Answer:
first I will journalize the adjustments:
a. Received a $510 utility bill for electricity usage in July to be paid in August.
Dr Utilities expense 510
Cr Accounts payable 510
b. Owed wages to 15 employees who worked two days at $55 each per day at the end of July. The company will pay employees at the end of the first week of August.
Dr Wages expense 1,650
Cr Wages payable 1,650
c. On July 1, loaned money to an employee who agreed to repay the loan in one year along with $660 for one full year of interest. No interest has been recorded yet.
Dr Interest receivable 660
Cr Interest revenue 660
effects on the accounting equation:
Assets = Liabilities + Equity
a. 0 510 -510
b. 0 1,650 -1,650
<u>c. 660 0 660</u>
660 2,160 -1,500
Revenue - Expenses = Net income Cash flow
a. 0 510 -510 0 OA
b. 0 1,650 -1,650 0 OA
<u>c. 660 0 660 0 OA</u>
660 2,160 -1,500 0 NC
Prime rate is (a) the best interest rate that banks offer their most creditworthy customers.
A prime rate is decided by the bank to lend money to its customers where the credit giving is decided on the basis of the credit history and points on the customers formally known as the credit rate of investment.
It totally depends upon the allowance of credit by financial institutions and then the payment made by the loan taking customers within a stipulated time frame.
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Answer and Explanation:
The Journal entry is shown below:-
1. Amortization expense - copyrights $20,000 ($120,000 ÷ 6)
To copyrights $20,000
(Being amortization expense is recorded)
Here we debited the amortization expense - copyrights as expenses is increasing and we credited the copyrights as assets is decreasing.
2. Amortization expense - Patents Dr, $11,250 ($54,000 ÷ 4) × 10 ÷ 12
To Patents $11,250
(Being amortization expense is recorded)
Here we debited the amortization expense - patents as expenses is increasing and we credited the patents as assets is decreasing.
3. No Journal entry is required as IFRS good will is no longer granted to be amortized.
The answer is 3/4 and yes it really works
Answer:
Costs can be classified in more than 12 different ways, but the most important classifications are:
- Classification of cost according to the element
: direct costs (labor, materials and overhead) and indirect costs (factory overhead, selling and administration).
- Cost classification according to function
: prime cost (direct labor, materials and overhead), product cost (selling and administrative) and factory cost (factory overhead).
- Depending on behavior
: variable (changes according to the output), fixed (does not change according to the output) or mixed.
- According to relevancy
: relevant, opportunity, standard, controllable and sunk.
- According to management: manufacturing and non-manufacturing costs.
It is virtually impossible to manage and operate a company without properly and exactly knowing the costs of producing and selling a product or service. Classifying costs helps management to control how the company is spending its money and it also helps to budget future production and selling cycles.
