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3 years ago

Unearned Revenue: The company collected $24,000 rent in advance on September 1,

Business

1 answer:

alexdok [17]3 years ago

4 0

Answer:

Time period from September 1 - December 31 is 4 months and this means that the tenant has occupied the place for 4 months. Hence, 4 months rent would be accrued.

12 Month rent amount = $24,000

Per month rent amount = $240,00/12 month = $2,000

So, Rent for 4 months = 4 month * $2,000 = $8,000

Adjusting Entry

Date Account titles Debit Credit

Dec 31 Unearned Rent Revenue $8,000

Rent Revenue $8,000

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3 years ago

Laura offered to sell Louis a tract of land. The offer was complete and certain as to all material terms. The offer stated that

34kurt

Answer:

C) Louis has not accepted and there is no contract.

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In this scenario, Laura offered to sell Louis a tract of land. The offer was complete and certain as to all material terms but the offer stated that a telegraphed acceptance was required. Within a reasonable time, Louis telephoned Laura to accept but this doesn't translate to acceptance because Louis has not done the needful to present or send a telegraphed acceptance.

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4 years ago

Cale Company buys surgical supplies from a variety of manufacturers and then resells and delivers these supplies to hundreds of

katrin [286]

Solution :

1. Calculation of total revenue

Total revenue = cost of goods sold + Markup 7% = Revenue

University = 38000 + 2660 = 40660

Memorial = 38000 + 2660 = 40660

Therefore, markup = cost of goods sold x market up

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= 2660

2. Calculations of Activity rates

Activity rate = activity cost pool / total activity = activity rate

Customer deliveries = 420000 / 5000 = 84

Manual order processing = 624000 / 8000 = 78

Ele order processing = 170000 / 10000 = 17

Line time picking = 675000 / 450000 = 1.5

3. Calculations of Activity costs

Activity cost for University

Activity cost pool = Activity x Activity rate

Customer deliveries = 16 x 84 = 1344

Manual order processing = 0 x 78 = 0

Ele order processing = 18 x 17 = 306

Line time picking = 190 x 1.5 = 285

Total activity cost = 1935

Activity cost for Memorial

Activity cost pool = Activity x Activity rate

Customer deliveries = 28 x 84 = 2352

Manual order processing = 49 x 78 = 3822

Ele order processing = 0 x 17 = 0

Line time picking = 210 x 1.5 = 315

Total activity cost = 6489

4. Calculation of Customer margin

University Memorial

Sales revenue 40660 40660

Less : Cost of goods sold 38000 38000

Gross Margin 2660 2660

Less : Activity cost 1935 6489

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3 years ago

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Levart [38]

Answer:

R1. $47,000

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Explanation:

Given that,

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3 years ago