Gracio Co. had the following transactions in the last two months of its year ended December 31. Prepare entries for these transactions under the method that records prepaid expenses as expenses and records unearned revenues as revenues. Also prepare adjusting entries at the end of the year.
You might also like to view...
Communist and socialist unions have not always supported collective bargaining because it is believe that signing a contract:
A. Limits worker freedom and legitimizes capitalism B. Gives too much power to management C. Is useless because they are not enforceable in court D. Creates a false sense of security for workers and deters them from a socialist agenda
Unknown hazards products liability cases involve:
a. a small number of products liability cases b. only cases involving asbestos c. the largest dollar volume of products liability cases d. cases in which the government is the defendant e. cases in which the government is the plaintiff
List the four time zones found in the United States' mainland, in order from east to west
Bonkowski Corporation makes one product and has provided the following information to help prepare the master budget for the next four months of operations: Budgeted selling price per unit$97Budgeted unit sales (all on credit): January 10,000 February 12,000 March 13,300 April 15,200 Raw materials requirement per unit of output 4poundsRaw materials cost$1.00per poundDirect labor requirement per unit of output 2.5direct labor-hoursDirect labor wage rate$23.00per direct labor-hourPredetermined overhead rate (all variable)$9.00per direct labor-hourVariable selling and administrative expense$3.10per unit soldFixed selling and administrative expense$70,000per monthCredit sales are collected:30% in the month of the sale70% in the following monthRaw materials
purchases are paid:30% in the month of purchase70% in the following monthThe ending finished goods inventory should equal 30% of the following month's sales. The ending raw materials inventory should equal 10% of the following month's raw materials production needs.The estimated finished goods inventory balance at the end of February is closest to: (Round your intermediate calculations to 2 decimal places.) A. $335,160 B. $89,775 C. $245,385 D. $281,295