Jenning Co adjusts its books each month but closes its books at the end of the year. The trial balance at July 31 before adjustments is as follows: Debit Credit Cash $12,920 Accounts Receivable 9,620 Supplies 1,400 Prepaid Insurance 3,120 Equipment 26,000 Accumulated Depreciation—Equipment $10,400 Unearned Service Revenue 6,500 Capital Stock 7,190 Retained Earnings 23,500 Dividends 1,560
Service Revenue 16,510 Wages and Salaries Expense 7,800 Utilities Expense 380 Rent Expense 1,300 $64,100 $64,100 Refer to the trial balance of Jenning Co (Round calculations to the nearest dollar.) If the equipment had an estimated useful life of five years and no salvage value, what is its book value at July 31, after the proper monthly July adjustment is recorded?
a. $10,400
b. $25,567
c. $15,167
d. $10,833
c
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Direct labor time standards express the hourly labor cost per function or job classification that exists during the current accounting period
Indicate whether the statement is true or false
Which one of the following statements is NOT correct?
a. The accounting function should be separated from the custodianship of a company's assets. b. Certain clerical personnel in a company should be rotated among various jobs. c. A company's personnel should be given well-defined responsibilities. d. The responsibility of receiving merchandise and paying for it usually should be given to one person.
A company's manager estimates that in the upcoming year, total variable costs will increase by $7,500 and total fixed costs will increase by $3,500. Assume that the unit sales price did not change. What will be the anticipated effect on net operating income?
A) Net operating income will increase by $11000. B) Net operating income will decrease by $11,000. C) Net operating income will increase by $4,000. D) Net operating income will decrease by $4,000.
A(n)_________shop requires union membership as a condition of initial employment, and it is illegal
Fill in the blank(s) with correct word