Insurance Reading Quiz

Colby Corporation has provided the following information Operating revenues from customers were $199,700. ·Operating expenses fo

topjm [15]

Answer:

d. $46,800

Explanation:

Operating revenues $199,700

Less:

Operating expenses $111,000

Operating Profit $88,700

Less:

Interest expense $9,200

Income tax expense $36,000

Net Income $43,500

Add:

Gain from sale $3,300

Total Net Income $46,800

4 0

4 years ago

At the beginning of the month, the Painting Department of Skye Manufacturing had 30,000 units in inventory, 70% complete as to m

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Answer:

Cost per equivalent unit of material = $2.20 per unit

Cost per equivalent unit of conversion = $4 unit

Explanation:

The computation of Cost per equivalent unit of material, Cost per equivalent unit of conversion is shown below:-

For computing the cost per equivalent first we need to find the equivalent unit of material which is below:-

= Transferred units + ( Department units × Material percentage)

= 135,000 + (20,000 × 40%)

= 135,000 + 8,000

= 143,000

So, the Cost per equivalent unit of material = (Beginning material cost + Current month material cost) ÷ Equivalent unit of material

= ($32,400 + $282,240) ÷ 143,000

= $314,640 ÷ 143,000

= $2.20 per unit

Now, For computing the Cost per equivalent unit of conversion first we need to find the equivalent unit of conversion cost which is below:-

= Transferred units + ( Department units × Conversion percentage)

= 135,000 + (20,000 × 15%)

= 135,000 + 3,000

= 138,000

So, the Cost per equivalent unit of conversion = (Beginning conversion cost + Current month conversion cost) ÷ Equivalent unit of conversion cost

= ($6,250 + $544,700) ÷ 138,000

= $550,950 ÷ 138,000

= 3.99

or $4 unit

8 0

3 years ago

You take a sample of rents of 182 apartments in San Francisco and find that the mean rent is $4000 per month and the standard de

dedylja [7]

Answer:

89%

Explanation:

according to Chebyshev's theorem, for any k > 1, at least [1 - (1/k^2)] of the data will lie within k standard deviations of the mean.Therefore, Chebyshev's theorem formula can be given as follows:

Chebyshev's theorem formula = 1 - (1/k^2) ...................... (1)

In order to fing k, we proceed as follows:

1. Subtract the mean of rents from the larger rent value,

That is, $7,000 - $4,000 = $3,000

2. Divide the difference of $3,000 above by the standard deviation to obtain k as follows:

k = $3,000 ÷ $1000 = 3

3. Substitute 3 for k in equation (1) as follows:

Chebyshev's theorem formula = 1 - (1/3^2)

= 1 - (1/9)

= 1 - 0.11

= 0.89

If we multiply 0.89 by 100, we have 89%.

Therefore, 89% of the rents in the sample will fall between $1000 and $7000 per month.

6 0

3 years ago

Read 2 more answers

Determine the statements below that are true regarding why a bank reconciliation is used. (Check all that apply.) a) The Cash ac

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Answer:

b)Timing differences between the bank statement and the depositor's records are reflected in the bank reconciliation.

c) The bank reconciliation is useful in proving the accuracy of the Cash account in the general ledger.

d) We must reconcile the balance of the bank's records and the Cash account in the general ledger and explain or account for any differences in the two

Explanation:

The bank reconciliation is one done between the balance per the books and balance per the bank statement. This is usually as a result of transactions known as reconciling items.

These are items that have either been recognized in books but yet to be recorded by the bank or vice versa, transactions recorded wrongly by one of the parties etc.

6 0

3 years ago

Read 2 more answers

Gill company calculated equipment depreciation for the month of $500. the necessary adjusting entry will include a:_________

sesenic [268]

Gill company calculated equipment depreciation for the month of $500. The necessary adjusting entry will include a credit to accumulated depreciation, and debit to depreciation expense.

The basic journal entry for depreciation is to debit the depreciation expense account and credit the accumulated depreciation account. Depreciation expense is recorded on the income statement as an expense or debit, reducing net income.

On the other hand, accumulated depreciation is not recorded separately on the balance sheet. Instead, it is recorded in a contra asset account as a credit, by reducing the value of fixed assets.

Hence, the entry will include a credit to accumulated depreciation, and debit to depreciation expense.

To learn more about depreciation here:

brainly.com/question/28139636

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7 0

2 years ago