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BARSIC [14]
3 years ago
14

Required information

Business
1 answer:
photoshop1234 [79]3 years ago
6 0

Answer:

Missing word

<em>"Shipping supplies on hand, January 1 of the current year  $13</em>

<em>Purchases of shipping supplies during the current year $75</em>

<em>Shipping supplies on hand, counted on December 31 of the current year $20"</em>

<em />

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

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Explanation:

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Explain why a finance manager need to understand accounting information even if the firm has a trained accountant on its staff.
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Answer:

Following are the solution to the given question:

Explanation:

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3 years ago
Discuss how the JIT concept differs between manufacturing and service companies.
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4 0
1 year ago
On July 1, 20x1, Fox Co. purchased as a held-to-maturity investment $5,000,000 of Owl, Inc.'s 8% bonds for $4,580,000, including
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Answer:

The amount fox should report on Dec 31,20x1 = $4,556,500

Explanation:

The carrying amount of bonds = $4,580,000 - $50,000

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Amortization of discount from july 1 to dec 31 (6 months):

Interest Revenue = $4,530,000* 10% * 6/12

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Discount amortized = $226500 - $200000

Discount amortized = $26500

So:

The amount fox should report on Dec 31,20x1 = $4,530,000 + $26500

The amount fox should report on Dec 31,20x1 = $4,556,500

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