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3 years ago

Hey I need help with these True/False

1 answer:

8 0

1. This is the hardest question to answer of all of them. It depends on who you read. The New York Times has a different policy than the Huffington Post. I'll say it is intended to be true.

2. True. That's why they are called specialty shops.

3. Sometimes. There are other possibilities. I think you are intended to say true.

4. True. They do.

5. False. It's the other way around.

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During March, Pendergraph Corporation incurred $65,000 of actual Manufacturing Overhead costs. During the same period, the Manuf

Yanka [14]

Answer: Credit to manufacturing overhead of $67000.

Explanation:

The journal entry to record the application of Manufacturing Overhead to Work in Process would be:

Debit Work in Progress $67000

Credit Manufacturing overhead $67000.

( To record the application of manufacturing overhead to work in process).

5 0

3 years ago

The following are a few of the accounts of aim delivery corpation. 1. Wages Payable 2. Accounts Payable 3. Accounts Receivable 4

DedPeter [7]

Answer and Explanation:

The classification is as follows

1. current liability

2. current liability

3. Current assets

4. Non current asset or fixed asset

5. Current asset

6. Stockholder equity

7. Non current asset or fixed asset

8. Current liability

9. Non currnet asset or fixed asset

10 Current liability

11 Stockholder equity

12 Current asset

13 Current liability

8 0

3 years ago

A local government operates on a calendar-year basis. Prepare journal entries to record the following transactions and events fo

sergeinik [125]

Answer:

Feb. 1 DR Cash $400,000

CR Tax anticipation notes $400,000

Dec 31 DR Expenditures - Interest $3,666.67

CR Accrued Interest Payable $3,666.67

Working

February to December = 11 months

Interest = 400,000 * 1.0% * 11/12 months = $3,666.67

April 1 DR Investments $100,000

CR Cash $100,000

Sept. 30 DR Cash $50,200

CR Investments $50,000

Interest Income $200

Working

Interest Income = 50,000 * 0.8% * 6/12 months

= $200

3 0

3 years ago

Mostert Music Company had the following transactions in March:

ollegr [7]

Answer:

1. Cash income is $10,920

2. Net income is $12,995

Explanation:

1. Cash basis income statement

A cash basis income statement refers to an income statement that records revenue for which cash has been received and expenses for which cash has been paid for in a particular period. Therefore, cash basis income statement is not compliant with the generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS).

The cash basis income statement for Mostert Music Company for March can therefore be prepared as follows:

Mostert Music Company

Income Statement (Cash Basis)

For the month ended March

Particulars $

Cash Revenue:

Cash received for music lesson sold 8,400

Deposit received from customers 3,200

Total Cash revenue 11,600

Cash Expenses:

Wages paid (680)

Cash income  10,920 

2. Accrual basis income statement

An accrual basis income statement records revenues when they are earned and expenses when they incurred no matter when cash is received or paid. Therefore, an accrual basis income statement is compliant with GAAP or IFRS.

The accrual basis income statement for Mostert Music Company for March can therefore be prepared as follows:

Mostert Music Company

Income Statement (Accrual Basis)

For the month ended March

Particulars $

Revenue:

Total sales to customers 14,000

Expenses:

Wages (680)

Utilities bill (325)

Net income  12,995 

3 0

3 years ago

"The Brown family just bought a home for $300,000. Of that amount, the land is valued at $50,000. How much would the Browns have

VMariaS [17]

For calculating the replacement value of the house the insurance company keeps in mind few things like the location of the house, year of construction, the up-gradation and the type of gradation.

Explanation:

These are some of the factors insurance companies take into account when calculating the replacement value of a home:

Location of the home, Year of construction, Year of last major upgrades, Types of upgrades, Total square footage of the home, Foundation and building materials for the home.

The 80% rule refers to the fact that most insurance companies will not fully cover the cost of damage to a house due to the occurrence of an insured event (e.g., fire or flood) unless the homeowner has purchased insurance coverage equal to at least 80% of the house's total replacement value.

7 0

3 years ago