Columbia Brick, a manufacturing company, prepays its insurance coverage for a 3-year period. The premium for the
Question:
Required
A. Calculate the amount of the premium that should be recorded as a product cost each year.
B. Calculate the amount of the premium that should be recorded as a period cost each year.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
A Product cost 210003 ...View the full answer
Answered By
Simon kingori
I am a tier-one market researcher and content developer who has been in this field for the last six years. I’ve run the freelancing gamut; from market research, data mining and SEO/SMM to copywriting, Content Development, you name it, I’ve done it. I’m extremely motivated, organized and disciplined – you have to be to work from home. My experience in Freelancing is invaluable- but what makes me a cut above the rest is my passion to deliver quality results to all my clients- it’s important to note, I've never had a dissatisfied client. Backed by a Masters degree in Computer Science from MOI university, I have the required skill set and burning passion and desire to deliver the best results for my clients. This is the reason why I am a cut above the rest. Having taken a Bsc. in computer science and statistics, I deal with all round fields in the IT category. It is a field i enjoy working in as it is dynamic and new things present themselves every day for research and exploration.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Managerial Accounting A Focus on Ethical Decision Making
ISBN: 978-0324663853
5th edition
Authors: Steve Jackson, Roby Sawyers, Greg Jenkins
Question Posted:
Students also viewed these Managerial Accounting questions
-
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,400 and is paid at the beginning of the first year. Seventy percent of the...
-
At the beginning of its first year of operations, Northwoods Limited has 5,000, $4 preferred shares and 50,000 common shares. Instructions Using the format shown below, allocate the total dividend...
-
At the beginning of its first year of operations, Backwoods Limited has 3,000, $5 preferred shares and 50,000 common shares. Instructions Using the format shown below, allocate the total dividend...
-
Find the magnitude of the reaction at A and the tension in cable CD using (a) the con- cepts of three-force bodies (closed polygon method discussed in chapter 2). (b) Check your answers by doing sum...
-
A company is examining two mutually exclusive projects. Project X requires an immediate investment of $100,000 and produces no profit until Year 3. Then the annual profit is $60,000 for Years 3 to 5...
-
A tubular bar with outside diameter d2 = 4.0 in. is twisted by torques T = 70.0 k-in. (see figure). Under the action of these torques, the maximum tensile stress in the bar is found to be 6400 psi....
-
Consider a continuous-time environment, with \(e\) as a variable outside of the market. (a) Suppose the final payoff is \(V\left(x_{e}, T ight)=x_{e}(T)\). Find \(V\left(x_{e}, t ight)\). (b) Find a...
-
ABC Co. and XYZ Co. are identical firms in all respects except for their capital structure. ABC is all equity financed with $650,000 in stock. XYZ uses both stock and perpetual debt; its stock is...
-
4. Suppose your friend Allen gives the following speech. Is Allen right? Has he presented a valid argument? Should we accept his conclusion? "I can prove that I know logic! Michael Jackson was a...
-
TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attempting to evaluate performance and control costs using a variance report that...
-
Bell Computers, which produces made-to-order laptops, had the following summary cost information: Direct materials used ............. $18,000 Direct labor ................ 21,000 Factory rent...
-
Multiple Choice Questions 1. You are given the following cost and volume information for a cost incurred in the production of automobiles: Volume (in units) Cost per Unit (in $) 1 .............1,500...
-
Distinguish between the internal and external controls of the heartbeat. Explain how an ECG relates to the cardiac cycle?
-
How many additional instrument sets would have to be purchased in order to decrease the turn rate to 30 % and 15% percent. What is the turnover (reprocess) rate formula?
-
discuss a negotiation that did not result in the best possible solution for all parties. This negotiation can relate to working experience, a family or friend experience, or any other experience...
-
A) Communication Identify and describe processes to ensure that team members are informed of outcomes of continuous improvement efforts B) Communication process sample Develop one of the processes (...
-
For this journal, utilize course concepts to identify the impact of change and innovation on organizational processes. Discuss strategic analysis decisions in the next five years, and what we need to...
-
What is the economic relevance of human indecisiveness? movie Evaluate a couple of decision-making techniques or problem-solving models and how these represent actual decision processes. Elaborate on...
-
You are a manager at a Fortune 500 firm. You just found out that an employee reporting to you started blogging about his experience working in your company. The employee is vocal that pay is very low...
-
Find the work done in pumping all the oil (density S = 50 pounds per cubic foot) over the edge of a cylindrical tank that stands on one of its bases. Assume that the radius of the base is 4 feet, the...
-
A price support results in: a. off-farm migration b. shortages c. surpluses d. lower prices
-
Shenista Inc. produces four products (Alpha, Beta, Gamma, and Delta) from a common input. The joint costs for a typical quarter follow: Direct materials ..... $95,000 Direct labor ........ 43,000...
-
Norton Company produces two products (Juno and Hera) that use the same material input. Juno uses two pounds of the material for every unit produced, and Hera uses five pounds. Currently, Norton has...
-
Norton Company produces two products (Juno and Hera) that use the same material input. Juno uses two pounds of the material for every unit produced, and Hera uses five pounds. Currently, Norton has...
-
Tim Drinking, Inc. used a predetermined overhead allocation rate to allocate of indirect costs to the Filling Department and the Packaging Department journal entry to record the allocation of...
-
What are the key principles of management, and how do they contribute to effective organizational practices?
-
Discuss the impact of globalization on small businesses in developing countries. Analyze the advantages and disadvantages of globalization for small businesses, and provide recommendations for...
Study smarter with the SolutionInn App