Business, 20.05.2021 19:20 coopera1744

Aubrae Company is making adjusting entries for the year ended December 31 of the current year. In developing information for the adjusting entries, the accountant learned the following: a. A two-year insurance premium of $4,560 was paid on October 1 of the current year for coverage beginning on that date. The bookkeeper debited the full amount to Prepaid Insurance on October 1.
b. At December 31 of the current year, the following data relating to Shipping Supplies were obtained from the records and supporting documents.

Shipping on hand, January I of the current year $13,000
Purchases of shipping supplies during the current year 75,000
Shipping hand, counted on December 31 of the current year 20,000

Required:
a. Using the process illustrated in the chapter, record the adjusting entry for insurance at December 31 of the current year.
b. Using the process illustrated in the chapter, record the adjusting entry for supplies at December 31 of the current year, assuming that the shipping supplies purchased during the current year were debited in full to the account Shipping Supplies.
c. What amount should be reported on the current year’s income statement for Insurance Expense? For Shipping Supplies Expense?
d. What amount should be reported on the current year’s balance sheet for Prepaid Insurance? For Shipping Supplies?

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 17:30

Alinguist had a gross income of 53,350 last year. if 17.9% of his income got witheld for federal income tax, how much of the linguist's pay got witheld for federal income tax last year?

Answers: 2

Answer

Business, 22.06.2019 19:50

The common stock and debt of northern sludge are valued at $65 million and $35 million, respectively. investors currently require a return of 15.9% on the common stock and a return of 7.8% on the debt. if northern sludge issues an additional $14 million of common stock and uses this money to retire debt, what happens to the expected return on the stock? assume that the change in capital structure does not affect the interest rate on northern’s debt and that there are no taxes.

Answers: 2

Answer

Business, 23.06.2019 02:40

German brothels recently began offering a monthly subscription service for multiple purchasers. if you thought that the brothels' encouragement of prostitution was immoral to begin with, would you consider this pricing plan to be even more immoral? suppose a particular patron at a german brothel has the following willingness-to-pay schedule for services at the brothel, per session. session willingness to pay 1st $84 2nd $72 3rd $60 4th $48 5th $36 6th $24 suppose this consumer would not demand any more sessions, even for free. also assume that the marginal cost to the brothel, per session, is constant at $12. at a price of $78.00 per session, the number of sessions demanded by this consumer would be . at this price and quantity, consumer surplus is $ and producer surplus is $ . suppose the brothel has devised a new pricing scheme for consumers who demand more than 1 session. this pricing scheme is a subscription service, whereby consumers can pay a flat fee of $259.20 and can have up to 6 sessions total. using this subscription pricing model, this consumer would demand sessions. under this scenario, consumer surplus is $ and producer surplus is $ . (hint: for consumer surplus, consider how much total value the consumer places on all sessions, versus the total price paid.)

Answers: 3

Answer

Business, 23.06.2019 07:30

The uk economic climate is important for pod point. it is considering two options to reduce the impact of falling uk consumer incomes on sales: 1. focus on selling to foreign countries. or 2. cut costs of production. justify which one of these two options pod point should choose

Answers: 1

Answer

You know the right answer?

Aubrae Company is making adjusting entries for the year ended December 31 of the current year. In de...

Questions