answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
gizmo_the_mogwai
1 month ago
15

Golden Eagle Company prepares monthly financial statements for its bank. The November 30 and December 31 adjusted trial balances

include the following account information:30-Nov 31-Decdebit credit debit creditsupplies $ 2,000 $ 3,500 prepaid Insurance $ 8,000 $ 6,000 salaries payable $ 11,000 $ 16,000unearned revenue $ 3,000 $ 1,500The following information also is known:1. Purchases of supplies in December total $4,500.2. No insurance payments are made in December.3. $11,000 is paid to employees during December for November salaries.4. On November 1, a tenant pays Golden Eagle $4,500 in advance rent for the period November through January. Unearned Revenue is credited.Required:Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and unearned revenue on December 31.
Business
1 answer:
stepan [3K]1 month ago
7 0

Answer:

Explanation:

The adjusting journal entries are as follows:

1. Supplies Expense Dr $3,000 ($2,000 + $4,500 - $3,500)
    To Supplies $3,000

(Recording supplies used)

2. Insurance Expense Dr $2,000
    To Prepaid Insurance $2,000

(Adjusting prepaid insurance)

3. Salary Expense Dr $16,000
    To Salaries Payable $16,000

(Adjusting accrued salaries)

4. Unearned Revenue Dr $1,500
    To Service Revenue $1,500

(Recognizing revenue earned from unearned revenue)

You might be interested in
What happens if Jeff refuses to pay the equilibrium wage for coffee shop employees?
stepan [3001]
If employees report him for fraud, he could face legal repercussions.
4 0
9 days ago
Read 2 more answers
A movie studio has some costs it incurs even if it produces no movies at all in a given year. Think of these as the costs of hav
Katen [2925]

Explanation:

Part 1: True, the information given about the total costs incurred by the movie studio from last year shows that after the adjustments for the differences in totals

3rd movie cost - 2nd = 132-84 = 48 million

Thus, the variable costs must be at least $47 million but less than $255 million as well.

Part 2:  False, the marginal cost for producing the first movie was $45 million, while the studio produced three films during that period.

In conclusion, the variable costs for all three films last year were

45 x 3 = 135 million

3 0
11 days ago
Project A has cash flows of –$74,900, $18,400, $26,300, and $57,100 for Years 0 to 3, respectively. Project B has cash flows of
Mariulka [3182]

Respuesta:

El Proyecto A debe ser aceptado NPV 3,948.77

El Proyecto B debe ser rechazado NPV -7,086.76

Explicación:

Calcular el valor presente de cada flujo de caja con una tasa de descuento del 11.5% utilizando la fórmula para el valor presente de un monto único:

\frac{Nominal}{(1 + rate)^{time} } = PV

la tasa para cada flujo de caja será del 11.5%

el tiempo corresponderá al año del flujo de caja

y el valor nominal de cada flujo de caja

Proyecto B:

Año 1

\frac{18400}{(1 + 0.115)^{1} } = PV  

PV   16,502.24

Año 2

\frac{22700}{(1 + 0.115)^{2} } = PV  

PV   18,258.96

Año 3

\frac{51500}{(1 + 0.115)^{3} } = PV  

PV   37,152.04

Total flujo de caja descontado: 71,913.24‬

NPV: flujo de caja descontado - inversión

71,913.24 - 79,000 = -7,086.76

El Proyecto B debe ser rechazado NPV -7,086.76

Proyecto A:

Año 1:

\frac{18400}{(1 + 0.115)^{1} } = PV  

PV   16,502.24

Año 2:

\frac{26300}{(1 + 0.115)^{2} } = PV  

PV   21,154.66

Año 3:

\frac{57100}{(1 + 0.115)^{3} } = PV  

PV   41,191.87

Total flujo de caja descontado: 78,848.77

NPV:flujo de caja descontado - inversión

78,848.77 - 74,900 = 3,948.77‬

El Proyecto A debe ser aceptado NPV 3,948.77

6 0
1 month ago
Suppose your expenses for this term are as follows: tuition: $10,000, room and board: $6,000, books and other educational suppli
soldi70 [3150]
Opportunity cost is defined as the loss incurred when one chooses one alternative over another.

In this scenario, the forgone option is full-time work along with other costs associated with that period when opting for schooling instead. Room and board expenses remain constant whether attending school or working full time, thus these are not factored in. Earnings from part-time work during school are deducted as they would have been earned during full-time employment.

Thus;
Opportunity cost = $20,000+$10,000+$1,000-$8,000 = $23,000
6 0
9 days ago
Last year a certain bond with a face value of $5,000 yielded 8 percent of its face value in interest. If that interest was appro
Scilla [3267]

Answer:

The selling price of the bond is $6,154

Explanation:

Given data

face value = $5,000

interest = 8% of face value

rate = 6.5%

To determine

the bond's selling price

solution

we will calculate the interest associated with

interest = 8% of face value

interest = 8% × 5,000

interest = 400

Let’s assume the bond’s selling price is x

where

the bond selling equation will be

interest = rate × bond selling price

400 = 0.065 × x

x = 6,154

Thus, the bond’s selling price is $6,154

8 0
20 days ago
Other questions:
  • The General Chemical Company uses 150,000 gallons of hydrochloric acid per month. The cost of carrying the chemical in inventory
    10·1 answer
  • Balenciaga Distributors provides intermediary services for a variety of food and beverage wholesalers. Over time, those wholesal
    6·1 answer
  • Which is most often a cause for a change in career or lifestyle? A) adjustments in vacation B) adjustments in life roles C) care
    14·2 answers
  • Consider the table. Mother Nature Tlaloc Bob Value of sales ($) 2750 7750 20000 Dirt ($) 0 2750 0 Bricks ($) 0 0 7750 Wages ($)
    7·1 answer
  • Early in its fiscal year ending December 31, 2021, San Antonio Outfitters finalized plans to expand operations. The first stage
    9·1 answer
  • If an investor purchases $1,000 face amount of an 8% corporate bond at 93. The bond is scheduled to mature in 2028. What will ha
    11·1 answer
  • If increasing physical capital increases productivity, why would a company not buy newer, faster computers for all its workers e
    15·1 answer
  • CHERCRO Inc. is a startup. It is estimated that the company will not be paying any dividends for the coming 4 years. If the comp
    9·1 answer
  • The bargaining power of consumers can be the most important force affecting competitive advantage. Consumers gain increasing bar
    10·1 answer
  • During the current year, Harold Company sold inventory costing $350,000 for a selling price of $675,000. Beginning balances of i
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!