C. Charles should forgo renter's insurance if the premiums will quickly overtake the value of his belongings.
Renter's insurance is a useful and valuable tool to protect tenants against loss or damage of their property, and is a wise purchase in most cases. However, if you are paying more every month in your insurance premiums than the total value of the goods you are protecting, the insurance may no longer be worth the cost.
Answer: $31200
Explanation:
Based on the information given in the question, the total cost to be assigned to the ending work in process will be:
Material cost = 4800 × $6 = $28800
Conversion cost = 4800 × 25% × $2 = $2400
Therefore, the total cost to be assigned to the ending work in process will be:
= $28800 + $2400
= $31200
Answer:
A) Dr. Encumbrances – Office supplies No entry
Cr. Encumbrances outstanding
Explanation:
The journal entry is given below;
For Governmental fund financial statements
Encumbrances-Office Supplies $1,500
To Encumbrances Outstanding $1,500
(Being Office Supplies ordered is recorded)
For Government-wide financial statements
No journal entry is required as under the accrual accounting, no entry should be recorded until the transaction does not arise
Therefore the option a is correct
Answer:
The gross profit for Adams Company at the end of the first quarter is $1,000
Explanation:
Since in the question it is given that Job 356 and Job 357 is sold at a profit of $500 each. So, for these two the gross profit would be
= Job 356 profit + Job 357 profit
= $500 + $500
= $1,000
The Jobs 356, 357, 358, and 359 were completed which means Job No 360 is in work in process , and Job 358,359,360 have no profit that means they are in the inventory whereas Job 356 and 357 are in sale part.
Therefore, the gross profit for Adams Company at the end of the first quarter is $1,000
