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densk [106]
2 years ago
11

Expenses recognition Sun Microsystems uses the accrual basis of accounting and recognizes revenue at the Lime it sells goods or

renders services. It applies U.S. GAAP and reports in U.S. dollars. Indicate the amount of expenses (if any) the firm recognizes during the months of June. July, and August in each of the following hypothetical transactions. The firm does the following:
a. Pays $180,000 on July 1 for one year’s rent on a warehouse beginning on that date.
b. Receives a utility bill on July 2 totaling $4,560 for services received during June. It pays the utility bill during July.
c. Purchases office supplies on account costing $12,600 during July. It pays $5,500 for these purchases during July and the remainder during August. Office supplies on hand on July 1 cost $2,400, on July 31 cost $9,200, and On August 31 cost $2,900.
d. Pays $7,200 on July 15 for property taxes on office facilities for the current calendar year.
e. Pays $2,000 on July 15 as a deposit on a custom-made delivery van that the manufacturer will deliver on September 30.
f. Pays $4,500 on July 25 as an advance on the August salary of an employee.
g. Pays $6,600 on July 25 for advertisements that appeared in computer journals during June.
Business
1 answer:
s2008m [1.1K]2 years ago
4 0

Answer:

Sun Microsystems

Amount of Expenses to recognize during the months of June, July, and August in each of the following transactions:

a. Rent Expense = $30,000

b. Utility Expense = $4,650

c. Supplies Expense = $9,700

d. Property Taxes = $1,800

e. No expense is recognized.

f. Salary Expense = $4,500

g. Advertising Expense = $6,600

Explanation:

Data and Calculations:

a. Rent Expense = $180,000/12 * 2 = $30,000 Rent Prepaid $150,000

b. Utility Expense $4,560

c. Supplies Expense $9,700 ($12,600 - $2,900)

d. Property Taxes = $7,200 *3/12 = $1,800

e. No expense is recognized for the advance payment for delivery van.

f. Salary Expense $4,500

g. Advertising Expense $6,600

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Interest rates and the price of old or existing bonds are a. directly related. b. independent of each other. c. inversely relate
STALIN [3.7K]

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Option C, “inversely related” is the correct answer.

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All of a company's depreciation, property taxes, and insurance premiums are considered manufacturing overhead.
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All of a company's depreciation, property taxes and insurance premiums are considered manufacturing overhead (MOH) ----- False.

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What does manufacturing overhead include?

Manufacturing overhead includes indirect materials, indirect labor, depreciation on factory buildings and machines, and insurance, taxes, and maintenance on factory facilities. Costs that are a necessary and integral part of producing the finished product.

. Direct labor :

Is the cost of the workers who make the product. The cost of supervisory personnel, management, and factory maintenance workers, although they are needed to operate the factory, are classified as indirect labor because these workers do not use the direct materials to build the product.

Learn more about company's depreciation :

brainly.com/question/1055905

#SPJ4

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