Proper adjusting entry based on prepaid insurance account balance before adjustment $18650 and unexpired amounts per analysis of policies of $5990
Q: Assume an investor acquired 100% of the voting common stock of an investee on January 1, 2015 in a…
A: Consolidation is the process of combining the financial statements of multiple entities into a…
Q: Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company…
A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…
Q: Exercise 8-7 (Algo) Cash Budget [LO8-8] Garden Depot is a retailer that is preparing its budget for…
A: Budgeting is the process of estimating future operations based on past performance. % are estimated…
Q: Prepare the necessary adjusting entries without explanations on December 31, 19A based on the…
A: Depreciation is the reduction in cost of asset over the useful life of asset. Under straight line…
Q: April 1 To begin the business Emir invested $19, 000 cash and $20, 000 of equipment. April 2 Emir…
A: Journal Entries -Journal Entries are used to record transactions entered into by the company. It is…
Q: Flight Café prepares in-flight meals for airlines and its planning budget for July appears below:…
A: Activity variable is the difference between flexible budget and planning budget. Flexible budget is…
Q: Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company…
A: Bank reconciliation statement: The bank reconciliation statement (BRS) is prepared to reconcile the…
Q: TB MC Qu. 21-107 (Algo) A company uses the following... A company uses the following standard costs…
A: Direct labor variance is the difference between standard direct labor cost for actual production and…
Q: Journal entry worksheet
A: A journal entry records a business transaction in the accounting system for an organization.It is a…
Q: produces and sells 75,000 seats per year. The following information relates to current production of…
A: Lets understand the basics.When special order situation arise, management needs to make decision…
Q: Current Attempt in Progress Crane Company sells goods that cost $493,500 to Ceradyne Company for…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: Complete this question by entering your answers in the tabs below. T Accounts Trial Balance Prepare…
A: Balance Sheet: It implies a financial statement that is prepared by the business to account for all…
Q: Sheffield Company's traditional costing system has accommodated only one pool for MOH to date,…
A: Under activity-based costing method, the cost is allocated to each activity based on its…
Q: Allen Corporation currently makes the nylon convertible top for its main product, a fiberglass boat…
A: It is the process of making decisions that involve the management of costs to achieve long-term…
Q: Determine the missing amounts for three different situations. Direct Materials Used (1) (2) S (3)…
A: Total manufacturing costs in the business includes direct materials used, direct labour costs and…
Q: A company uses the dollar-value LIFO method of computing inventory. An external price index is used…
A: Dollar-Value LIFO method is an accounting technique used for inventory that follows last in first…
Q: b. C. The allowance for doubtful accounts is to be increased to 5% of the Accounts Receivable. The…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: The Donut Stop acquired equipment for $21,000. The company uses straight-line depreciation and…
A: Straight-line depreciation evenly spreads the cost of an asset over its expected useful life,…
Q: Scott Company purchased a new machine on January 1, Year 1, at a cost of $224,000. The machine is…
A: Depreciation is the gradual reduction in the value of an asset due to normal wear and tear, passage…
Q: Fixed assets Goodwill Covenant not to compete Total $256,600 51,320 64,150 $372,070 a. How much of…
A: Intangiible assets include goodwill and covenants not to compete.As per Sec 197, Amortizing…
Q: Whispering Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for…
A: Variance analysis : analysis of a differences between planned and actual behavior. After analyzing…
Q: On May 10, Bonita Industries sold merchandise for $6,000 and accepted the customer's Best Business…
A: The journal entries are prepared to record the transactions on regular basis. The assets and…
Q: Express Delivery is a rapidly growing delivery service. Last year, 80% of its revenue came from the…
A: Lets understand the bsaics.Break even point is a point at which contribution equals to fixed cost of…
Q: -Sunland Corporation produces microwave units. The following per-unit cost information is available:…
A: The variable cost per unit comprises direct materials, direct labor and variable manufacturing…
Q: Which of the following describes reciprocal support? assembling department provides services to…
A: The organization to which it belongs has an accounting department that offers accounting services…
Q: Identify a sensible selling price for a cup of coffee with a food cost of $0.67 and overhead costs…
A: A product or service is sold to customers at a reasonable selling price that is considered to be…
Q: The Brown Company bank statement for September 30, 2022 showed a balance of $1,681.50. The company's…
A: The bank reconciliaition statement is prepared to equate the balances of the cash book and pass book…
Q: The trial balance of the Mabilis Repair Shop appears below at the end of its calendar period: alior…
A: Adjusting entries are accounting entries that are made at the end of an accounting period to update…
Q: head ad pense rative expense cost that the company will incur if it increases production
A: VARIABLE COST Variable Cost that varies according to changes in the production process. The cost per…
Q: Compute RNOA, Net Operating Profit Margin, and NOA Turnover Selected balance sheet and income…
A: RNOA = NOPAT / Average net operating assetsNOPM = NOPAT / RevenueNOAT = Revenue / Average net…
Q: idiary, acquired for cash in a business combination, owned equipment with a market value in excess…
A: In a business combination, when a subsidiary is acquired for cash and the fair market value of its…
Q: On January 1, 2019, Spring Co. purchased a 25% interest in Fall Inc. for $500,000. For the year…
A: The equity method is used to account for investments in common stock. It is used to record the…
Q: There are three production
A: VAT is Value Added Tax which is revised version of Harmonised Sales Tax [HST] .Value-added tax…
Q: 30. A purchased goods costing 200000, 8 sold 4/5th of the goods for Rs 250000. Balance goods were…
A: A business venture is a joint undertaking or project where individuals or entities collaborate to…
Q: The following selected accounts from Crane Corporation's general ledger are for the year ended…
A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…
Q: A company uses the dollar-value LIFO method of computing inventory. An external price index is used…
A: LIFO (Last in, first out) is the inventory valuation method according to which the recently…
Q: Following is the governmental activities preclosing trial balance for the Town of Freaz. Freaz is a…
A: These are the financial statements of the government that includes all the transactions incurred by…
Q: Maria and Javier are the equal partners in MarJa, a partnership that is a qualfied trade or…
A: Qualified Business Income refers to that amount of income which comprises income items that are…
Q: Identify the accounting principle or assumption that best explains each situation. 1. In December of…
A: Accounting principles refer to the standard prescribed guidelines issued by the accounting board in…
Q: Schwiesow Corporation has provided the following information: Direct materials Direct labor Variable…
A: Direct manufacturing cost represents the expenses directly tied to producing goods, such as…
Q: Included in the December 31 trial balance of Whispering Company are the following assets. Cash…
A: Balance sheet is a financial statement that shows list of final ending balances of assets,…
Q: ! Required information [The following information applies to the questions displayed below.] A…
A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…
Q: Fill in the missing data to solve this problem.. Variable Total Average Marginal Product Product…
A: Total product is the overall output of goods or services produced by all inputs in…
Q: This instrument is: Not negotiable because it is not payable to order or bearer. O b. Not negotiable…
A: AnswerPromissory note refers to the document which is signed by a payer and it contains a promise to…
Q: In 2022, Blossom Company has net credit sales of $1,727,000 for the year. It had a beginning…
A: ACCOUNT RECEIVABLE TURNOVER RATIOAccount Receivable Turnover Ratio is the Ratio between Net Sales…
Q: At the end of the prior year annual reporting period, Barnard Corporation's b BARNARD CORPORATION…
A: Stockholders Equity consist of the share which the shareholders has subscribed and the net income…
Q: 3) In which of the following funds is it appropriate to record depreciation of capital assets? A)…
A: The Capital Projects Fund is designed to account for the acquisition, construction, or improvement…
Q: Larsen Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved…
A: It is the income earned by an entity after incurring all the expenses. It is the net revenue left…
Q: OCT 31 NOV 15 DEC 01 Flower Shop sends the above customer a bill for $1.200 DEC 05 Flower Shop…
A: As per GAAP, revenue is recognized on the income statement in the period when realized and…
Q: The following trial balance has been prepared for you for the year ended September 30, 2022,…
A: Financial Statements include income statement, statement of retained earnings and balance sheet..The…
Proper
Step by step
Solved in 3 steps
- Prepare the necessary adjusting entry for the Salam Agency on August 30, assuming it recorded Ali payment as Unearned Insurance Premiumsassume that we report the reinsurance company amount of recoverable claims 35000, expected amount 28000, assume that also the balance of recoverable provision for outstanding claims a-28000 b-25000 c- 30000 what is the adjusting entryAn examination of Insurance Policies of Standard Company is presented below: Policy Date of Purchase Life of Policy Cost September 1, 2019 4years P25,920 May 1, 2020 2years 18,960 July 31, 2020 1year 9,720 Prepaid Insurance was debited for the cost of each policy at the time of its purchase. Expired insurance was correctly recorded at the end of 2019. What is the balance of Prepaid Insurance at the end of 2020?
- ANALY SIS OF ADJUSTING ENTRY FOR INSURANCE Analyze each situation and indicate the correct dollar amount for the adjusting entry. 1. Amount of insurance expired (used) is 830. 2. Amount of unexpired (remaining) insurance is 340.The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of Please include solutions. Thank you!9. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of:
- Adjusting journal entry December 31 2021: Dr. Insurance Expense 24000 Cr. Pre-Paid Insurance 24000 If the beginning balance in prepaid insurance was 1500 and 30,000 was recorded in the balance sheet for an insurance premium during the year, what is the ending balance in pre-paid insurance after the adjusting entry?gnment/takeAssignmentMain.do/ Which of the following is the proper adjusting entry, based on a prepaid insurance account balance before adjustment of $13,187 and unexpired insurance of $4,938, for the fiscal year ending on April 30? O debit Prepaid Insurance, $8,249; credit Insurance Expense, $8,249 O debit Insurance Expense, $13,187; credit Prepaid Insurance, $13,187 O debit Prepaid Insurance, $13,187; credit Insurance Expense, $13,187 O debit Insurance Expense, $8,249; credit Prepaid Insurance, S8,249 Previous Next 明 837 PM 38 (?^ 3/8/2021UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.
- UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31.Which of the following adjusting entries prepared on December 31, 2021 (without amounts and explanations) would you choose to reverse on January 1, 2022? O Dr Interest receivable; Cr Interest income O Dr Unearned service income; Cr Service income O Dr Doubtful Accounts; Cr Allowance for doubtful accounts O Dr Insurance Expense; Cr Prepaid insuranceRates and insurance outstanding at 31 December 2019 was GHC 675. However, at 31 December 2020, rates and insurance was palid in excess of GHC 425. The receipts and payment account showed a payment of GHC 2,300 in respect of rates and insurance. How much should reflect in the income and expenditure account?