User Account

All Pages

What was the combined effect of the octobe

Assignment Help Managerial Accounting
Reference no: EM133179964

Question - X Company prepares monthly financial statements. The following transactions occurred on October 1:

-paid the premium for the first year of a $5,000, five-year insurance policy,

-paid cash for equipment that cost $20,000; the equipment has a life of four years and salvage value at that time of $2,000, and

-borrowed $23,000 from a bank, to be repaid on December 31 along with interest of $96 per month.

The accountant made entries to record the transactions on October 1 and the adjustments on October 31.

Required - What was the combined effect of the October 1 and October 31 entries on October Net Income?

Reference no: EM133179964

Questions Cloud

Briefly define moral hazard : Briefly define moral hazard. Why does moral hazard arise in contractual situations? How is asymmetric information related to moral hazard and agency conflict
About film and effect american culture : This should be one of the topics that is covered in this class or another topic that is about film and its effect American Culture.
Determining the organizational design and structure : For this assignment, read the instructions and provide analysis on the ten topics listed. Before you begin, review the General Instructions for all Written
Calculate the net benefits of leasing the land : Assuming that the yearly benefits, which are measured in real dollars, accrue at the BEGINNING of each of the 20 years, calculate the net benefits of leasing
What was the combined effect of the octobe : The accountant made entries to record the transactions on October 1 and adjustments on October 31. What was the combined effect of the October
Determine the strong leadership brand : Research and select an organization that has a strong leadership brand and describe:
Aim of workforce changes : You work for a hospital. Previously, specific nurses were given all weekend shifts. Feedback gathered from other nurses has revealed that all nurses would like
Determine the types of intelligence : 1. Why should leaders be familiar with ethnic and racial identity models?
What is the estimated cost per purchase order : If the same number of purchase orders is issued this year as last year, what is the estimated cost per purchase order, to the nearest cent

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd