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3 years ago

Unearned Rent Revenue is

Business

1 answer:

Alex Ar [27]3 years ago

5 0

Answer:

The correct answer is option B.

Explanation:

The unearned rent revenue will be reported as a current liability. The reason behind this is that unearned revenue is prepaid revenue or advance payments for goods or services that the firm has to provide in the future.

Unearned revenue is a liability because the goods or services are yet to be provided and there is a chance that the order might get canceled, or seller might not be able to provide to them.

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Many places of business will not take a check, but will take a credit card. True or False

luda_lava [24]

True, because if they take a check, they may be cheated because the check has an expiration date, and the credit card does not

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3 years ago

Titon Sports, which produces footballs, has two departments: cutting and stitching. Footballs that have undergone the cutting pr

zhenek [66]

Answer:

We find the equivalent units for both Weighted Average Method and FIFO separately for cost calculations . These are given along as required.

Explanation:

Titon Sports

Equivalent Units

Weighted Average Method

Particulars Units % of Completion Equivalent Units

Materials --Conversion Materials --Conversion

Completed and

Transferred 52,000 100% 100% 52,000 52,000

Ending work

in process 21,500 0% 20% Zero 4300

Equivalent Units 52,000 56,300 

Particulars Units % of Completion Equivalent Units

Transferred In Transferred In

Completed and

Transferred 52,000 100% 52,000

Ending work

in process 21,500 100% 21,500

Equivalent Units 73500

Particulars  Transferred In Materials Conversion Total

Costs

Beginning WIP $ 45,360 $0 $17,660

Total costs added $154,560 $28,080 $89,310

Total Costs 199920 $28,080 106970  $334970

b. Conversion cost per equivalent unit during March

Total Conversion Costs/ Total Equivalent Units Conversion

= 106970/56,300 = $1.9 per Equivalent Unit

Materials cost per equivalent unit during March

Total Materials Costs/ Total Equivalent Units Materials

= 28080/52000 = $ 0.54 per Equivalent Unit

Transferred In cost per equivalent unit during March

Total Transferred In Costs / Total Transferred In Units

= 199920 / 73500 = 2.72

C. Cost Assigned To Transferred Out Goods $ 268,320

Materials = 52,000*0.54= $ 28080

Conversion = 52,000* 1.9= 98800

Transferred in Units = 2.72 * 52000= 141440

Cost Assigned To Ending Work In Process $66650

Conversion = 4300* 1.9= 8170

Transferred in Units = 2.72 * 21500= 58,480

C. Total Costs Assigned = Transferred Out + Ending = $334970

d. Conversion cost assigned to the ending work in process: $8170

Conversion = 4300* 1.9= 8170

We see the difference between the weighted average and FIFO method is that the FIFO method only accounts for the current period costs not the total the costs.Where as the weighted method includes all the costs from preceeding department and also current costs.

e.Titon Sports

Equivalent Units

FIFO Method

Particulars Units % of Completion Equivalent Units

Materials --Conversion Materials --Conversion

Completed and

Transferred 52,000 100% 100% 52,000 52,000

Ending work

in process 21,500 0% 20% Zero 4300

Less

Beg. WIP 17500 0% 60% Zero 10500

Equivalent Units 52,000 45,800 

Particulars Units % of Completion Equivalent Units

Transferred In Transferred In

Completed and

Transferred 52,000 100% 52,000

Ending work

in process 21,500 100% 21,500

Less

Beg. WIP 17500 100% 17500

Equivalent Units 56000

f. Materials cost per equivalent unit during March (FIFO)

Total Materials Costs/ Total Equivalent Units Materials

= 28080/52000 = $ 0.54 per Equivalent Unit

g. Cost Assigned To WORK In Process (FIFO) $ 8385

Conversion cost per equivalent unit during March

Total Conversion Costs/ Total Equivalent Units Conversion

= 89310/ 45,800 = $1.95 per Equivalent Unit

Conversion = 4300* 1.95= $ 8385

h. Cost Assigned To Transferred Out Goods $ 273,000

Materials = 52,000*0.54= $ 28080

Conversion = 52,000* 1.95= 101,400

Transferred In cost per equivalent unit during March

Total Transferred In Costs / Total Transferred In Units

= 154560 / 56,000 = 2.76

Transferred in Units Costs = 2.76 * 52000= 143520

8 0

3 years ago

Why might Joel want a shorter auto loan term?

Mashutka [201]

The total cost of the lone will be lower

6 0

3 years ago

in a community, there are 10% More boys than girls, 15% more women than men and 20% more children than adult. if the population

Alchen [17]

Answer:

in a community, there are 10% More boys than girls, 15% more women than men and 20% more children than adult. if the population of the villagers is not more than 6000, find the actual number of boys, girls, women and men

Total population= <6000

10/100x6000= 600

girls = 600

boys= 660

15/100x6000= 900

women= 990

men= 900

20/100x6000=1200

children= 1240

adult= 1200

Explanation:

5 0

3 years ago

Wesley works on an automobile assembly line. His job is to complete the final installation of the GPS for each automobile that i

Rasek [7]

Answer:

True

Explanation:

The reason is that when the job becomes very standardized the person becomes highly trained in that core area which is a result of continuous supervision of the upper management and due to repetitive task assigned. The person who will be supervising Wesley will also be supervising other employees of same category as Wesley. So this is true and is very common in contemporary organizations.

8 0

3 years ago