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Delicious77 [7]
3 years ago
5

The unearned rent account has a balance of $72,000. if $18,000 of the $72,000 is unearned at the end of the accounting period, t

he amount of the adjusting entry is
Business
1 answer:
bekas [8.4K]3 years ago
5 0

An adjusting entry by definition is an accounting journal at the end of an accounting period which adjust income and expenses so that they comply with the accrual basis of accounting.

In this case, since $18,000 is still unearned, therefore the amount of adjusting entry is:

Adjusting Entry = Balance – Unearned

Adjusting Entry =$72,000 – $18,000

<span>Adjusting Entry = $54,000</span>

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Structuring a Keep-or-Drop Product Line Problem with Complementary Effects Shown below is a segmented income statement for Hicko
MAVERICK [17]

Answer:

Contribution margin for :

    STRIP PLANK     Income Statement

$ 360,000  $ 190,000 Total Net Sales

-$ 225,000 -$ 120,000 Variable Cost

$ 135,000    $ 70,000 Contributing Margin

It's more effective to keep the parquet product line, the company get

an extra return of $5,000.

Explanation:

With all the product line operating these are the results:

STRIP PLANK PARQUET Total Income Statement

$ 400,000 $ 200,000 $ 300,000 $ 900,000 Total Net Sales

-$ 225,000 -$ 120,000 -$ 250,000 -$ 595,000 Variable Cost

$ 175,000 $ 80,000 $ 50,000 $ 305,000    Contributing Margin

-$ 5,000  -$ 20,000 -$ 50,000 -$ 75,000 Machine Rent

-$ 15,000 -$ 10,000 -$ 20,000 -$ 45,000 Supervision

-$ 35,000 -$ 10,000 -$ 25,000 -$ 70,000 Depreciation

$ 120,000 $ 40,000 -$ 45,000 $ 115,000 Segment Margin

If the company keeps the parquet line will get worst result during the year.

STRIP PLANK PARQUET Total Income Statement

$ 360,000 $ 190,000 $ 0,000 $ 550,000 Total Net Sales

-$ 225,000 -$ 120,000 $ 0,000 -$ 345,000 Variable Cost

$ 135,000 $ 70,000 $ 0,000 $ 205,000 Contributing Margin

-$ 5,000 -$ 20,000 -$ 10,000 -$ 35,000 Machine Rent

-$ 15,000 -$ 10,000 $ 0,000 -$ 25,000 Supervision

-$ 35,000 -$ 10,000 $ 0,000 -$ 45,000 Depreciation

$ 80,000 $ 30,000 -$ 10,000 $ 100,000 Segment Margin

6 0
3 years ago
If a market basket was defined in 2014 and it cost $10,000 to purchase the items in that basket in 2014, while it cost $11,000 t
Stells [14]

Answer:

110

Explanation:

The computation of the price index is presented below:  

= (Cost of purchase those identical goods in 2015) ÷ (Cost to purchase the items in 2014) × 100

= ($11,000) ÷ ($10,000) × 100

= ($11,000) ÷ ($10,000) × 100

= 110

We simply applied the above formula so that the price index could come by considering the cost of 2014 and cost of 2015

5 0
3 years ago
On January 1, 20X4, Parke Company borrowed $360,000 from a major customer evidenced by a non-interest bearing note due in three
Sonbull [250]

Answer:

Parke Company

The amount of interest expense should be included in Parke's 20X4 income statement is:

= $30,600.

Explanation:

a) Data and Calculations:

3-year Non-interest bearing note payable = $360,000

Imputed interest rate for this type of loan = 12%

Present value of the loan = $255,000

Interest expense as of December 31, 20X4 = $30,600 ($255,000 * 12%)

b) The interest expense is based on the present value of the loan and not on the future value of the note payable.  Therefore, the interest expense for each of the three years will not be the same amount but will continue to increase as the present value changes from one year to the next.

5 0
3 years ago
According to the video, what are some things that Human Resources Managers do? Check all that apply
Nikolay [14]

Answer:

1 4 5 7

Explanation:

8 0
3 years ago
Cala manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. the nego
Ivanshal [37]
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Cost of new building and Land improvementCost of new building: 1,232,100Cost of land improvements: 77,774Total construction cost:  1,309,874

Land (Debit 502,304)Land improvement (Debit 77,774)Building (Debit 1,232,100)Cash (Credit 1,812,178)
5 0
3 years ago
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