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Molodets [167]
2 years ago
5

1. Which of the following accounts are NOT likely appear in a job order cost system of a service business

Business
1 answer:
Burka [1]2 years ago
8 0

A <u>finished Goods</u> account would most likely not appear in a job order cost system of a service business.

Finished Goods are products that are at a stage in the manufacturing process that is readily available to consumers. Businesses use formulas to calculate finished goods and products to create inventory percentages that determine the value of the goods sold.

The cost of the finished product includes all costs along the way and includes the three main components used in the production of the goods: direct labor, direct materials, and overhead costs. In addition, storage costs will be incurred when purchasing finished products.

Learn more about  <u>finished Goods </u>here brainly.com/question/13767214

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On December 31, 2020, Wayne, Inc. sold $4,000,000 (face value) of bonds. The bonds are dated December 30, 2020, pay interest ann
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Answer:

Wayne, Inc.

1. The stated interest rate for this bond issue is:

= 8%.

2. The market interest rate for this bond issue is:

= 9%.

3. The selling price of the bonds as a percentage of the face value is 97.5% ($3,900,000/$4,000,000 * 100)

4. Journal Entry to record the sale of the bond issue on December 31, 2020:

December 31, 2020:

Debit Cash $3,900,000

Debit Bonds Discounts $100,000

Credit Bonds Payable $4,000,000

To record the bonds proceeds, discounts, and liability.

5. December 31, 2021:

Debit Bonds Interest Expense $351,000

Credit Bonds Amortization $31,000

Credit Cash $320,000

To record the first payment of interest and amortization.

Explanation:

a) Data and Calculations:

Face value of bonds = $4,000,000

Bonds price = $3,900,000

Discount =   $100,000

December 31, 2021:

Interest expense = $351,000

Market interest rate = $351,000/$3,900,000 * 100 = 9%

Cash payment =     $320,000

Coupon interest rate = $320,000/$4,000,000 * 100 = 8%

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The total of tools, equipment, machinery, and buildings used to produce goods and services is called supply. True or False
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True, they are called supply
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