DC
DANTE CUEVAS
Answers (6)
DC
Answered
In the department's cost reconciliation report for February, the costs added to production in the department would be:
A) $243,000
B) $255,000
C) $225,000
D) $231,000
A) $243,000
B) $255,000
C) $225,000
D) $231,000
On Jul 11, 2024
A
DC
Answered
If the firm were a perfect competitor in the long run,what price would it charge?
On Jul 10, 2024
$30.60 (below $31.50)
DC
Answered
Some countries have inflation around or in excess of 8 percent. Suppose that the sacrifice ratio is 2.5. What is the cost of reducing inflation from 8 percent to 2 percent? In your answer, define the sacrifice ratio and explain how you found the cost of inflation reduction.
On Jun 11, 2024
The sacrifice ratio gives the annual percentage decline in output required to reduce the inflation rate 1 percentage point. The sacrifice ratio is 2.5 so if a country with 8 percent inflation wants to reduce it to 2 percent it will have a reduction in output equal to 2.5 times 6 percent = 15 percent of annual output.
DC
Answered
Pricilla formed a corporation and owns all of the stock.She contributed property with a FMV of $60,000 and a basis of $55,000 and she received $10,000 cash from the corporation.Pricilla's taxable gain is:
A) $0.
B) $5,000.
C) $10,000.
D) $60,000.
A) $0.
B) $5,000.
C) $10,000.
D) $60,000.
On Jun 10, 2024
B
DC
Answered
Interest earned only on the original principal amount invested is called _______________.
A) Free interest.
B) Annual interest.
C) Simple interest.
D) Interest on interest.
E) Compound interest.
A) Free interest.
B) Annual interest.
C) Simple interest.
D) Interest on interest.
E) Compound interest.
On May 12, 2024
C
DC
Answered
Under Bart Company's accounting system,all insurance premiums paid are debited to prepaid insurance.For interim reports,Bart makes monthly estimated charges to insurance expense with credits to prepaid insurance.Additional information for the year ended December 31,2014 is as follows:
Prepaid insurance at December 31, 2013 $310,000 Charges to insurance expense during 2014, including a year-end adjustment of $50,000975,000 Unexpired insurance premiums at December 31, 2014 265,000\begin{array}{lc}\text { Prepaid insurance at December 31, 2013 } & \$ 310,000 \\\text { Charges to insurance expense during 2014, including a year-end } & \\\quad \text { adjustment of } \$ 50,000 & 975,000 \\\text { Unexpired insurance premiums at December 31, 2014 } & 265,000\end{array} Prepaid insurance at December 31, 2013 Charges to insurance expense during 2014, including a year-end adjustment of $50,000 Unexpired insurance premiums at December 31, 2014 $310,000975,000265,000
Required:
What was the total amount of insurance premiums paid by Bart during 2014?
Prepaid insurance at December 31, 2013 $310,000 Charges to insurance expense during 2014, including a year-end adjustment of $50,000975,000 Unexpired insurance premiums at December 31, 2014 265,000\begin{array}{lc}\text { Prepaid insurance at December 31, 2013 } & \$ 310,000 \\\text { Charges to insurance expense during 2014, including a year-end } & \\\quad \text { adjustment of } \$ 50,000 & 975,000 \\\text { Unexpired insurance premiums at December 31, 2014 } & 265,000\end{array} Prepaid insurance at December 31, 2013 Charges to insurance expense during 2014, including a year-end adjustment of $50,000 Unexpired insurance premiums at December 31, 2014 $310,000975,000265,000
Required:
What was the total amount of insurance premiums paid by Bart during 2014?
On May 11, 2024
Charges to insurance expense during 2014$975,000 - Decrease in prepaid insurance ($310,000−$265,000)(45,000)‾= Insurance premiums paid in 2014$930,000‾\begin{array}{lr}\text { Charges to insurance expense during } 2014 & \$ 975,000 \\\text { - Decrease in prepaid insurance }(\$ 310,000-\$ 265,000) & \underline{(45,000)} \\=\text { Insurance premiums paid in } 2014 & \underline{\mathbf{\$ 9 3 0 , 0 0 0}}\end{array} Charges to insurance expense during 2014 - Decrease in prepaid insurance ($310,000−$265,000)= Insurance premiums paid in 2014$975,000(45,000)$930,000 Feedback:The total amount of insurance premiums paid in 2014 is equal to the insurance expense for 2014 less the decline in the balance in prepaid insurance.