Answer:
1-Jan-2020
Dr Debt Investments (Held-to-Maturity) $419,567.77
Cr Cash $419,567.77
Explanation:
Whispering Company Journal entry at the date of the purchase
1-Jan-2020
Dr Debt Investments (Held-to-Maturity) $419,567.77
Cr Cash $419,567.77
Answer and Explanation:
The explanations are as follows:
a) If the goods held on consignment for someone else so the same would not be involved as it would be included in S Corp inventory
(b) It Should be included.
(c) It Should be included.
(d) It Should not be included.
(e) It Should not be included. It would be included in supplier inventory
(f) It Should be included.
(g) It should be included in the office supplies only
It is a false statement that variable costing prepares the income statement using the traditional format because it is for allocation of production costs.
<h3>What is variable costing?</h3>
Variable costing refers to an accounting method that is used to allocate production costs to product being produced.
This method of costing allocates all variable-manufacturing costs to the product during the period.
Furthermore, a variable costing assigns only variable costs to the products.
In conclusion, it is a false statement that variable costing prepares the income statement using the traditional format because it is for allocation of production costs.
Read more about variable costing
<em>brainly.com/question/26373444</em>
Answer:
c. $3,150
Explanation:
The computation of the gross income is shown below:
= Interest on savings accounts + Interest on a State bond + Interest portion of proceeds of a 5% bank certificate of deposit + Dividends on USG common stock
= $2,000 + $600 + $250 + $300
= $3,150
We do not consider the school bonds as it would not be included in the gross income. So, we ignored it