Answer:
Accrued Interest - $5,333.33
Explanation:
At the end of the year, due to the matching principle, expenses of the same period need to be matched with that period and 'expensed' in the same year.
In the scenario above there has been 4 months out of 9 used in the current year, hence as at December 31st. 4 months interest will be included in the current year and 5 months interest will be attributable to the following future.
4 months / 9 months * 6% * 200,000 = $5333.33
In consonance with the <em>accrual basis of accounting</em>, the amount of accrued interest that will be recorded with adjusting entries will be:
Dr Interest expense - 5,333.33
Cr Accrued Interest - 5,333.33
Answer: 71%
Explanation:
The Budgeted material loading charge was 84% of material cost of $1,268,000.
Yet the actual loading cost was $164,840 which means that actual loading cost percentage is:
= 164,840 / 1,268,000 * 100%
= 13%
Profit margin = Budgeted percentage - Actual percentage
= 84% - 13%
= 71%
Answer:
The correct answer is letter "D": Merchantability.
Explanation:
An Implied Warranty is a type of grant provided by warranties stating the purpose of a product is fit to the purpose it was made for. This warranty can be provided written or verbally. The implied warranty of merchantability specifies that goods purchased must meet a standard of quality, value, and grade compared to other goods sold under the same circumstances.
The warranty of merchantability is supported by the Uniform Commercial Code (UCC) which is adopted by most states in the U.S.
Answer:
transferred-out units 135,000
Explanation:
During March
from the beginning inventory 25,000 were complete
also 110,000 units were started and complete
Total units transferred-out:
25,000 + 110,000 = 135,000
The percent of completion on complete units is always 100%
<u>We don't have to calculate any equivalent units. </u>
Also the ending inventory is not relevant, because we are asked for the transferred out and we are given with the complete units and the started and complete.
Answer: C. a market
A market refers to place where buyers and sellers of various goods or commodities interact with each other in order to trade various goods, services and even contracts for money or for barter.
Buyers and sellers may interact with each either directly or through other intermediaries like dealers or retailers.
A market may be an actual physical place or a virtual market place.
