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2 years ago

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On July 1, 2022, Sandhill Co. pays $22,000 to Cullumber Company for a 2-year insurance contract. Both companies have fiscal year

s ending December 31.
Required:
Journalize the entry on July 1 and the adjusting entry on December 31 for Cullumber Company.

1 answer:

drek231 [11]2 years ago

8 0

Answer:

Dr Prepaid insurance 22,000

Cr cash 22,000

Dr Insurance expense 5,500

Cr Prepaid insurance 5,500

Explanation:

Preparation of Journal entries

Based on the information given we were told that Sandhill Company pays the amount of $22,000 to another company which is Cullumber Company for a 2-year insurance contract in which Both the companies have fiscal years that is ending December 31 which means that the Journal entry will be recorded as:

Dr Prepaid insurance 22,000

Cr cash 22,000

Dr Insurance expense 5,500

Cr Prepaid insurance 5,500

[(22,000*6/12)/2]

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Answer:

Sharpen Ratio = <u> Rp - Rf</u>

standard deviation of portfolio

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173.11%

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2 years ago

If Bob and Judy combine their savings of $1,260 and $975, respectively, and deposit this amount into an account that pays 2% ann

Andrew [12]

Answer:

The account balance after 4 years will be $2,420.

Explanation:

First we need to add Bob and Judy's amount to find the total amount that will be deposited. (1260+975)=2,235.

Now we will break up the annual interest into monthly interest because it will be compounded monthly. 2/12=0.166.

Then we will break up the 4 years into months also because the interest is compounded monthly. 4*12=48

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2 years ago

Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 7

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Answer:

1) total equivalent units:

materials = 73,000

conversion = 81,500

2) costs assigned to ending WIP:

materials = $23,013.70

conversion = $27,288.32

Explanation:

beginning WIP 78,000 + 10,000 - 73,000 = 15,000

materials = 100% (0 added during the period)

conversion = 30% (70% added during the period, 10,500 EU)

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units finished 78,000

units started and finished = 63,000

ending WIP 10,000

materials = 100%

conversion = 80%, 8,000 EU

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Conversion $35,000

Costs added during the period:

Materials $168,000

Conversion $278,000

total equivalent units:

materials = 73,000

conversion = 10,500 + 63,000 + 8,000 = 81,500

cost per EU:

Materials = $168,000 / 73,000 = $2.30137

Conversion = $278,000 / 81,500 = $3.41104

costs assigned to ending WIP:

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Answer:

B. task-oriented leadership style .

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Task-oriented leadership style -

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This type of leader is referred to as the task - oriented leadership style .

As from the very term, the person is only inclined towards his or her task

There type of leaders assign the tasks very clearly and making sure all the works are done on time with proper efficiency and accuracy .

These leader are very consult about the deadline and hence define all the task to get over before the deadline .

There type of leaders are very well organised and clear about the task .

Hence, from the given scenario of the question,

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just olya [345]

Answer:

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