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4 years ago

A subsidiary ledger:

Business

1 answer:

ch4aika [34]4 years ago

3 0

Answer:

A subsidiary ledger: is a listing of individual accounts and amounts with a common characteristic.

Explanation:

A subsidiary ledger is a listing of individual accounts with similar characteristics, whose combined balances make up a specific general ledger. The general ledger that captures the summary of the subsidiary ledger is called the master account or control account.

For example, an account receivable subsidiary ledger would comprise the listing of customers with credit purchases; the combined balances would amount to the balance in the accounts receivable ledger.

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Which of the following would most likely be treated as an activity in an activity-based costing system? direct materials cost sa

Novosadov [1.4K]

Answer: the correct answer is machine processing

Explanation:

Activity-based costing (ABC) is an accounting method that identifies and assigns costs to overhead activities and then assigns those costs to products. Indirect costs, such as management and office staff salaries, are sometimes difficult to assign to a product.

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4 years ago

Foyert Corp. requires a minimum $7,900 cash balance. If necessary, loans are taken to meet this requirement at a cost of 2% inte

Makovka662 [10]

Answer:

Foyert Corp.

Cash Balance

October November December

Beginning balance $7,900 $7,900 $7,900

Outstanding loan 2% $3,900 $6,928 $6,066.56

Cash receipts $23,900 $17,900 $21,900

Cash disbursements $26,850 $16,900 $14,100

Interest payments $78 $138.56 $121.33

Ending balance $4,872 $8,761.44 $15,778.67

Required new loan $3,028 -$861.44 -$6,066.56

Final cash balance $7,900 $7,900 $9,512.11

At the end of the year, the company will have $0 loans and $9,512.11 in cash.

8 0

3 years ago

On January 1, 2020, Martinez Company makes the two following acquisitions. 1. Purchases land having a fair value of $330,000 by

vova2212 [387]

Answer:

Explanation:

Date Account Titles and Explanation Debit Credit

January 1, 2020 Land $360,000.00

Discount on notes payable $246,621.00

Notes payable $ 606,621.00

(To record purchase of land by issuing note payable)

PV of $606,621 discounted at 11% =606,621/(1.11)^5 = $ 360,000

Computation of the discount on notes payable:

Maturity value $560,000

Present value of $560,000 due in 8 years at 11% = $560,000 * 0.43393 = $ 243,000

Present value of $39,200 payable annually for 8 years at 11% annually—$39,200 * 5.14612 = $ 201,728

Present value of the note = $ 243,000 + $ 201,728 = $ 444,728

Discount = $ 560,000 - $ 444,728 = $ 115,272

Date Account Titles and Explanation Debit Credit

January 1, 2020 Equipment $444,728.00

Discount on notes payable $115,272.00

Notes payable $ 560,000.00

(To record purchase of equipment by issuing note payable)

Date Account Titles and Explanation Debit Credit

December 31, 2020 Interest expense ($ 360,000*11%) $39,600

Discount on notes payable $39,600

(To record the interest expense recorded and discount amortized)

Date Account Titles and Explanation Debit Credit

December 31, 2020 Interest expense ($444,728 * 11%) $48,920

Discount on notes payable $9,720

Interest Payable ( $ 560,000 * 7%) $39,200

(To record the interest expense recorded)

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3 years ago

Bailliere Company recorded cash sales of $300,000 and cost of goods sold relating to those sales of $120,000 on its Excel spread

dezoksy [38]

Answer:

Option B

Cost of goods reported =$ 125,000

Explanation:

<em>Overheads are charged to units produced by the means of using an estimated overhead absorption rate. This rate is computed using budgeted overhead and budgeted activity level. </em>

As a result of this, overhead charged to total units product might be over or under absorbed compared to the actual amount incurred.

<em>The under applied overhead implies that the applied overhead is less than the actual overhead. </em>

This implies that the cost of the goods are under valued. Hence, to accurately valued them, the under applied overhead would be added to the cost of the goods.

Cost of goods reported = cost of goods + under applied overhead

= 120,000 + 5,000 = 125,000

Cost of goods reported =$ 125,000

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3 years ago

At December 31, 2017, the available-for-sale debt portfolio for Carla, Inc. is as follows. Security Cost Fair Value Unrealized G

skelet666 [1.2K]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

4 0

4 years ago