Answer:
Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp.
August 01, 2021:
Cash- 20.800.000
Notes Payable- 20.800.000
December 31, 2021:
Interest Expense- 520.000
Interest Payable- 520.000
January 31, 2022:
Notes Payable- 20.800.000
Interest Payable- 520.000
Interest Expense- 104.000
Cash- 21.424.000
Explanation:
August 01, 2021:
Cash- 20.800.000
Notes Payable- 20.800.000
December 31, 2021:
Interest Expense- 520.000
Interest Payable- 520.000
January 31, 2022:
Notes Payable- 20.800.000
Interest Payable- 520.000
Interest Expense- 104.000
Cash- 21.424.000
Answer:
The amount should Tamarisk report as its December 31 inventory is $252,000
Explanation:
The computation of the ending inventory is shown below:
= Stock on hand + goods purchased from Sheffield Corp + goods sold to Wild horse Co.
= $190,000 + $29,000 + $33,000
= $252,000
We considered all the amounts which are given in the question i.e FOB destination and FOB shipping point which is added to the physical inventory on hand.
Answer:
The correct answer is letter "D": Insurance companies will only cover losses suffered while the policy is already in place.
Explanation:
Regardless of the type of insurance you purchase, the purpose of the coverage is having a policy in case an unexpected unfortunate event takes place. <em>Insurances do not enroll individuals who need the policy just because of an ongoing accident</em>. Those individuals could enroll in an insurance plan but the ongoing accident will not be covered by the company. Only those events happening when the policy is already valid are subject to evaluation for coverage.
Answer:
I used an excel spreadsheet to calculate this:
the least squares regression line:
y = a + bx
y = $2,752 + 3.87x
where y = total cash wash costs and x = rental returns
fixed costs = $2,752 per month
variable cost = $3.87 per car washed
Answer:
Ending inventory cost= $1,494
Explanation:
Giving the following information:
Beginning Inventory: 300 $780
Purchases:
May 10: 400 units for $1,170
June 15: 500 units for $1,260 ($2.52 per unit)
August 28: 300 units for $990 ($3.3 per unit)
The company had 500 units were in its ending inventory at the end of the year.
Under FIFO (first-in, first-out), the ending inventory cost is calculated using the cost of the last units incorporated.
Ending inventory cost= 300*3.3 + 200*2.52= $1,494
