Answer:
Annual depreciation= $5,865,714.29
Explanation:
Giving the following information:
Purchase price= $41,100,000
Salvage value= $40,000
Useful life in hours= 28,000
<u>To calculate the depreciation expense for 2024, we need to use the following formula:</u>
Annual depreciation= [(original cost - salvage value)/useful life of production in hours]*hours operated
Annual depreciation= [(41,100,000 - 40,000) / 28,000]*4,000
Annual depreciation= $5,865,714.29
Answer:
Option (d) is correct.
Explanation:
Given that,
Direct materials = $44,200
Direct labor = $31,800
Manufacturing overhead = $25,200
Selling expenses = $22,100
Administrative expenses = $37,100
Conversion cost:
= Direct labor + Manufacturing overhead
= $31,800 +$25,200
= $57,000
Therefore, the conversion costs during the month totaled $57,000.
Answer:
Notes payable(due in 13 to 24 months)-L
Notes payable (due in 6 to 12 months)-C
Notes payable (mature in five years)-L
Current portion of long-term debt-C
Notes payable(due in 120 days) -C
FUTA taxes payable -C
Accounts receivable-N
Sales taxes payable-C
Salaries payable-C
Wages payable-C
Explanation:
A liability is a current one if it is due between today and the next one year(12 months),however any liability whose payment date is beyond one year is classified as long-term liability.
Answer:
Dr Salaries expense $7,552
Cr Accrued salaries $7,552
Being entries to record salaries payable as at year end
Explanation:
When an expense is incurred but yet to be paid by an organization, the entries required are
Dr Expense (p/l)
Cr Accrued expense (B/s)
when payment is made
Dr Accrued expense (B/s)
Cr Cash account
Given that Zoey Bella Company has a payroll of $9,440 for a five-day workweek and the year ends on a Thursday. As such, the company as at 31 December has incurred salaries for 4 days. This has to be accrued for but first to calculate the amount
= 4/5 * $9,440
= $7,552
Hence adjusting entry required on December 31, assuming the year ends on a Thursday
Dr Salaries expense $7,552
Cr Accrued salaries $7,552
Being entries to record salaries payable as at year end
Answer:
The answers are,
For A. It's the revenue recognition principle in which revenue is recognised when it is earned, now when the cash is realized.
For B. Its the matching concept in which all expenses related with earnings are debited against it to find the profit or loss.
For C. It's full disclosure principle in which all events in material nature has to be disclosed. We can say that going concern effects this as well, as if any event affect the continuity of an entity, it has to be disclosed as well.
For D. It's the historical cost principle in which you account the assets and expenses at the price you paid for them. When the value increases over time, you can reevaluate and adjust it.
Explanation:
