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2 years ago

Why are adjustments made to the accounting records at the end of the period?.

Business

1 answer:

Montano1993 [528]2 years ago

6 0

Answer:

Adjustment are made at the end of every accounting period to report revenues and expenses in the proper period and assets and liabilities at appropriate amounts.

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On June 1, 2018, Cork Oak Corporation purchased a passenger automobile for 100 percent use in its business. The auto, with a cos

lubasha [3.4K]

Answer:

=$ 4400

Explanation:

Under the Macrs depreciation schedule, motor vehicles as assets have a useful life of 5 years. In the first year, the deprecation rate id 20%, followed by 32% in the second year.

For cork oak corporation: the value of the motor vehicle is 22,000

Date of purchase 2018, years in depreciation: 1

Depreciation: = 20/100 x 22 000

=$ 4400

5 0

3 years ago

Pat manages the customer care department of her firm. She is very happy with her team of 15 customer care representatives who'v

Serggg [28]

Answer:

Motivation

Explanation:

Motivation in work is when employees are incentivized due to their good performance, this happens when they provide the company a greater value. There are two kinds of motivation:

Internal: it includes emotions and thoughts, in the exercise given this internal motivation is letting the team know that they are doing good
External: includes salary and work environment, in the case given the bonuses are the external motivation

I hope you find this information is useful and interesting! Good luck!

3 0

2 years ago

Recording partner's original investment Instructions Kimberly Payne and Arionna Maples decide to form a partnership by combining

levacccp [35]

Answer and Explanation:

The Journal entry is shown below:-

Cash A/c Dr, $20,000

Accounts Receivables A/c Dr, $140,000

($145,000 - $5,000)

Inventory A/c Dr, $101,700

Equipment A/c Dr, $81,200.

To Allowance for doubtful Accounts $4,400

To Payne's Capital A/c $338,500

(Being assets contributed by partner in business is recorded)

For recording the assets contributed by partner in business we simply debited the cash account, accounts Receivables, Inventory and Equipment as increase the assets while we credited the Allowance for doubtful Accounts as it decreasing the assets and Payne's Capital as increasing the stockholder equity.

7 0

2 years ago

Titon Sports, which produces footballs, has two departments: cutting and stitching. Footballs that have undergone the cutting pr

zhenek [66]

Answer:

We find the equivalent units for both Weighted Average Method and FIFO separately for cost calculations . These are given along as required.

Explanation:

Titon Sports

Equivalent Units

Weighted Average Method

Particulars Units % of Completion Equivalent Units

Materials --Conversion Materials --Conversion

Completed and

Transferred 52,000 100% 100% 52,000 52,000

Ending work

in process 21,500 0% 20% Zero 4300

Equivalent Units 52,000 56,300 

Particulars Units % of Completion Equivalent Units

Transferred In Transferred In

Completed and

Transferred 52,000 100% 52,000

Ending work

in process 21,500 100% 21,500

Equivalent Units 73500

Particulars  Transferred In Materials Conversion Total

Costs

Beginning WIP $ 45,360 $0 $17,660

Total costs added $154,560 $28,080 $89,310

Total Costs 199920 $28,080 106970  $334970

b. Conversion cost per equivalent unit during March

Total Conversion Costs/ Total Equivalent Units Conversion

= 106970/56,300 = $1.9 per Equivalent Unit

Materials cost per equivalent unit during March

Total Materials Costs/ Total Equivalent Units Materials

= 28080/52000 = $ 0.54 per Equivalent Unit

Transferred In cost per equivalent unit during March

Total Transferred In Costs / Total Transferred In Units

= 199920 / 73500 = 2.72

C. Cost Assigned To Transferred Out Goods $ 268,320

Materials = 52,000*0.54= $ 28080

Conversion = 52,000* 1.9= 98800

Transferred in Units = 2.72 * 52000= 141440

Cost Assigned To Ending Work In Process $66650

Conversion = 4300* 1.9= 8170

Transferred in Units = 2.72 * 21500= 58,480

C. Total Costs Assigned = Transferred Out + Ending = $334970

d. Conversion cost assigned to the ending work in process: $8170

Conversion = 4300* 1.9= 8170

We see the difference between the weighted average and FIFO method is that the FIFO method only accounts for the current period costs not the total the costs.Where as the weighted method includes all the costs from preceeding department and also current costs.

e.Titon Sports

Equivalent Units

FIFO Method

Particulars Units % of Completion Equivalent Units

Materials --Conversion Materials --Conversion

Completed and

Transferred 52,000 100% 100% 52,000 52,000

Ending work

in process 21,500 0% 20% Zero 4300

Less

Beg. WIP 17500 0% 60% Zero 10500

Equivalent Units 52,000 45,800 

Particulars Units % of Completion Equivalent Units

Transferred In Transferred In

Completed and

Transferred 52,000 100% 52,000

Ending work

in process 21,500 100% 21,500

Less

Beg. WIP 17500 100% 17500

Equivalent Units 56000

f. Materials cost per equivalent unit during March (FIFO)

Total Materials Costs/ Total Equivalent Units Materials

= 28080/52000 = $ 0.54 per Equivalent Unit

g. Cost Assigned To WORK In Process (FIFO) $ 8385

Conversion cost per equivalent unit during March

Total Conversion Costs/ Total Equivalent Units Conversion

= 89310/ 45,800 = $1.95 per Equivalent Unit

Conversion = 4300* 1.95= $ 8385

h. Cost Assigned To Transferred Out Goods $ 273,000

Materials = 52,000*0.54= $ 28080

Conversion = 52,000* 1.95= 101,400

Transferred In cost per equivalent unit during March

Total Transferred In Costs / Total Transferred In Units

= 154560 / 56,000 = 2.76

Transferred in Units Costs = 2.76 * 52000= 143520

8 0

3 years ago

"Uterine family" is the phrase Margery Wolf uses to describe the family a woman makes by having children though they are not off

AlekseyPX

Answer:

a. True

Explanation:

The uterine family represents the individual mother and mother children. in other way, it is you, your mother, your siblings, etc

The Uterine family implies the family description that shows the women have the children but they are not officially recorded as a members of the similar lineage

Therefore the given statement is true

3 0

3 years ago