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Aloiza [94]
2 years ago
6

Watunga County Bank agrees to lend Vaughn Granite Company $599000 on January 1. Vaughn Granite Company signs a $599000, 8%, 9-mo

nth note. The entry made by Vaughn Granite on January 1 to record the proceeds and issuance of the note is
Cash 599000
Interest Expense 35940
Notes Payable 599000
Interest Payable 35940
Interest Expense 35940
Cash 563060
Notes Payable 599000
Cash 599000
Notes Payable 599000
Cash 599000
Interest Expense 35940
Notes Payable 634940
What is the adjusting entry requited if Hoffman Granite Company prepares financial statements on June 30th?
Business
1 answer:
tangare [24]2 years ago
5 0

Answer:

DR Cash                             $599,000

CR Notes Payable                                $599,000

Explanation:

As this is the entry for the issuance of the note, interest will not be recorded as it is incurred as during the loan period.

Entry will be;

Date                  Details                                                 Debit                   Credit

Jan 1                  Cash                                                  599,000

                          Notes Payable                                                               599,000

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XYZ CORP HAS THE FOLLOWING DATA: BUDGETED OVERHEAD $168,000 BUDGETED MACHINE HOURS (DRIVER) 35,000 ACTUAL MACHINE HOURS: JOB 17
SVETLANKA909090 [29]

Answer:

The Actual overhead in finished goods is $ 113,400

Explanation:

In order to calculate the ACTUAL OVERHEAD IN FINISHED GOODS we would have to use the following formula:

Actual overhead in finished goods= overheads allocated to job 18 and 19 + underapplied overheads allocated finished inventory

Actual overhead in finished goods=(($9,750+$13,650)/($11,700+$9,750+$13,650+$3,900)*$168,000) + ($23,400/$39,000* ($189,000 - ($39,000*$168,000/$35,000))

= $112,320 + $1,080

= $ 113,400

The Actual overhead in finished goods is $ 113,400

8 0
3 years ago
You are buying a new car. The price (MSRP) is $16,995. You are trading in your old car which is valued by the dealer at $5,500 (
Advocard [28]
The answer is $12,360.22(rounded)

16,995-5,500= 11,495
11,495+7%= 12,360.2151

Hope this helps!! :)
6 0
3 years ago
The cost of overestimating demand is usually harder to determine than the cost of underestimating demand. Group of answer choice
forsale [732]

Answer:

The statement is: False.

Explanation:

In supply chain management, incremental analysis is in charge of determining the cost of ordering one more additional unit of a product over the cost of no requesting that additional unit. The cost of overstimulating demand is the loss of ordering one additional unit and discovering that it cannot be sold. The cost of underestimating demand is the opportunity loss for nor requesting one additional and discovering it could have been sold.

<em>The cost of underestimating demand is more difficult to determine than the cost of overestimating demand because underestimating demand because it involves customer's desires</em> on purchasing a product when not having the resources to do so.

8 0
3 years ago
The supply of seats for a psychology class at 10 a.m. is the same as the supply of seats for the same class at 2pm LO5 MO1 There
alex41 [277]

Answer:

The demand for 10 a.m. class is higher than the demand for the 2 p.m. class.

Explanation:

The supply of seats for the psychology class at 10 a.m is the same as the class at 2 a.m. But there is a surplus of seats at 2 a.m class and shortage of seats at 2 p.m class.  

Other things being constant this implies that more students are attending the 10 a.m class than the 2 p.m. class. This shows that the demand for the 10 a.m class is comparatively higher than the demand for the 2 p.m. class.  

This causes a surplus of seats at 2 p.m and shortage of seats at 10 a.m.

7 0
3 years ago
T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $500. By the end of April, the fund has a cash balanc
djyliett [7]

Answer:

The question is missing some figures which can be seen from the attached image.

Petty cash is a fund set aside in the office to pay minor day to day expenses incurred.Usually, an amount is made available at the beginning of period called float,from which expenses can be paid and the amount equal to spend is reimbursed at the end of the month.

In order, to make payment even more easier,some businesses take up credit cards from financial institutions,from  which expenses can be paid on account.

The balance of $415 means in petty fund,implies that $85  spent needs to be replenished at month end and that the remaining expenses were paid with credit card.

Explanation:

Find in the attached spreadsheet the entries posted in respect of petty cash and credit card expenses in the month.

5 0
3 years ago
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