All categories

1 year ago

Timmons corporation purchases office supplies for $350 cash. how would this transaction be recorded?

Business

1 answer:

andrezito [222]1 year ago

5 0

Timmons Corporation purchases office supplies for $350 cash. Debit Supplies $350, credit Cash $350.

A legal entity is an organization (usually a group of people or a legal entity) authorized by the State to act as a single entity and legally recognized as such for a specific purpose. Early incorporated entities were established by charter. Most jurisdictions now allow the formation of new companies through registration.

A corporation is a business entity owned by shareholders who elect a board of directors to oversee the activities of the organization. A company is responsible for its actions and finances, but its shareholders are not.

Learn more about Corporation here:brainly.com/question/13551671
#SPJ4

You might be interested in

Highland Industries makes custom yachts using a job cost accounting system. In anticipation of a busy year for 2019, Highland’s

il63 [147K]

Answer:

predetermined overhead per direct labor hour: $11.02

Explanation:

$\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate$

To solve for overhead rate we determinate the expected cost and distribute them over a cost driver which is, in this case; direct labor hours

<u>Expected overhead cost:</u>

Machinery maintenance $ 181,350

Utilities $ 226,380

Supervision $ 191,000

Materials handling cost $ 67,000

Building occupancy costs $ 98,270

Indirect materials $<u> 31,650 </u>

Total overhead: $ 795,650

Total direct labor: 72,000

Overhead rate: 795,650 / 72,000 = 11.0206944= $11.02

3 0

3 years ago

The lower the user's switching costs:

JulijaS [17]

Answer:

more intense the competitive pressures posed by substitute products.

Explanation:

The lower the user's switching costs: the more intense the competitive pressures posed by substitute products.

Switching costs can be defined as the cost of a consumer switching from a product to a substitute good.

Therefore when such switching costs are low, it will be easier to switch from one product to another, implying that the competitive pressure from substitute goods are higher.

8 0

3 years ago

Read 2 more answers

Lynn Bernerd, Inc., manufactures and sells reclining furniture. The company currently operates in the United States but wishes t

xeze [42]

Answer:

E) Trading company

Explanation:

In international trade, trading companies are basically wholesalers that work at an international level. They usually purchase products from different businesses and then resell them to local retail businesses or sometimes final consumers (less common). Trading companies generally enter a exclusive distribution agreement with the manufacturer per region or country that they operate in.

3 0

3 years ago

Write a summary of the following passage: Full-time employees earn vacation days at the rate of one day per month, or twelve day

Oduvanchick [21]

Full time employees are allowed a vacation they earned at the rate of one day per month at anytime, with a request submitted at least three business days minimum before the vacation period. failure to submit within the this time frame might cause denial of the vacation.

3 0

4 years ago

Promissory estoppel is a(n) _____ doctrine that permits a court to order enforcement of a contract that lacks _____.

ehidna [41]

Promissory estopplel is a contractual agreement based on a promise rather than on a written contract but is still enforceable and legal such as in regarding payment for services rendered so that the contractor is protected financially.

8 0

3 years ago