Consider the following information related to Pendleton Consulting:
1. On October 1, 2012, Pendleton Consulting entered into an agreement to provide consulting services for six months to Soelberg Company. Soelberg agreed to pay Pendleton $750 for each month of service. Payment will be made at the end of the contract (March 31, 2013).
2. On April 30, Pendleton borrowed $40,000 from a local bank at 12%. The loan is to be repaid, with interest, after one year. As of December 31, no interest expense had been recognized.
3. On February 25, Pendleton paid $36,000 for 12 months of rent beginning on March 1.
On February 25, Pendleton made a journal entry debiting Prepaid Rent Expense.
4. At the beginning of 2012, Pendleton had $825 in supplies on hand. During 2012, Pendleton purchased $7,290 in supplies. On December 31, 2012, Pendleton had $1,035 in supplies on hand. For each item listed, prepare the necessary adjusting entries to be made on December 31, 2012.
Using budget data, how many Apple iPhone 4’s would have to have been completed for Danshui Plant No. 2 to break even? 2. Using budget data, what was the total expected cost per unit if all manufacturing and shipping overhead (both variable and fixed) were allocated to...