Answer:
Under the accrual basis, it should recognize $1,000,000 as property tax revenue for the year 2019. The remaining $45,000 that it does not collect in year 2019 will be accounted for as Property Tax Receivable while the $5,000 will be recorded as Uncollectible Expense in 2019.
Explanation:
The accrual concept or basis of accounting requires that all revenues and expenses relating to a fiscal year be recognized in that accounting year. It is not only the actual cash receipts and payments that should be recognized. This means that any revenue that is due but not yet received will be accounted for in the year that the revenue arises. And all the related expenses for raising the revenue will also be accounted for in the same year.
Answer:
Unit cost 82
Explanation:
Vaiable cost per unit:
materials 49
Labor 28
Variable OH 5
Unit cost 82
<em>The variable selling and administrative expense</em> will be listed in the income statemnt as part of the variables cost to determinate the contribution, but it is not part of the production cost, <u>it doesn't activate through inventory.</u>
Answer: When computing the cost per equivalent unit, the weighted-average method of process costing considers: C) costs incurred during the current period plus cost of beginning work in process inventory.
Explanation: This is because the weighted-average method takes into account the costs of the previous period and the costs of the current period.
Answer:
$55,000
Explanation:
The computation of the change in operating income is shown below:
= Buying cost - making cost
where,
Buying cost = Cost of producing parts × outside supplier per unit
= 60,000 parts × $3
= $180,000
And, the making cost would be
= Variable cost + fixed cost × given percentage
= $110,000 + $50,000 × 30%
= $110,000 + $15,000
= $125,000
So, the operating income would be
= $180,000 - $125,000
= $55,000
September 19, 2020 because that is when the cake successfully delivered
