Answer:
Impact of $2,000 sale on accounting equation is as follow:
Accounting Equation
Asset = Equity + Liabilities
Cash+2000 Sales+2,000 No Effect
As cash an asset for the business, so the receipt will increase the balance of assets of the company. The revenue is ultimately adjusted to equity in the form of net income after deducting all the expenses. This transaction will result in increase of equity balance by the sale amount.
Explanation:
The Following journal Entry will support my answer:
Sales amount = 2,000
As this transaction is made on cash basis the following Journal entry will be recorded for this event.
Dr. Cr.
Cash $2,000
Sales $2,000
The strategy for non-profit organizations for long term thinking I believe would be related to how they can foster social entrepeneurship to enhance their ability to serve the public in terms of research (such as of mining companies practices in foreign countries like with Mining Watch say) and in terms of how they spend their money to improve the social conditions for those they serve like say people with mental and developmental disabilities.
Answer:
b) $54,500
Explanation:
Beginning balance of raw material = $27,500
Ending balance was = $51,000
Purchases = $78,000
Direct cost of raw material is the net of the addition of the opening balance of raw materials and purchases less the closing balance. The manufacturing overhead cost is a mix of all the indirect cost incurred during production.
As such, the manufacturing overhead cost of $118,500 consisting of $3,500 consisted of raw materials would not be considered in determining the direct raw material cost.
Direct cost of raw material = $27,500 + $78,000 - $51,000
= $54,500
Answer:
Voluntary consent:
In the current case there exists an absence of the voluntary consent with respect to Mr Jerome because of over the top impact and coercion. Mr Jerome relies totally upon Mr Philip because of which the last could impact him. Mr Jerome can show that he didn't genuinely consent to the agreement so he can either hold fast to the agreement or pull back. Mr Philip had a great deal of impact over the old Mr Jerome and consequently could beat his free will. Under the current conditions the agreement was gone into under an excessive amount of impact and is voidable.
Answer:
a) Manufacturing overhead applied to Work in Process for the month was $70,000
Explanation:
Data provided in the question
The total of the Manufacturing Overhead account = $58,000 i.e incurred
And, the total of credit to the account = $70,000 i.e applied amount
So according to the given data, the manufacturing overhead should be applied to the work in process with the total credit amount i.e $70,000
Hence, the first option is correct
