1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
galben [10]
3 years ago
15

The bookkeeper for Sheffield Corp. asks you to prepare the following accrued adjusting entries at December 31.

Business
1 answer:
Scrat [10]3 years ago
4 0

Answer:

(a) Dec 31

Debit Interest Expense $500

Credit Interest Payable$500

(b) Dec 31

Debit Account Receivable $2,000

Credit Service Revenue $2,000

(c) Dec 31

Debit Salaries & wages expense $540

Credit Salaries & wages payable $540

Explanation:

Preparation of the accrued adjusting entries at December 31

(a) Dec 31

Debit Interest Expense $500

Credit Interest Payable$500

(b) Dec 31

Debit Account Receivable $2,000

Credit Service Revenue $2,000

(c) Dec 31

Debit Salaries & wages expense $540

Credit Salaries & wages payable $540

You might be interested in
Production 54,000 units 60,000 units Machine-hours 985 hours 1,800 hours Fixed overhead costs for September $53,400 $90,000 The
Juli2301 [7.4K]

Answer:

The fixed overhead production-volume variance is $9,000 U

Explanation:

In this question, we are tasked with calculating the fixed overhead production-volume variance.

We start by calculating the fixed overhead applied to production.

mathematically that is equal to : 54,000 * 0.03 * 50 = 81,000

The budgeted fixed overhead = 90,000

Mathematically,

Fixed overhead production-volume variance = Budgeted fixed overhead - fixed overhead applied to production = 90,000 - 81,000 = $9,000 U

6 0
3 years ago
Oliver's Company (OC) produces batches of chicken and beef organic dog food. Each time OC switches production from chicken to be
Vlad1618 [11]

Answer:

$3,600

Explanation:

Calculation to determine what amount of set-up costs should be allocated to the chicken dog food

Using this formula

Set-up costs = Cost per each set up * Totals ups

Let plug in the formula

Set-up costs=$20 * 180

Set-up costs=$3,600

Therefore the amount of set-up costs that should be allocated to the chicken dog food is $3,600

6 0
2 years ago
Simon owns stock that has declined in value since acquired. He has decided either to give the stock to his nephew, Fred, or to s
Rudiy27

Answer:

It appears on the surface that Simon must give the stock to Fred and let Fred sell it, because Fred is in the higher tax bracket (i.e., 22% compared to Simons 12%). But for gift property, the basis of loss to the donee is the lower of (1) the adjusted basis of the donor, or (2) the amount of fair market value (FMV) on the date of the gift. Thus as Fred cannot take benefit of the loss, Simon must sell the stock, deduct the realized loss, and sales proceeds should be given to Fred.

When Simon sells the stock and handover the sale proceeds to Fred, in that case the capital gain received from the stock's sale will be taxed on Simon as per his tax bracket. The transfer of sale proceeds to Fred will not have any impact on tax.

8 0
3 years ago
What microeconomic factors point to the fact that your business should be successful? Be sure to provide evidence for your claim
SashulF [63]

The microeconomic factors that are important to consider in business is competition, the supply and demand, elasticity of the goods and similar variables. Depending on the business, each has factor has a unique impact which  can either help or ruin the business.Thank you for your question. Please don't hesitate to ask in Brainly your queries.
5 0
3 years ago
Read 2 more answers
For tax purposes, you may have to report the value of your assets, such as cars or refrigerators. The value you report drops wit
liraira [26]

Answer:

y=-107 x+1,600, where y is the value of the refrigerator in x years, and x is the number of years.

Explanation:

Straight line depreciation is a method of asset valuation where the fixed asset is assumed to undergo constant depreciation per unit time. This means that the change in value during a given period is constant, where if you plot a value of asset value on the vertical axis against time, x in years you get a linear relationship thus the name straight-line depreciation.

The depreciation of the refrigerator in our case can be expressed as;

{(I-F)/x}=k

where;

I=initial value of refrigerator

F=final value of refrigerator

x=time interval

k=constant of proportionality

{(Initial value-final value)/time interval}=K

In our case;

I=1,600

F=0

x=15 years

replacing;

{(1,600-0)/15}=k

k=1,600/15=107

Express the equation where;

Initial value=1,600

value after x years=y

k=107

time=x

replacing;

(1,600-y)/x=107

1,600-y=107 x

y=-107 x+1,600

The formula is;

y=-107 x+1,600, where y is the value of the refrigerator in x years, and x is the number of years.

7 0
3 years ago
Other questions:
  • Assume that when $100 of new reserves enter the banking system, the money supply ultimately increases by $800. assume also that
    15·1 answer
  • The greater the number of persons affected by a negative outcome, the more likely it is that marketers will recognize a problem
    11·1 answer
  • Pittsboro Corporation produces and sells a single product. Data for that product are: Sales price per unit $590​ Variable cost p
    14·1 answer
  • ​ Chandra sues Martin for breach of contract. Both parties have completed discovery. Chandra now wants her attorney to file a mo
    13·1 answer
  • Hamlet sends two letters announcing his return to england, one to horatio and one to claudius. why might shakespeare have chosen
    13·1 answer
  • On March 15, 20X7, Barrel Company paid property taxes of $120,000 on its factory building for calendar year 20X7. On July 1, 20X
    8·1 answer
  • At what constant, continuous rate must money be deposited into an account if the account is to contain $23000 in 7 years? The ac
    15·1 answer
  • Martha had an important meeting after lunch and wanted to avoid the hassle of waiting in line to get a meal at the cafeteria. He
    5·1 answer
  • Dazzle Inc produces beads for jewelry making use . The following information summarizes production operations for June . The jou
    12·1 answer
  • Olivia is considering working a secretary job for a small law firm. Given the opportunity costs of working the job, she will not
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!