In this item, since the purchase has been made and that it was due to the agreement that that said amount is paid rather than a smaller one, the element that should be taken to the journal should be $1.7 in cash out column. The money is used to pay the liability. In this manner, the corporation will not have the need to physical call on someone to explain when the numbers in the journal do not match.
_The time value of money_ principle states that <span>a dollar today is worth more than a dollar in the future.
Hope this helps</span>
Answer:
Current ration is a measurement that measures how many current assets are there to cover up the current liabilities. the ratio represent the firm's ability to meet the day to day, short term obligations.
it is calculated as follows,
Quick Ratio/Current asset ratio=Current Assets/Current Liabilities
a normal, health current asset ratio is 1. and it is better when the number is going up.
This gives the short term lenders (such as short term bond holders) and suppliers the ability to assess the companies ability to pay off the short term obligations in an even of bankruptcy or finanacial crisis.
Explanation:
Answer:
Explanation:
Manufacturing overhead records all the expenses like salaries payable which come under indirect labor. Manufacturing overhead includes all those indirect costs which are related to the factory-like - factory rent, factory repairs, depreciation on factory equipment, property taxes
For recognized expense, the journal entry would be
Factory overhead A.c Dr
To Expenses A/c
(Being expense recognized)
Since the cost is actually incurred so this above entry should be made
And, the journal entry for applied overhead is shown below
Work in progress inventory A/c Dr XXXXX
To Factory overhead A/c XXXXX
(Being overhead applied is recorded)
Since applied overhead is based on predetermined overhead rate so we credit the factory overhead and debit the work in progress inventory
Answer:
Focus Groups are generally used when there is little or no knowledge about the target market.
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