The adjusting entry should Fred make on December 31, the end of the accounting period is: Debit Insurance Expense $6,000; Credit Prepaid Insurance $6,000.
Based on the information given the appropriate journal entry to record the transaction is:
Fred company adjusting entry
Debit Insurance Expense $6,000
Credit Prepaid Insurance $6,000
( $2,000 x 3 = $6,000)
Inconclusion the adjusting entry should Fred make on December 31, the end of the accounting period is: Debit Insurance Expense $6,000; Credit Prepaid Insurance $6,000.
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Answer:
The adjusting entry Fred should make on December 31, the end of the accounting period:
b. Debit : Insurance Expense 6,000 Credit: Prepaid Insurance 6,000
Explanation:
On October 1, Fred Company paid $48,000 for a two-year insurance policy, ($2,000 per month)
From October 1 to December 31, Fred Company has used the insurance for 3 months.
Insurance Expense = $2,000 x 3 = $6,000
The adjusting entry Fred should make on December 31, the end of the accounting period:
Debit Insurance Expense $6,000
Credit Prepaid Insurance $6,000
Answer:
1,212,723 shares
Explanation:
Given that,
Value of issuing preferred stock = $33,000,000
Discount rate = 11.87%
Dividend paid = $3.23
Price of preferred stock:
= Annual dividend ÷ discount rate
= $3.23 ÷ 0.1187
= $27.2115
Shares will they need to issue:
= Value of issuing preferred stock ÷ Price of preferred stock
= $33,000,000 ÷ $27.2115
= 1,212,723
Answer:
A
Explanation:
Answer:
because people would have to have good contraptions in order to be able to make free choices
Explanation:
Answer:
$323,500 shares
Explanation:
A stock split is a practice carried out by a company where stocks are split into multiples of its existing shares to boost liquidity.
There is no actual increase in the value of the shares, just an increase in the number. For example if a shareholder has 100 share and there is a 3-1 split, the shareholder will now have 3 shares for every one held before.
In this scenario total outstanding shares was 64,700 shares. The company offers a 5 for 1 stock split. Each share is now five, so new outstanding shares is 64,700 * 5= 323,500 shares
Answer:
77,640 shares
Explanation:
Stock split occur when new shares of a company are issued to existing shareholders in proportion to their current holdings.
The share outstanding after the stock split is the addition of the existing shares and the new share issued. For this question, this can be calculated as follows:
New shares to be issued = 64,700 ÷ 5 = 12,940
Number of outstanding shares after stock split = 64,700 + 12,940 = 77,640 shares
Answer:
The Schedule of Cash Collections is below:
Cash Collection from Sales JULY AUGUST SEPTEMBER
50% from month $80,000 $75,000 $65,000
30% from previous month $42,000 $48,000 $45,000
15% from two previous months$18,000 $21,000 $24,000
$140,000 $144,000 $134,000
Explanation:
The schedule of cash collection is attached herein.
July collections are as follows:
50% of $160,000 July + 30% of $140,000 June + 15% of $120, 000 May Sales
August collections are as follows:
50% of $150,000 August + 30% of $160,000 July + 15% of $140,000 June Sales
September collections are as follows:
50% of $130,000 September + 30% of $150,000 August + 15% of $160,000 July Sales
Answer:
Job 33 $ 27250
Job 34 $ 31500
Job 35 $ 12325
Cost of Goods Sold Job 33 $ 27250
Finished Goods Inventory Job 34 $ 31500
Work in Process Inventory Job 35 $ 12325
Explanation:
Work in Process Balance on 3/1
Job 33 $ 7,500
Job 34 6,000
Total $ 13,500
Job 33
Direct Materials $3500
Direct Labor 6500
Overheads (150%) 9750
Add Opening WIP 7500
Total Cost $ 27250
We add the Direct Material Direct Labor and Mfg overheads with the opening balance of WIP to get the total cost of given jobs.
Job 34
Direct Materials $6000
Direct Labor 7800
Overheads (150%) 11700
Add Opening WIP 6000
Total Cost $ 31500
Job 35
Direct Materials $4200
Direct Labor 3250
Overheads (150%) 4875
Add Opening WIP ------
Total Cost $ 12325
Cost of Goods Sold Job 33 (given) $ 27250
Finished Goods Inventory Job 34 (given) $ 31500
Work in Process Inventory Job 35(given)$ 12325
It is given in the question that Job 34 is transferred to Finished Goods , Job 35 is still in process and Job 33 is cost of goods sold.
By accounting for beginning balances, cost of materials, labor, and overheads, the costs of Jobs 33, 34, and 35 at end of the month are $27,250, $31,500 and $12,325 respectively. The Work in Process Inventory is $12,325, Finished Goods Inventory is $31,500 and Cost of Goods Sold is $27,250.
To calculate the cost of each job at Oak Creek Furniture Factory (OCFF), we first need to consider all cost factors. These include the beginning balances, additional materials requisitioned, labor hours, and overheads. Job overheads for OCFF are applied as 150 percent of direct labor cost.
Job 33: The initial cost was $7,500. During March, materials costing $3,500 and labor cost of $6,500 were added, making a total of $10,000. Applying the overhead calculation, we find that overheads amount to $6,500 * 1.5 = $9,750. The total cost for job 33 is therefore $7,500 (beginning balance) + $10,000 (material and labor costs) + $9,750 (overhead) = $27,250.
Job 34: Initial cost was $6,000. Material and labor costs for March amount to $6,000 and $7,800 respectively, summing up to $13,800. The overhead equals $7,800 * 1.5 = $11,700. The total cost for job 34 is accordingly $6,000 (beginning balance) + $13,800 (material and labor costs) + $11,700 (overhead) = $31,500.
In regard of Job 35, which is still in progress, only the cost of materials $4,200 and labor $3,250 have been added, totalling $7,450. Calculating overheads, we get $3,250 * 1.5 = $4,875. Therefore, the cost so far for job 35 is $7,450 (material and labor costs) + $4,875 (overhead) = $12,325.
For the balance of the Work in Process Inventory, we just include the cost of Job 35, which isn't finished yet: $12,325.
The Finished Goods Inventory includes the cost of Job 34 which is completed but not sold: $31,500.
Cost of Goods Sold consists of completed and sold jobs, in this case only Job 33: $27,250.
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Answer:
b) 240
Explanation:
The fixed costs to the production of the tractors are $600.000, independently if the company makes 1 or none tractor, the company must spend $600.000 variable cost are attached to the number of tractors that the company will make. In this case the company will produce $15.000 and the variable cost is $200, its a reason why you must multiply those numbers. Excersise:
Total cost of produce n tractor = fixed costs+( number of tractors * variable cost)
where n = 15.000
Total cost of produce n tractor =$600.000+(15.000*$200)
Total cost of produce n tractor =$600.000+ ($3.000.000)
Total cost of produce 15.000 tractors = 3.600.000
Now that you have the total cost, you have to divide in the number of tractor to fin the average cost per quantity:
Average cost= (Total cost of 15.000 tractors/number of tractors)
Average cost= (3.600.000/15.000)= $240