All categories

3 years ago

Required information

Business

1 answer:

photoshop1234 [79]3 years ago

6 0

Answer:

Missing word

"Shipping supplies on hand, January 1 of the current year $13

Purchases of shipping supplies during the current year $75

Shipping supplies on hand, counted on December 31 of the current year $20"

1. Adjusting entry for insurance at December 31 of the current year.

S/n General Journal Debit Credit

a. Insurance expense $870

(6,960/24)*3=$ 600

Prepaid insurance $870

(Insurance expired)

b. Shipping supplies expenses $68

($13+$75-$20)

Shipping supplies $68

(Supplies used)

2. What amount should be reported on the current year's income statement for Insurance Expense?

Insurance expense = $870

Shipping supplies expense = $68

3. What amount should be reported on the current year's balance sheet for Prepaid Insurance?

Prepaid insurance = ($6,960-$870) = $6,090

Shipping supplies as on Dec 31. = $20

You might be interested in

When looking at the purchase of accounting software, things to avoid include

Elenna [48]

Answer:

4) C) software that requires a high annual subscription whether you want the updates or not

Explanation:

7 0

3 years ago

Preston has to make four phone calls to clients today. The call to Mr. Miller will take about an hour to complete, the call to M

MrRissso [65]

Answer:

Preston has to make four phone calls to clients today. The call to Mr. Miller will take about an hour to complete, the call to Ms. Winnecuit will take about five minutes to complete, the call to Mr. Drudge will take about thirty minutes and the call to Mrs. Freich will take about fifteen minutes to complete. If all the calls are equally important, who should Preston call first?

From the analogy above, in order to maximize the time frame. The call to lesser clients should be prioritized before others, this means that Preston should place a call to Ms Winnecuit which will last for five minutes follow by Mrs Freich which will last for fifteen minutes follow by Mr Drudge which will last for thirty minutes and lastly to Mr Miller which will last for about an hour.

Prioritization comes in play to time frame of each call, the lesser minutes calls will not take too much time to be completed while the call with highest time frame comes last as a result of the time involved.

Explanation:

6 0

3 years ago

Read 2 more answers

On April 1, year 1, Mary borrowed $130,000 to re-finance the original mortgage on her principal residence. Mary paid 1 points to

Simora [160]

Answer:

Mary can deduct $1,300 in year 1 for her points paid.

Explanation:

a) Data and Calculations:

April 1, Amount borrowed by Mary to refinance the original mortgage on her principal residence = $130,000

Payment of 1 points to reduce Mary's interest rate from 7% to 6% amounts to 1% of $130,000 = $1,300.

b) Mary paying 1 points is beneficial to her since her interest cost is reduced from 7% to 6%. This implies that her total finance cost at the end of the 30-year period will be reduced.

4 0

3 years ago

Part-time workers likely result in A. inaccurately high estimates of the labor force. B. inaccurately low estimates of the labor

avanturin [10]

Answer:

Correct answer:

A. inaccurately high estimates of the labor force.

Explanation:

Part-time work is the type of work where an individual has a flexible work plan is a given company unlike the traditional full-time work. Doing such work create the impression that, there is high labour force among the various industries and sectors. For example, someone might be working in two different firms under part-time basis same day which create an impression of two different individuals.

5 0

3 years ago

Compute the standard cost for one hat, based on the following standards for each hat: Standard Material Quantity: 3/4 yard of fa

Paha777 [63]

Answer:

The standard cost for one hat is $ 11.65

Explanation:

The standard cost of a hat is determined after consider all the manufacturing costs components in it. Based on the data available, it is calculated as under:

Standard Material 3/4 yards @ $ 4 per yard $ 3.00

Standard Labor 1 hour at $ 5.75 per hour $ 5.75

Factory overhead $ 2.90 per direct labor hour $ 2.90

Standard cost for one hat $ 11.65

The factory overhead has been considered at one hour, which is the direct labor hour in the standard calculation.

6 0

3 years ago