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2 years ago

In a process cost system, the application of factory overhead usually is recorded as an increase in?

1 answer:

5 0

In a process cost system, the application of factory overhead usually is recorded as an increase in work in process inventory control.

<h3>What is the process costing system?</h3>

When a large number of similar products are manufactured, a process costing system accumulates costs.
A process costing method is used by any large-scale firm who produces huge quantities of identical commodities.
A petroleum refinery is a perfect example of a process costing environment since it is hard to trace the cost of a specific unit of oil as it passes through the refinery.

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he net income of the Travis and Tucker partnership is $125,000. The partnership agreement specifies that profits and losses will

frosja888 [35]

Answer:

The balance of Tucker's Capital account at the end of the year after profits and losses have been distributed is <u>$412,500</u>

Explanation:

The capital account of a partner in a partnership is an account that shows the equity ownership of that particular partner in the partnership.

The capital of a partner in the partnership is increased by additional cash capital or asset contribution, salary, share of profit, etc., while the capital is reduced by drawing, interest on drawing, share of loss, and others.

The balance of Tucker's Capital account at the end of the year after profits and losses have been distributed can be calculated as follows:

Tucker's Capital account

<u>Particulars $ </u>

Beginning balance 325,000

Salary 150,000

Share of partnership loss (w.2) <u> (62,500) </u>

Ending balance <u> 412,500 </u>

Working:

1. Partnership profit (loss) to distribute = Net income - partners' salaries = $125,000 - $100,000 - $150,000 = ($125,000)

2. Share of profit (loss) = ($125,000) / 2 = ($62,500)

6 0

3 years ago

The market value balance sheet for Scotty Inc. shows cash of $42,000, fixed assets of $319,000, and equity of $237,000. There ar

taurus [48]

Answer:

$30.57

Explanation:

Total assets = Cash + Fixed assets

Total assets = $42,000 + $319,000

Total assets = $361,000.

Total liabilities = Total assets - Equity

Total liabilities = $361,000 total assets - $237,000 equity

Total liabilities = $124,000

Total dividend payments in cash = 7500 shares * $1.03 dividend = $7,725. So, cash will now be reduced by $34,275 ($42,000 - $7725)

So, total assets will be = $361,000 - $7725 = $353,275.

So, total equity will be = $353,275 - $124,000 = $229,275

The price tomorrow morning = New equity / Total shares

The price tomorrow morning = $229,275 / 7500 shares

The price tomorrow morning = $30.57

5 0

3 years ago

How do u win from the stocks.

dimaraw [331]

You can buy at a low price for a stock and sell it for a higher price.

4 0

3 years ago

Atlantic Fisheries has an EBIT of $3,280, depreciation of $1,850, cost of goods sold of $6,920, dividends paid of $750, interest

WARRIOR [948]

Answer: $2420

Explanation:

The following can be deduced from the question:

EBIT = $3,280

Depreciation = $1,850

Cost of goods sold = $6,920

Dividends = $750

Interest expense = $860,

Taxable Income will be calculated as:

= EBIT - Interest Expense

= $3280 - $860

= $ 2420

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3 years ago

A high school student working part-time as a shelf stocker had a gross income of $6675 last year. If his federal tax rate was 10

Natalka [10]

Answer:$1378.38

Explanation:

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3 years ago

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