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3 years ago

The following expenditures relating to plant assets were made by Glenn Company during the first 2 months of 2014.

Business

1 answer:

Nutka1998 [239]3 years ago

5 0

Answer:

1. LAND

All expenses that went into the preparation of a fixed assets such as land to make it available for use should be capitalized and this includes taxes.

2. EQUIPMENT.

As explained above, the expense here was incurred trying to get the machinery to be available for use so it should be capitalized.

3. EQUIPMENT.

The same logic as the above stands here as well.

4. LAND IMPROVEMENTS.

This expense does not fall under the primary purpose for which the site was acquired but is still an improvement so even though it will not be capitalized to land, it goes to Land Improvements.

5. EQUIPMENT.

The name and slogan are part of the preparation of the vehicle for use so need to be capitalized.

6. EQUIPMENT.

Installation costs are to be capitalized because they are necessary to ge the asset working.

7. PREPAID INSURANCE.

Period costs (costs that provide benefits for a year or less) are to be expensed and not capitalized which is why this is posted to prepaid insurance.

8. LICENSE EXPENSE.

Licenses typically last a year so this is a period cost that should be expensed.

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Are good places to look to find your current expenses when building your budget.

Pani-rosa [81]

Answer:

C)Bank and credit statements

Explanation:

The good places to look to find your current expenses when building your budget is "Bank and Credit Statements"

This is because the credit statement is a document showing a list of transactions or money spent on goods or expenses made. This credit statement can be gotten from a bank of the person whose credit statement is under analysis or credit union.

Hence, in this case, the correct answer is Bank and credit statement.

4 0

3 years ago

Uniform Supply accepted a $10,200, 90-day, 8% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on

MArishka [77]

Answer:

cash 10,404 debit

interest revenue 34 credit

interest receivable 170 credit

note receivable 10,200 credit

Explanation:

The note for the time period of October 17 to December 31th has accrued interest

those interest will be recognize on that same accounting period.

Then, at the moment of honor the note Uniform will recognize the interest from ja 1st to jan 15th

The total cash proceeds will be the principal and 90 days interest at 8%

The principal will be 10,200

Let's dive into the interest:

Interest = principal x rate x time

Where rate and time should be expressed on the same metric.

10,200 x 8% x (90 days/360 days a year)=

10,200 x 8% x 1/4 = 204

Those interest are recognize in accounting in two parts:

from jan 1 to jan 15

10,200 x 8% x (15 days/360 days a year)= 34

from october 17 to december 31th

10,200 x 8% x (75 days/360 days a year)= 170

On the journal entry, Uniform will do:

Write-off the note receivable and the interest receivable

It will declare the interest revenue for the period jan 1st to Jan 15th

It will post the total cash received from Tracy Janitorial

7 0

3 years ago

The Framework Company refurbishes antique French purses with silk, satin, and jade trimmings. The bags are its only product. The

zepelin [54]

Answer:

Marketing mix

Explanation:

Note that, Framework's method of product promotion is mentioned; that is promoted through

cooperative advertising with an exclusive distributor and
by word-of-mouth advertising.

Also, mention is made of the price they sell; $875 and the place it is sold; only in Houston and New York.

In harmony with the Marketing mix elements which includes the price, product, promotion and place, Framework's just gave a description of it's Marketing mix.

3 0

3 years ago

A company issued 8%, 15-year bonds with a par value of $550,000 that pay interest semi-annually. The current market rate is 8%.

Kruka [31]

The journal entry to record each semiannual interest payment is:

Debit Bond Interest Expense $22,000; credit Cash $22,000.

<h3>What journal entries?</h3>

A journal entry is an act of keeping or producing records of any economic or non-economic transaction.
An accounting journal, which shows a company's debit and credit balances, records transactions.
The journal entry can be made up of multiple records, each of which is either a debit or a credit.
Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.
For example, a corporation may issue 8%, 15-year bonds with a par value of $550,000 that pay semi-annual interest. The market rate is currently 8%.
The journal entry for each semiannual interest payment is as follows: Debit Bond Interest Expense $22,000; credit Cash $22,000.

Therefore, the journal entry to record each semiannual interest payment is:

Debit Bond Interest Expense $22,000; credit Cash $22,000.

Know more about journal entries here:

brainly.com/question/14279491

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6 0

1 year ago

One unit of a peso in a Latin American country was defined as equivalent to 12 grains of "fine" (pure) gold, while one unit of i

Grace [21]

Answer:

1 dollar = 1.5 peso

Explanation:

An exchange rate denotes the value of one currency in terms of another currency. Exchange rates can be of two kinds, spot rate and forward rate.

Spot rate is the rate quoted by bank for buying or selling foreign currency as on today.

Forward exchange rate on the other hand represents rate quoted by bank today for buying and selling foreign currency on a future date.

Given : 1 unit of peso = 12 grains of gold

1 unit of US Dollar = 18 gains of gold

To find : 1 peso = ___ dollars

1 grain of gold = $\frac{1}{12}$ peso