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kramer
3 years ago
9

Flint Corporation commenced operations in early 2020. The corporation incurred $58,500 of costs such as fees to underwriters, le

gal fees, state fees, and promotional expenditures during its formation.
Required:
Prepare journal entries to record the $58,500 expenditure and 2020 amortization, if any.
Business
1 answer:
Alekssandra [29.7K]3 years ago
6 0

Answer and Explanation:

The journal entry is shown below:

1. Organization expense Dr $58,500

     To cash $58,500

(Being organization expense is recorded)

Here organization expense is debited as it increased the expenses and credited the cash as it decreased the assets. Also the assets and expenses contains normal debit balance

2. No entry is required as the amortization is recorded for only intangible assets

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3 years ago
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3 years ago
Indicate the proper accounting treatment for a change in the rate used to compute warranty costs.
Lana71 [14]

Answer:

a. Accounted for prospectively

Explanation:

Warranty cost is an expense i.e. to be incurred for the repair or replacement of the goods comes under the warranty given by the company.

Here if there is a change in the rate i.e. used for determining the warranty cost so it would be accounted in prospectively manner i.e. it would be changed in the current period and also the amount should be estimated or predicted

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7 0
3 years ago
Markland Manufacturing intends to increase capacity by overcoming a bottleneck operation by adding new equipment. Two vendors ha
Veseljchak [2.6K]

Answer:

Proposal A: 5,455 units

Proposal B: 5,770 units

Explanation:

The break-even point is the number of units required for the revenue to equal the total costs.

For proposal A:

Fixed Costs = $60,000

Variable Costs = $13 / unit

Selling Price = $24 / unit

(P-VC)*n-FC = 0\\(24-13)*n-60,000 = 0\\n=5,454.5\ units

For proposal B:

Fixed Costs = $75,000

Variable Costs = $11 / unit

Selling Price = $24 / unit

(P-VC)*n-FC = 0\\(24-11)*n-75,000 = 0\\n=5,769.2\ units

Rounding up to the next whole unit, the break-even points for proposal A and B, respectively, are 5,455 and 5,770 units.

3 0
3 years ago
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