Beauty Zone's annual insurance premium is $9,600, paid quarterly in advance starting April 1, 2024. On December 31, 2024, calculate the prepaid insurance amount. a) $8,400 b) $3,200 c) $2,400 d) $4,000
Q: The fixed budget for 20,200 units of production shows sales of $545,400; variable costs of $60,600;…
A: Sales per UnitSales for 20,200 units = $545,400. = 545,400/20,200=27 (per unit). Variable Cost per…
Q: financial account question
A: Step 1: Definition of Idle TimeIdle time refers to the amount of time during which a worker,…
Q: Question: Shown below are a company's ledger accounts and their end-of-period balances before…
A: Explanation of Closing Entries: Closing entries are the journal entries made at the end of an…
Q: Answer this Problem
A: Explanation of Beginning Inventory:Beginning inventory is the value of goods a company has in stock…
Q: Costing
A: Step 1:Under absorption costing all manufacturing cost is considered as product cost including fixed…
Q: General accounting
A: Explanation of Contribution Margin: Contribution margin is the difference between sales revenue and…
Q: The following partially completed T-accounts summarize transactions for Faaberg Corporation during…
A: Detailed explanation:Manufacturing Overhead T account : The manufacturing overhead has $ 9950 total…
Q: Green Valley Company prepared the following trial balance at the end of its first year of operations…
A: Detailed explanation:Revenues $ 113…
Q: Financial Accounting
A: Step 1: Define Realized GainA realized gain is an amount recognized on a transaction when the sales…
Q: Give true answer this accounting question
A: Step 1: Define Total assetTotal assets can be defined as the sum of current assets and long-term…
Q: Use the high-low method to develop a cost-estimating equation for total manufacturing costs driven…
A: Here's a step-by-step outline to solve for the cost-estimating equation Y=b+mX, where:Y represents…
Q: Financial
A: Explanation of Accounts Receivable Turnover: Accounts receivable turnover is a financial ratio that…
Q: Need answer
A: Step 1: Define Manufacturing CostManufacturing Cost includes all the costs used in making a product.…
Q: Provide answer this accounting question not use chatgpt
A: Step 1: Define Net Profit MarginNet profit also called the bottom line, is the difference between…
Q: What was independence's asset turnover ratio on these general accounting question?
A: Step 1: Define Asset Turnover RatioThe asset turnover ratio is part of the efficiency ratios…
Q: Give true answer this accounting question
A: Step 1: Define Interest expensesExpenses businesses pay for using borrowed money are called interest…
Q: Question 12 0 / 3 pts Use the "QUESTION INFORMATION" below to answer the next 2 questions [Questions…
A: Step 1: Identify the Initial Investment Amount:Longhorn Company initially purchased an equity…
Q: FIFO cost formula. gross margin calculate
A: calculating the gross margin for the May 5 sale step by step using FIFO under a perpetual inventory…
Q: solve both and give correct answer
A: Understanding Jose's Pricing Strategy and Market PositionJose Ruiz wants to establish a snowboard…
Q: Accounting remort company reports the following cost data for its single product
A: Step 1:- Define Absorption CostingIn the absorption costing, fixed manufacturing overhead, as well…
Q: Give true answer please not use ai
A: The annual rate of interest can be computed using the present value of a perpetuity formula. PV =…
Q: Access the company’s investor relations website or the SEC's EDGAR database…
A: Detailed explanation:1. Inventory Turnover=Cost of Goods Sold/ Average Inventory = 28,475 / 7,986.50…
Q: share answer of this accounting Problem
A: Explanation of All-Equity Firm: An all-equity firm is a company that finances its operations…
Q: Blossom Company, a machinery dealer, leased a machine to Crane Corporation on January 1, 2025. The…
A: Part (a): The Present Value from the table is 6.58238.Amount of the Lease Receivable = Annual…
Q: What is the value of stockholders equity at the end of the year on this accounting question?
A: Step 1:- Introduction to the Statement of Stockholders' EquityThe statement of stockholders' equity…
Q: Accounting Short Question
A: Explanation of Debt Restructuring: Debt restructuring is a process where the terms of existing debt…
Q: Under hyperinflationary accounting, monetary items are: a) Restated using price indices b) Left at…
A: Explanation of Hyperinflationary Accounting: Hyperinflationary accounting is an approach used in…
Q: Xenon Autocar Company manufactures automobiles. The Fastback Car Division sells its cars for $50,000…
A: Step 1:Decision making is a process where we choose one alternative based on relevant cost. Relevant…
Q: Revenues are normally recognized when a company transfers promised goods or services to customers in…
A: The following are the expense account titles and the amounts for each transaction: a. Utilities…
Q: Provide accurate & detailed Answer with short summary
A: Lease vs. Purchase: Accounting Treatment and Decision FactorsWhen a company is considering whether…
Q: Give me answer
A: Explanation of Absorption Costing: Absorption costing is a method that includes all manufacturing…
Q: General Accounting
A: Step 1: Define Cost of GoodsThe cost for all the goods manufactured in a given period represents the…
Q: Need help with this accounting question please Don't use chatgpt
A: Step 1: Define Free Cash FlowFree cash flow can be defined as the total amount of money remaining…
Q: Mc Graw Hill M Question 5 - Week 11 - Homework #7 (100 points) - Connect Week 11 - Homework #7 (100…
A: Approach to solving the question: Information Given:Total Salary: $3,360 every two weeksDaily Salary…
Q: Solve these accounting issue
A: Step 1: Define Variable and Fixed CostTwo types of costs are variable costs and fixed costs.…
Q: account q to solve this
A: Step 1: Definition of MarkupMarkup refers to the amount added to the cost of a product or service to…
Q: Please give me answer
A: Step 1: The debt-to-equity ratio is the ratio of total liabilities to total equity. Debt to equity…
Q: A capital maintenance adjustment would appear in?
A: Explanation of Capital Maintenance Adjustments: Capital maintenance adjustments are accounting…
Q: Billy's Exterminators
A: a. Earnings per share = Net income*/Shares of common stock outstandingEarnings per share =…
Q: Need answer
A: Explanation: In the given case, we are required to calculate the monthly salary and commission per…
Q: Need answer the financial accounting question please answer do fast
A: Step 1: Define Non-Interest-Bearing NotesNon-interest-bearing notes payable are liabilities that…
Q: General Accounting
A: Step 1: Define Cash conversion cycleThe cash conversion cycle is the number of days takes the…
Q: F. Accounting
A: Explanation of Functional Currency: Functional currency is the primary currency in which an entity…
Q: Dillard Company
A: Explanation of Book Value: Book value represents the net carrying amount of an asset on the…
Q: On January 1, 2022, Allan Company acquired 80 percent of Bond Company. Of Bond's total business fair…
A: tep 1: Individual Financial Statements for Allan Company, Bond Company, and Cole Company for the…
Q: Need answer this accounting question Don't use ai
A: Step 1: Define Manufacturing CostsThe manufacturing cost is the same as product or production costs.…
Q: What is the net profit
A: Explanation of Direct Materials Used: Direct materials used represents the actual value of raw…
Q: ??
A: Explanation of Matching Principle: The Matching Principle requires that expenses be recorded in the…
Q: Access the company’s investor relations website or the SEC's EDGAR database…
A: Here's a sample explanation using Walmart Inc. (retail industry) and Ford Motor Company (automotive…
Q: Need General Accounting Question solution
A: Step (1) : Define Price Earnings (P/E) Ratio Analysis:The P/E ratio is a key valuation metric that…
Calculate
Step by step
Solved in 2 steps
- On September 1, 2024, Daylight Donuts signed a $186,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2025. Daylight Donuts should report interest payable at December 31, 2024, in the amount of: Multiple Choice $1,860 $5,580 $0 $3,720KOM pays the following insurance premiums during 2020: Auto accident and liability insurance: Paid 1/1/20 Coverage period 1/1/20—12/31/20 $3,500 Fire, storm, and other casualty insurance: Paid 4/1/20 Coverage period 4/1/20–3/31/22 $5,000 Business liability insurance (a material amount for the company): Paid 5/1/20 Coverage period 5/1/20–4/30/21 $3,000 Complete the statement below. Do not round intermediate calculations. a. If KOM uses the accrual method of accounting, the insurance expense deduction for 2020 is b. If KOM uses the cash method of accounting, the insurance expense deduction for 2020 isXYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued will be collected after 1 year. At the end of December, which of the following journal entry is required to take up the interest income? Select one: a. Debit Cash $900; Credit Interest Revenue $900 b. Debit Interest Revenue $75; Credit Interest Receivable $75 c. Debit Interest Receivable $900; Credit Unearned Revenue $900 d. Debit Interest Receivable $75; Credit Interest Revenue $75
- On September 1, 2021, Daylight Donuts signed a $112,000, 9%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022.Daylight Donuts should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.) Multiple Choice $0. $5,040. $3,360. $1,680.National Bank granted a loan to borrower on January 1, 2021. The interest on the loan is 10% payable annually starting December 31, 2021. The loan matures in thee years on December 21, 2023. Principal amount 4,000,000Origination fee charges against the borrower 342,100Direct Origination Cost incurred 150,000 What is the carrying amount of the loan receivable on January 1, 2021? a. 4,000,000b. 3,807,900c. 4,150,000d. 3,657,900On June 30, 2020, Amoro Company takes out a $5,000 loan documented through a note payable. Interest will be 16% annually and the note matures on June 30, 2021. The interest to be accrued at December 31, 2020 will be: о $400 0 $800 0 $0 0 $467
- Need helpMaggie Sharrer Company borrows $88,500 on September 1, 2022, from Sandwich State Bank by signing an $88,500, 12%, one-year note. What is the accrued interest at December 31, 2022?Pauper Bank granted a loan to a borrower on January 1, 2020. The interest on the loan is 8% payable annually starting December 31, 2020. The loan matures in three years on December 31, 2022. Principal amount 3,000,000 Direct origination cost incurred 260,300 Origination fee charged against the borrower 100,000 After considering the origination fee charged to the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. Required: 1. Prepare journal entries for 2020, 2021 and 2022. 2. Present the loan receivable on December 31, 2020.
- The balance of the Estimated Warranty Liability account was $12,000 on January 1, 2019, and $13,600 on December 31, 2022. Based on an analysis of warranty claims during the past several years, this year's warranty provision was established at 3% of sales, and sales during the year were $800,000. Required: a). What amount of warranty expense will appear on the income statement for the year ended December 31, 2022? b). What were the actual costs of servicing products under warranty during the year?On January 1, 2020, Empress Bank granted a loan to a borrower. The interest rate on the loan is 10% payable annually on December 31, 2020. The loan matures in three years on December 31, 2022. Principal amount 5,000,000 Direct origination cost incurred 457,500 Origination fee received from the borrower 200,000 After considering the origination fee charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 8%. Prepare the journal entries for 2020, 2021, and 2022.Villa company estimates its annual warranty expense at 8% of net sales. The following data relate to calendar year 2019: Net sales ? Warranty liability, Dec. 31, 2019 Before adjustment 100,000 debit After adjustment 540,000 credit What is the amount of net sales?