The preparation of the adjusting entries for Arnez Company is as follows:
Debit Supplies Expenses $13,069
Credit Supplies $13,069
Debit Insurance Expense $8,045
Credit Prepaid Insurance $8,045
Debit Salaries Expense $3,800
Credit Salaries Payable $3,800
Debit Depreciation Expense $16,375
Credit Accumulated Depreciation $16,375
Debit Rent Receivable $2,000
Credit Rent Revenue $2,000
Debit Unearned Rent $3,624
Credit Rent Revenue $3,624
1. Supplies expenses = $13,069 ($3,075 + $12,700 - $2,706)
Supplies Expenses $13,069 Supplies $13,069
2. Insurance Policies:
Policy Date of Purchase Months Cost Insurance
of Coverage Expense
A April 1, 2017 24 $ 10,824 $1,353 ($10,824/24 x 3)
B April 1, 2018 36 $ 9,576 $3,192
($9,576/36 x 12)
C August 1, 2019 12 $ 8,400 $3,500
($8,400/12 x 5)
Total Insurance Expense for 2019 $8,045
Insurance Expense $8,045 Prepaid Insurance $8,045
3. Salaries Expense $3,800 Salaries Payable $3,800 ($1,900 x 2)
4. Depreciation Expense $16,375 Accumulated Depreciation $16,375
5. Rent Receivable $2,000 Rent Revenue $2,000
6. Unearned Rent $3,624 Rent Revenue $3,624 ($1,812 x 2)
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Answer:
supplies expense 13069 debit
supplies 13069 credit
insurance expense 12,844 debit
prepaid insurance 12,844 credit
depreciation expense 16,375 debit
acc dep- building 16,375 credit
rent receivable 2,000 debit
rent revenue 2,000 credit
unearned revenue 3,624 debit
rent revenue 3,624 credit
Explanation:
cosumption of supplies:
beginning 3,075
purchases 12,700
ending (2,706)
expense 13,069
insurance:
April 1st 24 months 10,824
April 1st 36 months 9,576
August 1st 12 months 8,400
expired insurance:
10,824 x 8/24 = 7,216
9,576 x 8/36 = 2,128
8,400 x 5/12 = 3,500
total 12,844
for depreicaiton we recognize the amount per year
the rent earned is only Decemeber so we recognize for that amount
then we have the other tenant which pais 5 months, 2 has expired so we accrued for that:
1,812 x 2 = 3,624
Answer:
B. $200,000
Explanation:
The amount of Tot's shares held by Pare are not enough to justify equity (below 20%) method so it will only adjust the amount for changes in the fair value not when net income and cash dividends are know or declared.
$ 50,000 first purchase
$ 150,000 second purchase
$ 200,000 total investment
Industries that are likely to use the lower-of-cost-or-net realizable value (LCNRV) basis most frequently are those that deal with inventory or stocks, such as retail, wholesale, and manufacturing industries.
This is because they need to account for the value of their unsold inventory, and LCNRV is a commonly used accounting method to estimate the value of inventory that may have become obsolete or damaged.
Additionally, industries that deal with perishable goods or those that have a short shelf life, such as the food and beverage industry, are more likely to use LCNRV as they have a higher risk of inventory spoilage or obsolescence.
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The key difference in accounting procedures between sole proprietorships and partnerships is how the capital section is handled. In partnerships, the capital section is divided according to the number of partners with each partner contributing differently.
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Answer:
The correct answer is strategic business unit.
Explanation:
Strategic business unit refers to the set of activities carried out by a company for which a common and different strategy can be established from the rest of the company's activities. This strategy is autonomous from the rest, but it is not entirely independent since all the strategies of the different strategic business units are linked within the company's global plans.
Answer: Strategic business unit
Explanation:
Strategic business unit could be defined as companies that have various arms under them and they operate as an Independent Enterprise. Business can be planned separately based on the various different arms as each targets it market audience. They do have a manager who monitors the various sectors. An example of this is the Dangote industries located in Nigeria which encompasses other industries within her like sugar, cement production.