A way to build good credit is

Kahil Mfg. makes skateboards and uses a weighted average process costing system. On May 1, 2013, the company had 400 boards in p

shutvik [7]

Answer:

Equivalent Units Materials 1700 Conversion 2630

Cost per EUP Materials: 38.308 Conversion : 19.55

Explanation:

The weighted average method can be calculated using the beginning inventory and the units started .

Kahil Mfg

Weighted Average Method

Particulars Units % Of Completion Equivalent Units

Materials Conversion Materials Conversion

Beginning

Inventory 400 70 85 280 350

Units Started 3800 40 60 1520 2280

Equivalent Units 1700 2630

Beginning WIP Inventory costs

Direct material Conversion

$ 4,349 4,658

Current period costs

60,775 46,750

Total Costs 65,124 51,408

Cost per EUP

65,124/1700 51,408/2630

38.308 19.55

5 0

3 years ago

As prepaid expenses expire with the passage of time, the correct adjusting entry will be a:

Nonamiya [84]

Answer:

d. debit to an expense account and a credit to an asset account.

Explanation:

When a prepayment is made, the entries recorded are Debit prepaid expense and credit Cash account to recognize the amount prepaid.

As time passes and the expenses are incurred, the entries required are debit expense account and credit prepaid expense (an asset) with the amount of the expense incurred as a result of the passage of time.

4 0

3 years ago

Fuzzy Monkey Technologies, Inc., purchased as a short-term investment $250 million of 8% bonds, dated January 1, on January 1, 2

stealth61 [152]

Answer:

A. 1-Jan-21

Dr Investment in Bond $250

Cr Cash $228

Cr Discount on bond investment $22

30-Jun-21

Dr Cash $10

Dr Discount on bond investment $1.40

Cr To Interest revenue $11.40

31-Dec-21

Dr Cash $10

Dr Discount on bond investment $1.47

Cr Interest revenue $11.47

B. $240 million

C. In Million)

31-Dec-21

Dr Fair value adjustment $9.13

Cr Unrealized holding gain or loss - NI $9.13

D. Net cash flow from operating activities= $208 Outflow

Cash flow from investing activities=$0.00

Explanation:

a. Preparation of the relevant journal entries on the respective dates.

1-Jan-21

Dr Investment in Bond $250

Cr Cash $228

Cr Discount on bond investment $22

($250-$228)

(Being to record the investment in bond )

30-Jun-21

Dr Cash $10

($250 * 8% * 6/12)

Dr Discount on bond investment $1.40

($11.40-$10)

Cr To Interest revenue $11.40

($228*10%*6/12)

(Being to record revenue recognition for bond interest and discount amortized)

31-Dec-21

Dr Cash $10

($250 * 8% * 6/12)

Dr Discount on bond investment $1.47

($11.47-$10)

Cr Interest revenue $11.47

($229.40*10%*6/12)

(Being to record revenue recognition for bond interest and discount amortized)

b. Calculation for what amount will Fuzzy Monkey report its investment in the December 31, 2016, balance sheet

Based on the information given we were told that the fair value of the bonds at December 31, 2021, was the amount of $240 million which means that the amount that Fuzzy monkey will report its investment on December 31, 2021 balance sheet will be the fair value amount of $240 million

c. Preparation of any entry necessary to achieve this reporting objective

(In Million)

31-Dec-21

Dr Fair value adjustment $9.13

($240 - $228 - $1.40 - $1.47)

Cr Unrealized holding gain or loss - NI $9.13

(Being to record adjusting entry to record investment at fair value)

d. Calculation for How would Fuzzy Monkey's 2016 statement of cash flows be affected by this investment

STATEMENT OF CASH FLOW (Partial) For 2021

(In million)

Cash flow from operating activities

Short term investment $228

Less: Interest received ($20)

Net cash flow from operating activities $208 Outflow

Cash flow from investing activities $0.00

6 0

3 years ago

The graph below represents the low-wage labor market demand curve for a U.S. city; there is also a line (MinWg) showing a $12 ho

alexandr402 [8]

The new ordinance will make a difference when the new wages will be binding.

<h3>How to depict the information?</h3>

It should be noted that the supply curve shows the relationship between the price and the quantity supplied.

Based on the information given, when the equilibrium wage is above the minimum wage, the ordinance won't make a difference.

On the other hand, when the equilibrium wage is below the minimum wage, it'll make a difference for the worker.

Therefore, joining the lowest of the two points will give the equilibrium.

Learn more about supply curve on:

brainly.com/question/26430220

#SPJ11

7 0

2 years ago

One disadvantage of a sole proprietorship as a form of business organization is that: a. owners of sole proprietorships generall

VladimirAG [237]

Answer:

e. owners of sole proprietorships can lose all their personal assets if the business is sued or fails.

Explanation:

Remember, in a sole proprietorship form of business ownership, the owner's personal assets are not usually separated from the business since the business isn't viewed as a separate legal entity.

Hence, in a case where the business incurs liability or sued/fails, the owner's personal assets can be targeted in the lawsuit and may lead to loss of all their personal assets.

3 0

3 years ago