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Bad White [126]
3 years ago
5

QS 3-7 Adjusting prepaid (deferred) expenses LO P1 For each separate case, record the necessary adjusting entry. On July 1, Lope

z Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31. Zim Company has a Supplies account balance of $5,000 at the beginning of the year. During the year, it purchased $2,000 of supplies. As of December 31, a physical count of supplies shows $800 of supplies available. Prepare the year-end adjusting entries to reflect expiration of the insurance and correctly report the balance of the Supplies account and the Supplies Expense account as of December 31.
Business
1 answer:
kicyunya [14]3 years ago
5 0

Answer:

S/n   General Journal              Debit      Credit

a       Insurance expense        $1,200

               Prepaid Insurance                   $1,200  

        (To record insurance expired)

b       Supplies expense          $6,200

                Supplies                                  $6,200

                ($5,000 + $2,000 - $800)

         (To record supplies used)

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8 0
3 years ago
Read 2 more answers
The period manufacturing costs of a company is comprised of $2,000,000 in direct materials, $1,000,000 in direct labor, and $500
shutvik [7]

Answer:

The Direct material cost per unit is = 285.714 per unit

The  Direct labor per unit is= 142.857 per unit

The Overhead cost per unit is  = 71.4285 per unit

Explanation:

Solution

We recall that:

The total direct material= $2000000

The total direct labor= $1000000

The units in products = 7000 units

The total Overheads= $500000

Now,

The direct materials on machinery is = $ 800,000(40%)

The direct labor on machinery  is= $ 600,000(60 %)

The machinery on overheard  is = $ 250,000(50 %)

The direct materials on assembly is  = $ 1200,000

The Direct labor on assembly is  = $ 400,000

The Overhead on assembly  is = $ 250,000

Thus,

The hybrid manufacturing cost statement is represented or shown below

Particular   Machinery (40%)in $     Assembly (60%)in $  Total in $

Now,

Particular = Direct material,

Machinery (40%)in $  = 800000

Assembly 60% in $ = 1200000

Total in $ =2000000

Grand total = 1650000

Particular = labor

Machinery (40%)in $  = 600000

Assembly 60% in $  = 400000

Total in $ = 1000000

Grand total = 1850000

Particulars = Overhead

Machinery (40%)in $ =250000

Assembly 60% in $ = 250000

Total in $ = 500000

Grand total = 3500000

Thus,

The Direct material cost per unit = 2000000/7000 = 285.714 per unit

The  Direct labor per unit = 1000000/700 = 142.857 per unit

The Overhead cost per unit = 500000/7 = 71.4285 per unit

3 0
2 years ago
aylor & Edwards Inc. manufactures television sets. Last month, direct materials (electronic components, etc.) costing $550,0
fenix001 [56]

Answer:

Unitary prime cost= $170.24

Explanation:

Giving the following information:

Last month, direct materials (electronic components, etc.) costing $550,000 were put into production.

Direct labor= $880,000.

Manufacturing overhead equaled $495,000

The company manufactured 8,400 television sets during the month.

Unitary prime cost= (direct material + direct labor)/number of units

Unitary prime cost= (550000 + 880000)/8400= $170.24

7 0
3 years ago
Tyler has been operating his business as a sole proprietorship but decides that it is too much work for him to do alone. He does
svp [43]

Answer:

business partner

Explanation:

Business partner -

It refers to the authority in the business , which has the right to take decisions for the project of the business , is referred to as business partner .

The relation between the two or more people i.e. , the business partners can be on the contract basis or exclusive in nature .

Hence , from the given scenario of the question ,

Tyler need a buisness partner for his business .

8 0
3 years ago
Data​ _______ refers to the​ collection, storage,​ retrieval, and management of data in an​ organization's electronic files.
Mademuasel [1]
<span>This is called data warehousing. This is a core element of business intelligence. Data warehouses store both the current and historical data in one place. The data warehouses can be used to create analytical reports for knowledge workers throughout the enterprise.</span>
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3 years ago
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