revenue, and so on) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) Item (1) Type of Adjustment (2) Accounts Before Adjustment a. Supplies of $400 are on hand. Supplies account shows $1,600 balance. select the type of adjustment select the status of the accounts before adjustment select the status of the accounts before adjustment b. Services performed but unbilled total $700. select the type of adjustment select the status of the accounts before adjustment select the status of the accounts before adjustment c. Interest of $300 has accumulated on a note payable. select the type of adjustment select the status of the accounts before adjustment select the status of the accounts before adjustment d. Rent collected in advance totaling $1,100 has been earned.
Business
1 answer:
romanna [79]3 years ago
5 0

Answer:

Cortina Company

Indication of the type of adjustment and the status of the accounts before the adjustment:

Type of adjustment (prepaid           Status of the accounts before the

expense, accrued revenue, etc.)      adjustment:

a. Usage adjustment                        Supplies Overstated by $1,200

b. Accrued Revenue                        Service Revenue understated by $700

c. Accrued Expense                         Interest Expense understated by $300

d. Earned Revenue                          Rent Revenue understated by $1,100

                                                          and Deferred Revenue overstated by

                                                          the same amount.

Explanation:

Cortina Company must recognize all revenue and expenses, whether cash has exchanged hands or not, provided they have been earned or incurred within the stated accounting period.  This is in accordance with the accrual concept and the matching principle of generally accepted accounting principles.

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Marginal revenue can become negative for A. both competitive and monopoly firms. B. monopoly firms but not for competitive firms
Lena [83]

Answer:

B. monopoly firms but not for competitive firms.

Explanation:

Marginal revenue can become negative for monopoly firms but not for competitive firms.

A monopolist’s marginal revenue is always less than or equal to the price  of the good.

Marginal revenue is the amount of revenue the firm receives for  each additional unit of output. It is the difference between total revenue – price  times quantity – at the new level of output and total revenue at the previous  output (one unit less).

Since the monopolist’s marginal cost curve lies below its demand curve.  When a monopoly increases amount sold, it has two effects on total revenue:

– the output effect: More output is sold, so Q is higher.

– the price effect: To sell more, the price must decrease, so P is lower.

For a competitive firm there is no price effect. The competitive firm can sell  all it wants at the given price.

So the marginal revenue on a monopolist's additional unit sold is lower than the price, <u>because it gets less revenue for selling additional units.</u>

<u>Marginal revenue can become negative – that is, the total revenue decreases from one output level to the next. </u>

5 0
3 years ago
Department S had no work in process at the beginning of the period. It added 13,600 units of direct materials during the period
lora16 [44]

Answer:

Cost of units completed = $176,528

Workings are attached:

Explanation:

Equivalent unit of production

An equivalent unit of production is an expression of the amount of work done by a manufacturer on units of output that are partially completed at the end of an accounting period. Basically the fully completed units and the partially completed units are expressed in terms of fully completed units.

Equivalent units are used in the production cost reports for the producing departments of manufacturers using a process costing system. Cost accounting textbooks are likely to present the cost calculations per equivalent unit of production under two cost flow assumptions: weighted-average and FIFO.

Conversion costs

Conversion costs is a term used in cost accounting that represents the combination of direct labor costs and manufacturing overhead costs. In other words, conversion costs are a manufacturer's product or production costs other than the cost of a product's direct materials.

Expressed another way, conversion costs are the manufacturing or production costs necessary to convert raw materials into products.

The term conversion costs often appears in the calculation of the <u>cost of an</u> <u>equivalent unit in a process costing system.</u>

For the sake of this question, we will be determining the <u>equivalent units of production:</u>

  • Units completed and transferred subject to material and conversion costs
  • Units in the closing inventory subject to material and conversion costs
  • We will then calculate the cost per units with respect to material and conversion costs for the equivalent units.
  • These cost per units will enable us to determine the cost of items completed.
Download xlsx
4 0
2 years ago
Which of the following statements is true regarding today's marketing communications?
Blababa [14]

Answer:

Letter E is correct. <em>Today's consumers are better informed about products and services.</em>

Explanation:

We live in the information age, this means that today's marketing communication is much more direct and accurate. Information is easily disseminated through all easily accessible channels: internet, television, newspapers and magazines, so access to knowledge increases the participation of individuals, who now have much more power to modify their relationship with companies, brands and Marketplace.

The new consumer is much more aware of what they buy, so their demands for quality products and services are growing, they also have the power to actively influence companies, making them act transparently and adopt processes that contribute to the process. development of society in general.

Therefore, business marketing mix should be geared to new consumption patterns and requirements, knowing your actual target audience and anticipating their needs.

3 0
3 years ago
n autarky, suppose that equilibrium sugar price is $100 per ton in Birdonia, a small agricultural nation. Now, suppose Birdonia
Rainbow [258]

Answer:

the domestic price of sugar will increase to $125.

Explanation:

Since the world price of sugar is higher than the domestic price, domestic producers of sugar will export their products in order to earn a higher profit. That will eventually lead to an increase in the equilibrium price from $100 (former equilibrium price) to a higher price equal to the world price ($125).

6 0
3 years ago
Qiang is a project manager at Enigma Industries and is able to borrow specialists from the organization on a regular basis to as
Alenkasestr [34]

Answer:

matrix organizational structure

Explanation:

When a company works under a matrix organizational structure, specialists from different parts of the organization are brought together on a temporary basis to work on specific projects. It is common for employees to report to both a functional manager (traditional manager) and a product manager (project manager).

3 0
3 years ago
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