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krok68 [10]
3 years ago
7

Rose Corp. has a note receivable from Jewel Co for $80,000. The note matures in 5 years and bears interest of 6%. Rose is prepar

ing financial statements for the month of June. Rose should make an adjusting entry
a. Debiting Interest Revenue for $400 and crediting Interest Receivable for $400.
b. Debiting Interest Receivable for $400 and crediting Interest Revenue for $400
c. Debiting Interest Revenue for $4,800 and crediting Interest Receivable for $4,800.
d. Crediting Interest Payable for $400 and debiting Interest Expense for $400.
Business
1 answer:
vodka [1.7K]3 years ago
8 0

Answer:

Debiting Interest Receivable for $400 and crediting Interest Revenue for $400

Explanation:

Based on the information given if the company.has a note receivable from Jewel Co for the amount of $80,000 in which The note matures in 5 years and bears interest of 6% which means that when Rose is preparing financial statements for the month of June. Rose should make an adjusting entry by :

Debiting Interest Receivable for $400

crediting Interest Revenue for $400

[($80,000 × .06)/12 ]

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The total fixed overhead variance is:a. the difference between actual and budgeted fixed overhead costs. b. the difference betwe
kondaur [170]

Answer:

a. the difference between actual and budgeted fixed overhead costs.

Explanation:

As we know that

The variance is shows the difference between the actual amount and the budgeted amount or estimate amount

So, the total fixed overhead variance is the difference between the actual fixed overhead costs and the budgeted fixed overhead costs i.e to be fixed in nature

Hence, the first option is correct

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True or false? one of the most common reasons for stopping an exercise training program is injury.
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According to the Porter (1996) article on Strategy, if there were only one ideal position in a market segment, there would be no
Brilliant_brown [7]

Answer:

True

Explanation:

The whole purpose of developing a strategy is to create unique and valuable market position, but f there was only one good market position, then every company would just try to reach that position. Through their own particular strategy, each company must try to differentiate themselves from the competition and hopefully reach the intended market position.

3 0
3 years ago
During April, Cavy Company incurred factory overhead as follows:Indirect materials $10,500Factory supervision labor 4,000Utiliti
Artist 52 [7]

Answer:

Date            Account Title                                       Debit          Credit

April             Factory Overhead                           $16,720

                    Indirect materials                                                    $10,500

                    Wages payable                                                       $4,000

                     Utilities payable                                                     $  500

                    Accumulated Depreciation                                    $  620

                    Small tools                                                               $ 370

                     Equipment rental                                                   $ 730

3 0
3 years ago
Pine Street Inc. makes unfinished bookcases that it sells for $58.10. Production costs are $37.49 variable and $10.50 fixed. Bec
love history [14]

Answer:

Pine Street should sell  finished bookcases because they have a higher contribution margin.

Explanation:

We compare the contribution margin of the two categories to find out whether Pine Street should sell unfinished or finished bookcases.

Pine Street Inc.

Unfinished bookcases

Contribution Margin

Sales Price                                         $58.10

Less  Production costs

Variable Costs  $37.49

<u>Fixed Costs $10.50                         (47.99)</u>

<u>Contribution Margin                      $ 10.11</u>

Pine Street should sell  finished bookcases because they have a higher contribution margin. It is almost double of the unfinished book cases contribution margin.

Pine Street Inc.

Finished bookcases

CONTRIBUTION MARGIN

Sales Price                                                                 $74.91

Less Production costs

Variable Costs  $37.49 + $5.79 = $ 43.28

<u>Fixed Costs $10.50                                                     $ (53.78)</u>

<u>Contribution Margin                                               $ 21.13</u>

4 0
3 years ago
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