The following data relate to the accounts of Blossom Company. a. Unpaid salaries and wages at year end amount to $450. b. Blossom Company owns bonds of another corporation that pay annual interest of $920. These bonds were purchased on April 1, 2020, and the next interest payment will be received on April 1, 2021. c. A two-year insurance policy was purchased on June 1, 2020. The $1,440 insurance premium was paid on that date and was debited to Prepaid Insurance. d. Service Revenue was credited for $720 on June 1, 2020. The amount represents a one-year advance payment for services to be performed by Blossom Company through May 31, 2021. e. The Supplies account shows a balance of $1,800 on December 31, 2020. A physical count of the supplies on hand at this date reveals a total of $850 available. Prepare the necessary adjusting journal entries indicated by each item for the year ended

Grace period is a period of time before the credit card company starts charging late fees.truefalse

Ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $860. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 320 units sold 285 units in ending inventory 35 variable costs per unit: direct materials $ 135 direct labor $ 355 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 64,000 fixed selling and administrative $ 27,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 245,100 cost of goods sold 205,200 gross margin 39,900 selling and administrative expense 31,275 net operating income $ 8,625 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing. what is the amount of the difference in net operating income between the two costing methods?

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