Answer:
Entries are posted
Explanation:
We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.
January 1 (Cash fund being recorded in petty cash)
Account Debit Credit
Petty Cash $140
Cash $140
January 8
Postage $46
transportation-in $14
delivery expenses, $16
miscellaneous expenses, $35
Cash $111
January 8 ( petty cash funds being increased )
Pettcash $50
Cash $50
In your opinion are the external benefits large or small and why so ?
Answer:
External benefits are large. Since,
external benefits of education incorporate both
private, public and social benefits.
Explanation:
.........(◕ᴗ◕✿)...........
Diego Company manufactures one product that is sold for $80 per unit in two geographic regions—the East and West regions. The following information pertains to the company’s first year of operations in which it produced 40,000 units and sold 35,000 units. Variable costs per unit: Manufacturing: Direct materials $ 24 Direct labor $ 14 Variable manufacturing overhead $ 2 Variable selling and administrative $ 4 Fixed costs per year: Fixed manufacturing overhead $ 800,000 Fixed selling and administrative expense $ 496,000 The company sold 25,000 units in the East region and 10,000 units in the West region. It determined that $250,000 of its fixed selling and administrative expense is traceable to the West region, $150,000 is traceable to the East region, and the remaining $96,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing overhead costs as long as it continues to produce any amount of its only product. Foundational 7-1 Required: 1. What is the unit product cost under variable costing?
Answer:
Total unitary variable production cost= $40
Explanation:
Giving the following information:
Variable costs per unit:
Direct materials $24
Direct labor $14
Variable manufacturing overhead $2
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).
Total unitary variable production cost= 24 + 14 + 2
Total unitary variable production cost= $40
Skysong, Inc. receives a $9500, 6-month, 6% promissory note from Sheridan Company in settlement of an open accounts receivable. What entry will Skysong, Inc. make upon receiving the note?
Answer:
the journal entry should be:
Dr Notes receivable 9,500
Cr Accounts receivable 9,500
Explanation:
Since Sheridan Company owed money to Skysong ($9,500), Skysong recorded that amount as an account receivable. Since the note receivable replaces the account receivable, the accounts receivable must be credited (assets decrease when credited).
If note is collected on time, the journal entry should be:
Dr Cash 9,785
Cr Notes receivable 9,500
Cr interest revenue 285
Galvanized Products is considering purchasing a new computer system for their enterprise data management system. The vendor has quoted a purchase price of $90,000. Galvanized Products is planning to borrow 1/4th of the purchase price from a bank at 18.00 % compounded annually. The loan is to be repaid using equal annual payments over a 3-year period. The computer system is expected to last 5 years and has a salvage value of $4,600 at that time. Over the 5-year period, Galvanized Products expects to pay a technician $28,000 per year to maintain the system but will save $51,000 per year through increased efficiencies. Galvanized Products uses a MARR of 18.00 %/year to evaluate investments.
What is the present worth of this investment?
The purchase price is 90,000
what are the components of egg, identify and describe each
Eggs consist of approximately 9.5% eggshell (including shell membrane), 63% albumen, and 27.5% yolk (1) (Table 1). The main components are water (75%), proteins (12%), and lipids (12%), as well as carbohydrates and minerals (2, 3).
hope this helps
Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $5,000 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $220 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $750. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $9,300 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $9,300 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.
Answer: See attachment
Explanation:
Note:
April 17:
Account payable- Lyon Company:
= $5000 - $750
= $4250
Merchandise inventory:
= $4250 × 2%
= $4250 × 0.02
= $85
Cash = $4250 - $85
= $4165
April 28:
Account payable- Frist Corp:
= $9300 - $500
= $8800
Merchandise inventory:
= $8800 × 1%
= $8800 × 0.01
= $88
Cash = $8800 - $88
= $8712
Check the attachment for further information
Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The cost of goods manufactured for July is:
Question Completion:
Chavez Corporation reported the following data for the month of July: What is the cost of goods manufactured for July?
Inventories: Beginning Ending
Raw materials $29,000 $31,000
Work in process 17,000 19,000
Finished goods 33,000 48,000
Additional information:
Raw materials purchases $67,000
Direct labor cost $92,000
Manufacturing overhead cost incurred $60,000
Indirect materials included in manufacturing
overhead cost incurred $8,400
Manufacturing overhead cost
applied to Work in Process $59,000
Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.
The cost of goods manufactured for July is:
A) $205,600
B) $218,600
C) $207,600
D) $219,600
Answer:
Chavez Corporation
Cost of Goods Manufactured for July is:
A) $205,600
Explanation:
T-accounts as workings:
Raw materials
Account Titles Debit Credit
Beginning balance $29,000
Purchases 67,000
Work in Process $56,600
Manufacturing overhead 8,400
Ending balance $31,000
Totals $96,000 $96,000
Work in Process
Account Titles Debit Credit
Beginning balance $17,000
Raw materials 56,600
Direct labor cost 92,000
Overhead applied 59,000
Finished Goods $205,600
Ending balance $19,000
Totals $224,600 $224,600
Finished Goods
Account Titles Debit Credit
Beginning balance $33,000
Work in Process 205,600
Cost of Goods Sold $190,600
Ending balance $48,000
Totals $238,600 $238,600
Manufacturing Overhead
Account Titles Debit Credit
Cash $51,600
Raw materials 8,400
WIP: overhead applied $59,000
Cost of Goods Sold 1,000
Totals $60,000 $60,000
Cost of Goods Sold
Account Titles Debit Credit
Finished Goods $190,600
Manufacturing overhead 1,000
Income Statement $191,600
Total $191,600 $191,600
(b1) Waterways is thinking of mass-producing one of its special-order sprinklers. To do so would increase variable costs for all sprinklers by an average of $0.70 per unit. The company also estimates that this change could increase the overall number of sprinklers sold by 10%, and the average sales price would increase $0.20 per unit. Waterways currently sells 491,740 sprinkler units at an average selling price of $26.50. The manufacturing costs are $6,863,512 variable and $2,050,140 fixed. Selling and administrative costs are $2,651,657 variable and $794,950 fixed. If Waterways begins mass-producing its special-order sprinklers, how would this affect the company
Answer:
operating income will increase by $81,137.10 or 12.09%
Explanation:
we must first determine the old contribution margin of the sprinklers:
total variable costs = $6,863,512 + $2,651,657 = $9,515,169
total units sold = 491,740
variable cost per unit = $9,515,169 / 491,740 = $19.35
selling price per unit = $26.50
old contribution margin = $26.50 - $19.35 = $7.15
the new contribution margin per unit:
selling price = $26.70
variable cost per unit = $20.05
new contribution margin = $6.65
increase in units sold = 491,740 x 10% = 49,174 units
the impact of new product:
before, the company's total contribution margin was 491,740 x $7.15 = $3,515,941
operating income = $3,515,941 - $2,050,140 - $794,950 = $670,851
the new total contribution margin = 540,914 x $6.65 = $3,597,078.10
new operating income = $3,597,078.10 - $2,050,140 - $794,950 = $751,988.10
change in operating income = $751,988.10 - $670,851 = $81,137.10 or 12.09% increase
Which type of retailer offers a wide choice of products and high-quality service?
A.
specialty store
B.
off-price retailer
C.
department store
D.
convenience store
Answer:
C
Explanation:
C, a department store.
Answer:
A
Explanation:
I'm 100% sure
A business should report the least favorable figures in the financial statements when two or more possible options are presented. b. A business's financial statements must report enough information for outsiders to make knowledgeable decisions about the company. c. A business should use the same accounting methods and procedures from period to period. d. A company must perform strictly proper accounting only for items that are significant to the business's financial situation.
Answer:
Conservatism
b. Disclosure Principle
c. consistency principle
d. Materiality Concept
Explanation:
The materiality principle states that accounting principles can be violated only if the amount been considered is small enough that the financial statements will not be misleading
Conservatism states that when uncertainty exists and there is doubt between reasonable alternatives for recording an item, pick the least less favourable outcome.
The disclosure principle states that a company should provide all the necessary information so that users of financial information can make informed decisions regarding the company.
The consistency principle states a firm should use the same accounting principles from period to period.
A major purpose of a cost accounting system is to _____
Answer:
Explanation:
The main objective of cost accounting are ascertainment of cost, fixation of selling price, proper recording and presentation of cost data to management for measuring efficiency and for cost control and cost reduction, ascertaining the profit of each activity, assisting management in decision making process.
plz mark as brainliest
The ability to solve problems and make decision is what type of skill? (soft kill or hard skill)
Answer:
I am not sure but i think it is a soft skill.
Explanation:
Master Bakery is specialized in making wedding cakes. Customers are always required to pay a deposit equal to the full purchase price when they place orders. During the month of September 2013, Master Bakery received $34,000 in customer deposits. The balance in its Deferred Revenue account was $14,000 at September 1, 2013 and $16,000 at September 30, 2013. How much revenue did Master Bakery recognize during the month of September 2013?
Answer: $32,000
Explanation:
Based on the information given in the question, the revenue that Master Bakery will recognize during the month of September 2013 will be:
= $34,000 + $14,000 - $16,000
= $48,000 - $16,000
= $32,000
Which of the following actions is a good example
of protecting sensitive information? Check all of
the boxes that apply.
using a paper shredder to discard documents
that contain personal medical information
keeping patient files in a secure electronic file
system with limited access
maintaining a confidential patient consultation
area in a doctor's office
discussing private matters with patients in the
waiting room
Answer:
A,B,C
Explanation:
Answer:
“Using a paper shredder to discard documents that contain personal medical information”, “Keeping patient files in a secure electronic file system with limited access” and “Maintaining a confidential patient consultation area in a doctor’s office”
Explanation:
In any industry, ethical behavior is the responsibility of ______.
Answer:
In any industry, ethical behavior is the responsibility of each employee
Answer:
each employee
Hope this helps
In risk management, what does risk evaluation involve?
A risk management planning
B. risk resolution
C.l risk priorization
D. risk monitoring
Answer:
A- risk management planning
Explanation:
This is because risk assessment is a term used to describe the overall process or method where you: Identify hazards and risk factors that have the potential to cause harm (hazard identification). Analyze and evaluate the risk associated with that hazard (risk analysis, and risk evaluation)
In risk management, risk prioritizing management planning will be required. Thus, option C is correct.
What is the risk?For the purposes of health as well as environmental regulations, the risk is widely taken into consideration. It is an event occurring and the seriousness of its effect may lead to disagreement.
In the process of risk management, it is very necessary that risk is mentioned is addressed first. This will help to make sure that the things or the task that are required immediate attention will be given first.
This will help in a magazine went as well as this planning will make sure that business or the organization is done smoothly. As the serious ones are the ones that need to be addressed first. Therefore, option C is correct.
Learn more about risk, here:
https://brainly.com/question/17284407
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how do i get bachelors degree i am in high school and i amgoing to college and in this years what do i do to get bachelors degree
Answer:
I think to get a bachelor's degree you have to pick a major then do 4 years of college.
You can purchase a tract of land for $75,000 that you believe you can develop and sell as a residential development. Your development costs are $60,000 to be incurred immediately. You expect to sell all the lots in years 3-5 at a net income of $70,000, $85,000, and $68,000 respectively. Your required rate of return is 12 percent. Do you purchase the tract of land? HTML EditorKeyboard Shortcuts
Answer:
The tract of land should be purchased
Explanation:
To determine if the land should be bought, compare the present value of the income that would be derived from selling the lots to the cost of the land
Total cost of the land = $75,000 + $60,000 = $135,000
Present value is the sum of discounted cash flows
Present value can be calculated using a financial calculator
Cash flow in year 1 and 2 = 0
Cash flow in year 3 = $70,000
Cash flow in year 4 = $85,000
Cash flow in year 5 = $68,000
I = 12%
Present value = $142,428.68
The tract of land should be purchased because the present value of the cash flows is greater than the cost of the land
To find the PV using a financial calculator:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
The following information is available for Birch Company at December 31: Money market fund balance $ 2,810 Certificate of deposit maturing June 30 of next year $ 15,200 Postdated checks from customers $ 1,525 Cash in bank account $ 22,631 NSF checks from customers returned by bank $ 670 Cash in petty cash fund $ 220 Inventory of postage stamps $ 20 U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 10,200 Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of:
Answer:
$35,861
Explanation:
Calculation for the Cash and Cash Equivalents on December 31 using this formula
Cash and Cash Equivalents = Money Market Fund Balance + Cash in Bank account + Cash in Petty Cash Fund + U.S. Treasury Bill
Let plug in the formula
Cash and Cash Equivalents = $2,810 + $22,631 + $220 + 10,200
Cash and Cash Equivalents = $35,861
Therefore the Cash and Cash Equivalents on December 31 will be $35,861
COSO’s Internal Control Model has five components and 17 principles. Which of the following is(are) principle(s) of the control environment component? (Check all that apply.) A. A commitment to attract, develop, and retain competent individuals in alignment with objectives B. Commitment to integrity and ethics C. Holding individuals accountable for their internal control responsibilities in pursuit of objectives D. Considering the potential of fraud E. Selecting, developing, and performing ongoing or separate evaluations of the components of internal control
Answer:
COSO’s Internal Control Model
Selection of the principle(s) of the control environment component:
A. A commitment to attract, develop, and retain competent individuals in alignment with objectives
B. Commitment to integrity and ethics
C. Holding individuals accountable for their internal control responsibilities in pursuit of objectives
Explanation:
These two are not part of the five principles of the control environment:
D. Considering the potential of fraud
E. Selecting, developing, and performing ongoing or separate evaluations of the components of internal control
Specifically, the COSO framework principles on the control environment are:
1. Commitment to integrity and ethical values
2. Ensuring that the board of directors exercises oversight responsibility
3. Establishment of structures, reporting lines, authorities, and responsibilities
4. Commitment to a competent workforce
5. Holding people accountable
