Answer:
The Journal entries are as follows:
(1) For Opening Balance Journal entry Not Required
(2) Net sales (all on account) for the year were $101,600. Metlock does not offer cash discounts,
Accounts Receivable A/c Dr. $101,600
To Sales A/c $101,600
(To record sales on account)
(3) Collections on accounts receivable during the year were $82,300,
Cash A/c Dr. $82,300
To Accounts Receivable $82,300
(To record the receipt of accounts receivable)
Answer:
C. the amount of cost placed into production during the period.
Explanation:
The Cost of Goods Manufactured comprehends all direct materials, direct labor, and factory overhead incurred during the period. Adding the beginning work in process inventory and deducting the ending work in process Inventory.
Formula: COGM
Direct Materials Used (Beggining Iinventory + Purchases - Ending Inventory)
+ Direct Labor Used
+ Manufacturing Overhead
+ Beginning Work in Process (WIP) Inventory
- Ending Work in Process (WIP) Inventory
Answer:
$855,000
Explanation:
The Raw Materials T - Account can be used to determine the cost of direct materials used in production using the missing balance technique as follows :
Raw Materials T - Account
Debit :
Beginning Balance $279,000
Purchases $828,000
Total $1,107,000
Credit :
Ending Balance $252,000
Transferred to Production (<em>Balancing figure</em>) $855,000
Total $1,107,000
The accurate answer is
B͙:͙ ͙C͙y͙c͙l͙i͙c͙a͙l͙ ͙͙
T͙h͙e͙ ͙r͙e͙a͙s͙o͙n͙ ͙w͙h͙y͙ ͙t͙h͙e͙ ͙o͙t͙h͙e͙r͙ ͙a͙n͙s͙w͙e͙r͙s͙ ͙w͙e͙r͙e͙ ͙w͙r͙o͙n͙g͙ ͙w͙e͙r͙e͙ ͙b͙e͙c͙a͙u͙s͙e͙
<span>A was wrong because it means to "relate to"
</span>
C was incorrect because it means "of or produced"
<span>D was wrong because it also means "relating to"
</span>
Glad to help :)
Answer:
$34,000
Explanation:
Because the SUV weighs over 6,000 pounds, it is not subject to the statutory dollar limits on luxury automobiles.
Under section 179 expensing (limited to $25,000 for SUVs)
= $25,000
Regular MACRS:
= [($70,000 - $25,000) × 0.20}]
= 9,000
Ariff's maximum deduction for 2019 would be:
= $25,000 + $9,000
= $34,000
