On July 1, Thompson Company paid nine months' insurance in advance totaling $9,000. The policy begins on July 1. An adjusted trial balance prepared on December 31 would include a balance in the Prepaid Insurance account of: A. $4,000 B. $6,000 C. $3,000 D. $9,000
Q: correct answer please
A: Step 1: Definition of Predetermined Overhead RateThe Predetermined Overhead Rate is a measure used…
Q: Need help this question general accounting
A: Step 1: Definition of Gross ProfitGross profit represents the profit a company makes after deducting…
Q: Sub. General accounting
A: Step 1: Use the EPS FormulaStep 2: Substitute Given ValuesStep 3: Compute EPSStep 4: Use the P/E…
Q: Tutor please provide answer
A: Calculate the Percentage Change in Sales:Change in Sales = $48,600 - $45,000 = $3,600% Change in…
Q: Quick answer of this accounting questions
A: Step 1: Analysis of information givenAsset turnover = 4Profit margin on sale (decimal form) =…
Q: Give me Answer
A: Concept of Net Book Value (NBV)Net Book Value (NBV) represents the remaining value of an asset after…
Q: provide correct answer financial accounting
A: Step 1: Definition of Pension and Gross Income InclusionA pension is a retirement benefit received…
Q: help me to solve this questions
A: Here's how to calculate the capital gain of the TIPS in percentage terms:1. Calculate the inflation…
Q: The Ford Company developed the following
A: To calculate the direct labor cost variance, we use the following formula: Direct Labor Cost…
Q: What is the companys quick ratio?
A: Explanation of Quick Ratio:The quick ratio is a financial metric that assesses a company's ability…
Q: Contribution margin for November is
A: Step 1: Introduction to CVP AnalysisCVP analysis, or cost-volume-profit analysis, is a management…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Contribution Margin RatioThe contribution margin ratio is the percentage of…
Q: The following data were selected from the records of Fluwars Company for the year ended December 31,…
A: Fluwars Company had an initial accounts receivable balance, and during the year, it made both cash…
Q: Please help me correct my mistakes. for the T account of 2022 and 2023, the ONLY options for…
A: Detailed explanation:2022:Journal entry for Transaction # 4 in 2022:Debit Bad Debts Expense $…
Q: !??
A: Understanding ROAROA measures how efficiently a company uses its assets to generate profit. It's…
Q: Help
A: Explanation of Degree of Operating Leverage (DOL):Degree of Operating Leverage (DOL) measures how…
Q: What is the taxable income of this financial accounting question?
A: Step 1: Definition of Taxable IncomeTaxable income refers to the portion of a company's income that…
Q: Need answer
A: Step 1: Formula Material price variance = Actual quantity used x (Actual price - Standard price)…
Q: choose best answer
A: Step 1: Definition of Interest ExpenseA company uses financial notes or promissory notes as a medium…
Q: can you please solve this
A: Step 1: Definition of Net IncomeNet Income is the company's total earnings after deducting all…
Q: Hii expert please given answer general Accounting
A: The actual return on plan assets is calculated using the following formula: Actual Return=Ending…
Q: hi expert please help me
A: Calculate D1 Since the dividend is growing at a rate of 7.8%, we project next year's dividend (D1…
Q: Financial Accounting problem
A: Concept of AssetsAssets are resources owned by a company that provide future economic benefits. They…
Q: I want the correct answer with accounting
A: Step 1: Use the accounting equationStep 2: Identify given valuesStep 3: Rearrange the equationStep…
Q: Opereting cash flow
A: To determine the percentage change in operating cash flows, we use the formula: Percentage Change in…
Q: Jasee Corp estimated manufacturing overhead costs for the year to be $600,000. Jasee also estimated…
A: Explanation of Manufacturing Overhead Allocation:Manufacturing Overhead Allocation is the process of…
Q: What is the average collection period of this financial accounting question?
A: Step 1: Definition of Average Collection PeriodThe Average Collection Period is the weighted average…
Q: What is the book value at December 31?
A: Explanation of Straight-Line Depreciation Method: Straight-line depreciation is the simplest and…
Q: By how much will profit increase?
A: To solve this problem, let's use the contribution margin ratio formula: Increase in Profit =Increase…
Q: general account subjects solutions
A: To calculate the price/earnings (P/E) ratio, we use the formula: P/E Ratio =Stock Price per Share /…
Q: Help me to solve this questions
A: The Contribution Margin Ratio (CMR) is calculated using the formula: CMR = (Sales Price per Unit −…
Q: Need help this question
A: Given data:Annual Sales = $379.3 millionIndustry Average DSO = 51.2 daysCalculate Daily Sales:Daily…
Q: Answer
A: To determine which product should be made, we need to compare the contribution margin per machine…
Q: Financial Accounting
A: Step 1: Define Holding Period Return (HPR)Holding Period Return (HPR) measures the total return…
Q: correct answer please
A: Step 1: Definition of Postretirement ExpensePostretirement expense refers to the cost incurred by a…
Q: Need help with this question solution general accounting
A: Step 1: Definition of Net Realizable Value (NRV) of Accounts ReceivableThe Net Realizable Value…
Q: Need this general account subject solution
A: Step 1: Definition of Contribution Margin RatioThe contribution margin ratio is a financial metric…
Q: Given true answer general accounting
A: Step 1: Define Net IncomeNet Income represents a company's total profit after deducting all…
Q: Determine whether the manufacturing overhead for 2023 was overallocated of underallocated
A: Concept of Manufacturing OverheadManufacturing overhead includes all indirect costs associated with…
Q: Provide answer general accounting question
A: Step 1: Analysis of information givenSales = $15,158 millionCost of sales = $10,972 millionOther…
Q: expert of general accounting answer
A: Step 1: Definition of Cost-Volume-Profit (CVP) AnalysisCVP analysis helps businesses determine the…
Q: Compute the assets turnover ratio
A: Step 1: Define Net IncomeNet income is the difference between revenue and expenses. A company…
Q: managerial accounting
A: Step 1: Definition of High-Low MethodThe high-low method is a cost estimation technique that helps…
Q: Need answer the financial accounting question not use ai and chatgpt
A: Step 1: Define Net IncomeNet income is the profit a company earns after subtracting all expenses…
Q: Ginx Enterprises had $250,000 in sales on account last year. The beginning accounts receivable…
A: Explanation of Average Collection Period: The average collection period, also known as days sales…
Q: Operating leverage
A: Explanation of Operating Leverage:Operating leverage measures how sensitive a company's operating…
Q: Hi ticher given true answer general accounting
A: Step 1: Define Dividends DistributedDividends Distributed are the portion of net income paid to…
Q: Income is expected to decrease by what amount?
A: how to calculate the expected decrease in net income:1. Calculate the Percentage Change in Net…
Q: Financial accounting
A: Step 1: Identify Given DataStep 2: Calculate Days Sales Outstanding (DSO)Step 3: Compute Average…
Q: General accounting
A: Step 1: Definition of Units-of-Production (UOP) DepreciationUnits-of-Production (UOP) depreciation…
Need help with this question solution general accounting
Step by step
Solved in 2 steps
- If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a $15,800 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $323 Ob. $326 Oc. $316 Od. $313On October 1, Black Company receives a 10% interest-bearing note from Reese Company to settle a $17,800 account receivable. The note is due in six months. At December 31, Black should record interest revenue of a.$455 b.$442 c.$445 d.$452
- on november 1, 2018, Downtown Jewelers accepted a 3-month, 15% note for $6,000 in sttlement of an averdue account receivable. the account period ends on december 31. prepare the journal entry to record the accrued interest at the year end.Same Day Surgery Center received a 120-day, 7% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7Entity O signed a five-month note payable in the amount of $18,000 on November 1 with principal and interest payable at maturity. The note requires interest at an annual rate of 8%. The amount of interest expense Entity O must recognize at December 31 is: $120 $240 $600 $1,400 O O
- XYZ 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 $75On June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$1,522 b.$9,132 c.$761 d.$2,308Lachgar Industries warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $210,000 for June. In July, a customer received warranty repairs requiring $140 of parts and $95 of labor. a. Journalize the adjusting entry required at June 30, the end of the first month of the current fiscal year, to record the accrued product warranty. b. Journalize the entry to record the warranty work provided in July.
- on december 1st Daw company accepts a $18,000, 45-day, 10% note from a customer. 1. prepare the year end adjusting entry to record accrued interest revenue on december 31st. 2. prepare the entry required on the notes maturity date assuming it is honored. note: using 360 days a yearA company purchased a certificate of deposit (a short-term investment that pays interest to the purchaser when it matures) on March 1 that will pay $120 of interest 3 months from that date when it matures. On March 31, which of the following adjusting journal entries would be made? Account Debit Credit A. Interest receivable 120 Interest revenue 120 B. Interest receivable 40 Interest revenue 40 C. Interest receivable 120 Unearned revenue 120 D. No entry is recorded on March 31. Group of answer choices A. B. C. D.h. Vacation pay expense for December, $10,500. Description Debit Credit i. A product warranty was granted beginning December 1 and covering a one-year period. The estimated cost is 4% of sales, which totaled $1,900,000 in December. Description Debit Credit j. Interest was accrued on the note receivable received on October 17. Assume 360 days per year. sem: Description Debit Credit