Process further or sell Benjamin Signal Company produces products R, J, and C from a joint production process. Each product may be sold at the split-off point or be processed further. Joint production costs of $92,000 per year are allocated to the products based on the relative number of units produced Data for Benjamin's operations for the current year are as follows: Sales Value at Split-off $76,000 $71,000 $48,000
Units Produced 8,000 10,000 5,000 Allocated Joint Production Cost $32,000 $40,000 $20,000 Product R... Product J... Product C... Product R can be processed beyond the split-off point for an additional cost of $26,000 and can then be sold for $105,000. Product J can be processed beyond the split-off point for an additional cost of $38,000 and can then be sold for $117,000. Product C can be processed beyond the split-off point for an additional cost of $12,000 and can then be sold for $57,000
Required: Which products should be processed beyond the split-off point?
A. R $3,000 profit
B. J 8,000 profit
C (3,000) loss
So R and J should be processed beyond the split off point. (Show computations)
Answers
Answer:
Products R and J should be processed beyond split-off point
Explanation:
In determining whether or not a product should be further processed,the incremental benefit of further processing should be determined as follows:
incremental benefit/(cost)=sales value after split-additional cost of further processing-sales value at split-off point:
Product R =$105,000-$26,000-$76,000=$3,000
Product J=$117,000-$38,000-$71,000=$8,000
Product C=$57,000-$12,000-$48,000=-$3000
Product R and J should be processed further as they give profit of $3,000 and $8,000 respectively.
Product C should not be further processed as loss of $3,000 would result from that.
Related Questions
Use the following information to calculate for the year ended December 31, 2018
(a) net income,
(b) ending retained earnings, and
(c) total assets.
Supplies $ 3,000
Revenues $25,000
Operating expenses 12,000
Cash 15,000
Accounts payable 9,000
Dividends 1,000
Accounts receivable 3,000
Notes payable 1,000
Beginning retained earnings 5,000
Equipment 6,000
Answers
Answer:
a. $13,000
b. $17,000
c. $27,000
Explanation:
a= Net income (loss) = Service revenue - Other operating expenses
Net income (loss) = $25,000 - $12,000
Net income (loss) = $13,000
b. Ending retained earnings = Beginning retained earnings + Net income - Dividends
Ending retained earnings = $5,000 + $13,000 - $1,000
Ending retained earnings = $17,000
c. Total assets = Cash + Accounts receivable + Supplies + Equipment
Total assets = $15,000 + $3,000 + $3,000 + $6,000
Total assets = $27,000
Question Content Area
Zoe Corporation has the following information for the month of March:
Cost of direct materials used in production $15,353
Direct labor 28,038
Factory overhead 32,314
Work in process inventory, March 1 18,402
Work in process inventory, March 31 20,161
Finished goods inventory, March 1 24,609
Finished goods inventory, March 31 25,991
a. Determine the cost of goods manufactured.
$fill in the blank 1
b. Determine the cost of goods sold.
$fill in the blank 2
Answers
The cost of goods manufactured for Zoe Corporation for the month of March is $73,946
The cost of goods sold for Zoe Corporation for the month of March is
$72,564
What is the cost of goods manufactured?
The cost of goods manufactured is the total cost of finished products completed in the current period, it is the beginning work in process inventory plus the cost of direct materials used in production, the cost of direct labor, factory overhead minus the cost of ending work in process
cost of goods manufactured=$18,402+$15,353+$28,038+$32,314-$20,161
cost of goods manufactured=$73,946
What is cost of goods sold?
The cost of goods sold is the manufacturing costs of goods sold in the current period, it is the beginning finished goods inventory plus the cost of goods manufactured less the ending finished goods inventory
cost of goods sold=$24,609+$73,946-$25,991
cost of goods sold=$ 72,564
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what is the decision of the Michael J. French v. American Airlines 2009 U.S. Dist. LEXIS 48654 (U.S. District Court Utah Central Division) case
Answers
The case was heard in the US District Court for the Central Division of Utah. The court ruled in favor of American Airlines, stating that the airline had not violated the ADA by requiring the passenger's service animal to be in a kennel during the flight. The court noted that the airline had provided alternative accommodations for the passenger, including an earlier flight that would allow the passenger to have his service animal with him outside of a kennel. The court also stated that the airline's safety concerns were legitimate and that the airline had the right to establish policies to ensure the safety of its passengers.
Overall, the decision in the Michael J. French v. American Airlines case was in favor of American Airlines, stating that the airline had not violated the Americans with Disabilities Act by requiring the passenger's service animal to be in a kennel during the flight.
Answer:
for American Airlines
Explanation:
Lucas Diving Supplies Company, in its first year of business, had labor costs of $83,000, overhead costs of $115,000, materials purchases of $52,000, and ending Materials and Work-in-Process Inventories of $4,000 and $3,000, respectively. What is the amount of cost of goods manufactured in the first year of operations?
Answers
The amount of cost of goods manufactured in the first year of operations is $244,000.
How to determine the cost of goods manufactured?Using this formula to find the cost of goods manufactured
Cost of goods manufactured = Labor costs + Overhead cost + Material purchase - Ending material - Work in process
Let plug in the formula
Cost of goods manufactured = $84,000 + $115,000 + $52,000 - $4,000 - $3,000
Cost of goods manufactured = $244,000
Therefore the Cost of goods manufactured is the amount of $244,000.
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What is the main reason why empathy is important for communication?
Answers
Answer:
it means you can understand what a person is feeling in a given moment, and understand why other people's actions made sense to them. Empathy helps us to communicate our ideas in a way that makes sense to others, and it helps us understand others when they communicate with us.
Question 2
Which is a capability of a presentation software program?
calculating mathematical data
o combining animation and sound
O copying and printing documents
O connecting several computers
Previous
Answers
The study of economics is nothing but the study of a tree and a forest. Discourse with respect to branches of economics
Answers
The study of economics involves the examination of individual components represented by branches and the analysis of the broader system represented by the forest.
How does the study of economics relate to a tree and a forest?Just as a tree consists of various branches that connect and support each other, the study of economics comprises different branches that explore specific aspects of the economy. These branches including microeconomics, macroeconomics and international economics focus on understanding and analyzing elements of economic behavior and systems.
The interplay between the various branches of economics contributes to comprehensive understanding of how individual economic decisions and activities collectively shape the broader economic system. By studying both the branches and the forest, economists can gain insights into the intricate relationships.
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Which statement is TRUE about the DTPA laundry list?
A) It is all inclusive.
B) Even if an act is not on the list, a judge can decide that it’s a violation.
C) All the acts on the list pertain to retail sales.
D) Real estate commission violations take priority over the DTPA laundry list violations.
Answers
The statement which is true about the DTPA laundry list is: B) Even if an act is not on the list, a judge can decide that it’s a violation.
What is the DTPA?DTPA is an acronym for Deceptive Trade Practices Consumer Protection Act and it can be defined as a law that is enforced by the Office of the Attorney General to protect consumers in Texas.
The main purpose of DTPA.It is a Texan law that was enacted to protect consumers against the following:
False, misleading, or deceptive business practices.Unconscionable actions.Breaches of warranty.What is DTPA laundry list?DTPA laundry list comprises the actions that are considered to be a violation of Section 17.46 of the Deceptive Trade Practices Consumer Protection Act (DTPA) law.
According to the DTPA laundry list, a judge is legally empowered by the Texas constitution to decide that an action is a violation of consumer rights, even if the act is not stated on the list.
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In the context of choosing an appropriate advertising media, at present the brands that cater to the older generations are not so quick to adopt social practices. Which of the following is most likely to be the reason behind this trend?
Answers
Answer:
Social media is a very good way of protesting because many many people go on social media sites and they can join in and instead of being abused by other people outside you can easily make a protest on video or a website.
Answer:
The reason for this is that older generations themselves aren't always quick to take up new social practices like younger generations, so using examples of trends in society may not be relevant to them and may make the company advertising come across as immature or not targeted towards their particular age group.
Dana, Co. uses the percentage of sales basis to estimate its bad debts. For the year ended December 31, 2020, Dana' Co. total sales are €600,000. Management of the company estimates that 1% of credit sales will become uncollectible. The existing balance in Allowances for Doubtful Accounts is a credit balance of €1,150. The Accounts Receivable balance at December 31, 2020 is €82,300 The c realizable value of Accounts Receivable reported on the statement of financial position at December 31, 2020 in 1. O€76,300 2. O€75,150. 3. 0€77,450 4. Cess,300
Answers
To determine the realizable value of Accounts Receivable reported on the statement of financial position at December 31, 2020, we need to calculate the amount of the allowance for doubtful accounts.Option 3 is correct .
Given that Dana Co.'s total sales for the year were €600,000 and management estimates that 1% of credit sales will become uncollectible, the estimated bad debts would be €600,000 * 1% = €6,000.
Since the existing balance in Allowances for Doubtful Accounts is a credit balance of €1,150, we subtract this amount from the estimated bad debts: €6,000 - €1,150 = €4,850.
Next, we subtract the amount of the allowance for doubtful accounts from the Accounts Receivable balance to obtain the realizable value: €82,300 - €4,850 = €77,450.
Therefore, the correct answer is option 3: €77,450, which represents the realizable value of Accounts Receivable reported on the statement of financial position at December 31, 2020.
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2/2
John's employer offered him health insurance coverage for $125 per month that would
cover him as an individual. However, he was also offered the option to cover himself, bis
wife, and his child for $295 a month. How much extra would it cost John annually to add
his family to his health insurance?
Answers
Advise business on the role of intermediaries in the distribution process.
Answers
Here are some key advantages of intermediaries:
Market Reach
Efficiency and Expertise
Cost Savings
Market Information
Risk Management
Intermediaries play a crucial role in the distribution process of a business. They act as a link between producers and consumers, facilitating the movement of goods and services from the point of production to the point of consumption. Here are some key advantages of intermediaries:
Market Reach: Intermediaries, such as wholesalers, retailers, and distributors, have established networks and access to a wide customer base. They can help businesses reach a larger market and expand their customer reach.
Efficiency and Expertise: Intermediaries specialize in distribution activities, including logistics, warehousing, transportation, and marketing. They possess knowledge and expertise in these areas, allowing businesses to benefit from their efficiency and experience.
Cost Savings: By utilizing intermediaries, businesses can reduce their own costs associated with storage, transportation, and marketing. Intermediaries often benefit from economies of scale, allowing them to provide cost-effective solutions.
Market Information: Intermediaries are in direct contact with customers and have valuable insights into market trends, consumer preferences, and competitor activities. They can provide businesses with market intelligence that helps in strategic decision-making.
Risk Management: Intermediaries can help businesses mitigate risks associated with distribution, such as inventory management, payment collection, and product returns. They assume some of the risks and provide financial and logistical support.
However, businesses should carefully select and manage their intermediaries to ensure alignment with their objectives and maintain control over their brand and customer relationships. Regular evaluation and communication with intermediaries are essential to optimize the distribution process and achieve business goals.
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Whispering Winds Corp. purchased a delivery truck for $34,000 on January 1, 2022. The truck has an expected salvage value of $5,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 16,100 in 2022 and 11,700 in 2023.
Answers
Answer: $0.29 per mile
Explanation:
Truck is to be driven for 100,000 miles.
It has a cost of $34,000 and a salvage value of $5,000.
Useful life is 8 years.
Depreciable cost per mile under units-of-activity method = (Cost price - Salvage value) / Miles to be driven
= (34,000 - 5,000) / 100,000
= $0.29 per mile
How are the payments from a family income benefit policy treated for tax purposes?
Answers
Answer
i am not sure
Explanation:
Benefit payments from an individually-owned medical expense policy are exempt from income taxation.
Which of the following phrases is an example of structural que ?
Answers
Answer:
excuse me but where is the phrase?
design an approach that your team would recommend for Joseph and Nicholas to cover one area each that you deem necessary to aid in the planning and controlling functions
Answers
The combines strategic planning, performance measurement, effective communication, and continuous improvement to support Joseph and Nicholas in their planning and controlling functions. It ensures a well-defined direction, data-driven decision-making, collaboration, and a focus on growth and adaptability.
In order to aid in the planning and controlling functions, the following approach can be recommended to Joseph and Nicholas:
1. Establish Clear Objectives and Goals: The first step in planning is to establish clear objectives and goals for the team. It is important to have a clear understanding of what needs to be accomplished and what the team's priorities are.
2. Assign Responsibilities: Assigning specific responsibilities to team members helps to ensure that everyone is working towards a common goal. Joseph and Nicholas should each be assigned to cover one area that is necessary for planning and controlling functions. This will help to ensure that all aspects of the project are covered and that there is no overlap or duplication of efforts.
3. Develop a Schedule: Developing a schedule that outlines the key milestones and deadlines for the project is essential to effective planning and control. This will help to ensure that the project stays on track and that deadlines are met.
4. Monitor Progress: Regularly monitoring progress against the schedule and objectives is necessary to ensure that the project is progressing as planned. This will help to identify any issues or problems that arise and allow for corrective action to be taken.
5. Communicate: Effective communication is critical to the success of any project. Joseph and Nicholas should establish a regular communication schedule to ensure that everyone is up-to-date on the project's progress, any issues or problems that arise, and any changes to the schedule or objectives.
6. Make Adjustments: Finally, it is important to be flexible and make adjustments as needed. If the project is not progressing as planned, adjustments may be necessary to the schedule or objectives to ensure that the project stays on track and that goals are met.
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QUCIK!! How do you merge an excel sheet with a word document??
Answers
Explanation:
Instead of a mail merge from Excel to Word, you can simply copy and paste the excel sheet from excel to word directly, the worse case is to do some small editing and formatting, or you can decide to keep source formatting all this are prompt you will get to encounter when performing the operation
1. Developing a bonus reward system for the managers of the various offices of the AAA (American Automobile Association) Travel Agency. check all that apply 1 Providing information for decision making and planning.unanswered Assisting managers in directing and controlling operational activities.unanswered Motivating managers and other employees toward the organization’s goals.unanswered Measuring the performance of activities, subunits, managers, and other employees within the organization.unanswered Assessing the organization’s competitive position, and working with other managers to ensure the organization’s long-run competitiveness in its industry.unanswered
Answers
Answer:
1. Developing a bonus reward system for the managers of the various offices of the AAA (American Automobile Association) Travel Agency:
Motivating managers and other employees toward the organization’s goals.
Explanation:
A company's bonus reward system is an incentive scheme or program which promotes specific actions or behavior of a specific person or group. It is a type of compensation which an employer gives to an employee that adds to their base pay or salary. Bonuses are used to reward achievements, to show gratitude to employees who meet longevity milestones, or to entice not-yet employees to join the company's ranks. Some bonus reward systems are a hybrid of financial and non-financial rewards, including employee recognition, training, development, and increased job responsibility.
Troy Engines Ltd. manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An outside supplier has offered to produce and sell one type of carburetor to Troy Engines Ltd. for a cost of $55 per unit. To evaluate this offer, Troy Engines Ltd. has gathered the following information relating to its own cost of producing the carburetor internally:
Direct materials cost $34 per unit.
Troy Engines pays its direct labour employees $20 per hour; each carburetor requires 30 minutes of labour time.
Variable manufacturing overhead is allocated at 30% of direct labour cost.
Total fixed manufacturing cost amounts to $15 per unit, of which 60% is allocated common cost and the remaining 40% covers depreciation of special equipment and supervisory salaries. The special equipment has no resale value. Supervisory personnel will be transferred to a different department if the company decides to purchase the carburetor from the outside supplier.
Yearly production of this type of carburetor is 17,000 units.
Required:
1-a. Assume that the company has no alternative use for the facilities that are now being used to produce the carburetors. Compute the total differential cost per unit for producing and buying the product.
Answers
Answer:
The company has no alternative use for the facilities that are now being used to produce the carburetors is explained below in details.
Explanation:
A
Compute the total cost of making and buying the parts is explained in the image A.
B.
Reject
C.
Compute the total cost of making and buying the parts is explained in the image C.
D.
Accept
blank be chartered by an appropriate governmental body to exist.
Answers
Answer:
A charter is a legal document that formally establishes a corporate entity. Charters are issued by national or provincial governments.
Explanation:
The incorporator oversees setting up the company, prepares and files the charter, and supervises the creation of other corporate documents. The business may also propose an amended charter if the number of directors changes, the board members themselves change, or the corporation moves its primary location.
E4.11 (LO 2), AP Selected accounts for Tamora’s Salon are presented here. All June 30 postings are from closing entries.
Salaries and Wages Expense
6/10 3,200
6/28 5,600
Bal. 8,800 6/30 8,800
Supplies Expense
6/12 600
6/24 700
Bal. 1,300 6/30 1,300
Service Revenue
6/15 9,700
6/24 8,400
6/30 18,100 Bal. 18,100
Rent Expense
6/1 3,000
Bal. 3,000 6/30 3,000
Owner’s Capital
6/30 2,500 6/1 12,000
6/30 5,000
Bal. 14,500
Owner’s Drawings
6/13 1,000
6/25 1,500
Bal. 2,500 6/30 2,500
Instructions
Prepare the closing entries that were made.
Post the closing entries to Income Summary.
Prepare correcting entries.
Answers
1. The preparation of the the closing journal entries made is as follows:
Closing Journal Entries:Debit Income Summary $8,800
Credit Salaries and Wages Expense $8,800
Debit Income Summary $1,300
Credit Supplies Expense $1,300
Debit Income Summary $3,000
Credit Rent Expense $3,000
Debit Service Revenue $18,100
Credit Income Summary $18,100
2. The posting of the closing entries to the Income Summary is as follows:
Income Summary:Service Revenue $18,100
Salaries & Wages Expense $8,800
Supplies Expense 1,300
Rent Expense 3,000
Total Expenses $13,100
Operating income $5,000
3. The preparation of the the correcting entries is as follows:
Debit Owner’s Drawings $2,500
Credit Owner’s Capital $2,500
What are closing entries?Closing entries are the journal entries made at the end of a financial period to close the revenue and expenses (temporary accounts) to the income summary, income summary to the retained earnings account, and dividends to retained earnings.
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3. As a college freshman, you hoped to save $2,500 to “pimp your ride” as a college graduation present to yourself. You put $2,012.98 from your high school graduation haul in the bank at 5 percent interest. Will you meet your goal?
Answers
At the end of your college, you will not have enough money saved up.
Will you have enough money?College lasts for 4 years on average. Thus, your high school graduation haul would be in the bank for 4 years. The amount that is saved would increase at an exponential rate. This means that the investment would grow at a compound rate.
The equation that represents an exponential growth is:
FV = P (1 + r)^n
Where:
FV = Future value P = Present value R = interest rate N = number of years$2,012.98 x (1 + 0.05)^4
$2,012.98 x (1.05)^4 = $2,446.79
$2,446.79 is less than $2,500. Thus, you will not have enough money to pimp your ride.
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explain why you would prefer limited company from business
Answers
Answer:
Explanation:
A limited company is endowed with all of an individual's rights and abilities.
In most cases, a member's liability for the debts, liabilities, or actions of the limited company is limited to the amount of share capital they have subscribed for.
Additionally, a corporation's ownership interests can frequently be modified.
QUESTION ONE
ABC Ltd wishes to expand its business. On 31 Dec 2021, the company had
the following existing and proposed capital structures to support the
expansion programme.
1. The existing 8% debt capital has a book value of Ksh 50 000 000 and
matures in 10 years. The market value of debt at the close of business on
31 Dec 2021 was Ksh 40 000 000
2. A ten year loan of Ksh 300 000 000 is to be raised at an interest of 10
percent p.a. A cost of Ksh 20 000 000 will be incurred in raising this loan
3. A 12% preference stock capital stands in the books at Ksh 100 000 000
( 1 000 000 shares) and has a total market value of Ksh 150 000 000.
4. There are 40 000 000 ordinary shares with a current market price of Ksh
1500 each. The firm’s expected earnings per share (EPS) stand at Ksh
200, its growth rate is 6% and has a dividend payout of 60%.
5. The company plans to issue 10 000 000 ordinary shares at a market price
of Ksh 1 500 per share. The cost of floating the shares is estimated at Ksh
10 000 000.
Required:
i) Firm’s current weighted average cost of capital (10 marks)
ii) Firm’s expected weighted average cost of capital after the expansion
programme (i.e. marginal cost of capital) (5 marks)
QUESTION TWO
An investor intends to place Ksh 112,000,000 in the 91 days Treasury bill at a quoted rate/yield of 7.65%
p.a.
Required:
a) Compute the investor’s return, assuming that he is withholding tax-payer
b) Compute the investor’s return, assuming that he is non-withholding taxpayer (6 marks)
Answers
Answer:
rat
Explanation:
Does dyson company use the line extension?
Answers
Answer:yes
Explanation:
Line extinctions is making a product with the same brand and category type example different Dyson vacuums
Hope this helps
adam company's operating expenses (excluding depreciation expense) were $80,000 and its balance in prepaid insurance decreased by $5,000. cash paid for operating expenses was:
Answers
If adam company's operating expenses (excluding depreciation expense) were $80,000 and its balance in prepaid insurance decreased by $5,000. cash paid for operating expenses was: $75,000.
How to find the cash paid for operating expenses?Using this formula to determine the cash paid for operating expenses
Cash paid for operating expenses = Operating expenses- Decrease in balance in prepaid insurance
Where:
Operating expenses = $80,000
Decrease in balance in prepaid insurance = $5,000
Let plug in the formula
Cash paid for operating expenses = $80,000 - $5,000
Cash paid for operating expenses = $75,000
Therefore Cash paid for operating expenses is $75,000.
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WHY IS IT IMPORTANT FOR AN ENTREPRENUER TO BE PERSISTANT?
Answers
It is important for an entrepreneur to be persistent because it can be difficult to keep things going when you are not seeing instant success.
Who is an entrepreneur?An entrepreneur is a person, who set up a business for the purpose of making profit. He is responsible for taking risk in setting up the business hence take the profit and loss that comes with the business.
It is a term of profession that is based on the direction and management of a company, business or industry. Its purpose is to obtain economic benefits.Entrepreneurs are those who own the organization and its capital and are characterized by seeking the development of their companies by assuming the risks of innovation and investment.Entrepreneurs are often categorized as someone taking a risk, but they have a high profit margin and they get to be their own boss since they are starting their own company.Learn more about entrepreneur here: https://brainly.com/question/26282581
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f Honduras is open to international trade in oranges without any restrictions, it will import
tons of oranges.
Suppose the Honduran government wants to reduce imports to exactly 100 tons of oranges to help domestic producers. A tariff of
$
per ton will achieve this.
A tariff set at this level would raise
$
in revenue for the Honduran government.
Answers
Suppose that Honduras is open to international trade in oranges without any restrictions, it will import an infinite amount of oranges. Therefore, the import of oranges can be limited through a tariff. The Honduran government wants to reduce imports to exactly 100 tons of oranges to help domestic producers.
A tariff of $720 per ton will achieve this. A tariff set at this level would raise $72,000 in revenue for the Honduran government.
Tariff: It is a tax imposed by a government on imported or exported goods. The main purpose of a tariff is to limit imports and protect domestic production and employment.
In this scenario, a tariff is imposed by the Honduran government to limit the import of oranges and help domestic producers. Therefore, if the tariff is set at $720 per ton, then it would reduce the imports of oranges to exactly 100 tons, which is the desired goal of the Honduran government.
Moreover, the tariff rate multiplied by the number of imports gives the amount of revenue raised by the Honduran government, which is $720 × 100 = $72,000. Thus, a tariff set at $720 per ton will raise $72,000 in revenue for the Honduran government.
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Each of these is an emerging energy career
Answers
There are several emerging energy careers that are gaining popularity in today's world. One such career is that of a renewable energy technician. Renewable energy technicians work to install, maintain, and repair renewable energy systems such as wind turbines, solar panels, and geothermal systems.
Another emerging energy career is that of an energy analyst. Energy analysts work to evaluate energy usage patterns and identify areas where energy efficiency improvements can be made. They may also develop and implement strategies for reducing energy consumption and cost. This field is becoming increasingly important as individuals and businesses alike seek to reduce their carbon footprint and lower energy expenses.
A third emerging energy career is that of a battery storage technician. As energy storage becomes more important in the transition to renewable energy sources, the demand for skilled technicians to install and maintain battery storage systems is growing. Battery storage technicians work with a variety of battery types, including lithium-ion, lead-acid, and flow batteries, and are responsible for ensuring these systems operate efficiently and safely.
In conclusion, the renewable energy technician, energy analyst, and battery storage technician are all emerging energy careers that offer exciting opportunities for those interested in pursuing a career in the energy industry. As the world continues to transition to renewable energy sources, the demand for skilled workers in these fields is only likely to grow.
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A company makes a payment of $4,680 towards one-year insurance premium on March 1. Calculate the amount of prepaid insurance that should be reported on the August 31 balance sheet with respect to this policy.
Answers
Answer: $2,340
Explanation:
The total annual insurance is $4,680. This is prepaid insurance however and will need to be apportioned to months within the year in order to be recognized as an expense as the months go by.
The monthly insurance will be:
= 4,680 / 12 months
= $390
From March 1 to August 31 is 6 months. Total insurance recognized will be:
= 390 * 6
= $2,340