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katswindle11
25.08.2020 •
Business
Determine the amount by which net income would be misstated if Vito's failed to record these adjusting entries. (Ignore income tax expense.) (Amounts to be deducted should be indicated by a minus sign. Do not round intermediate calculations.)
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Ответ:
-$3,320
Explanation:
The information is missing, so I looked for a similar question:
"a. On July 1, 2021, purchased $14,000 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1. The annual interest rate is 10%. b. Vito's depreciable equipment has a cost of $27,200, a four-year life, and no salvage value. The equipment was purchased in 2019. The straight-line depreciation method is used. c. On November 1, 2021, the bar area was leased to Jack Donaldson for one year. Vito's received $8,400 representing the first six months' rent and credited deferred rent revenue. d. On April 1, 2021, the company paid $3,360 for a two-year fire and liability Insurance policy and debited Insurance expense. e. On October 1, 2021, the company borrowed $28,000 from a local bank and signed a note. Principal and Interest at 10% will be paid on September 30, 2022. At year-end, there is a $2,200 debit balance in the supplies (asset) account. Only $780 of supplies remain on hand."
a)
Dr Interest receivable 700
Cr Interest revenue 700
b)
Dr Depreciation expense 6,800
Cr Accumulated depreciation: equipment6,800
c)
Dr Deferred rent revenue 2,800
Cr Rent revenue 2,800
d)
Dr Prepaid insurance 2,100
Cr Insurance expense 2,100
e)
Dr Interest expense 700
Cr Interest payable 700
f)
Dr Supplies expense 1,420
Cr Supplies 1,420
The income statement must be adjusted in the following way:
+ Interest revenue $700
+ Rent revenue $2,800
+ Adjustment to insurance expense $2,100
- Depreciation expense -$6,800
- Interest expense -$700
- Supplies expense -$1,420
Net adjustments = -$3,320 (income statement was overstated)
Ответ:
Unitary cost= $118
Explanation:
Giving the following information:
Production= 43,000
Direct materials $43.00 per unit
Direct manufacturing labor $8.00 per unit
Variable manufacturing costs $4.00 per unit
Fixed manufacturing costs $63.00 per unit
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
Unitary cost= 43 + 8 + 4 + 63
Unitary cost= $118