If a country engages in international trade to gain access to natural resources, they

x-co issued 1,000 shares of its 5%, $10 par value, cumulative preferred stock for $100 cash per share. the journal entry to reco

gizmo_the_mogwai [7]

If the company issued 1,000 shares of its 5%, $10 par value, cumulative preferred stock for $100 cash per share. the journal entry to record this event includes: is: Debit Cash $100,000 ; Credit to Preferred Stock $100,000.

<h3>How to prepare the journal entry?</h3>

Based on the given information we were told that the company issued 1,000 shares in which the cumulative preferred stock is the amount $100 cash per share. The appropriate journal entry to record the transaction is:

Journal entry

Debit Cash $100,000

Credit to Preferred Stock $100,000

( To record preferred stock)

Workings:

Preferred stock = 1,000 shares × $100 cash per shares

Preferred stock = $1000,000

Therefore the correct journal entry to record the transaction is to debit cash with the amount of $100,000 and credit Preferred stock with the amount of $100,000.

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6 0

1 year ago

Why do the executing and controlling phases of a project usually overlap?

seraphim [82]

The executing and controlling phases of a project usually overlap because project work takes place during the executing phase. A project manager monitors the status of a project and takes a corrective action as work is being performed. There are five phases of project management namely; conception and initiation, planning, execution, performance/monitoring, and project close.

5 0

3 years ago

Fogerty Company makes two products—titanium Hubs and Sprockets. Data regarding the two products follow: Direct Labor-Hours per U

olchik [2.2K]

Answer:

Fogerty Company

1. Computation of the Activity Rate for each Activity Cost Pool:

a. Machine setup = $31,590/243 = $130 per setup

b. Special processing = $282,000/4,700 = $60 per machine hour

c. General factory = $700,400/41,200 = $17 per direct labor hour

2. Computation of the Unit Product Cost, using activity-based absorption costing:

Titanium Hubs Sprockets

Direct materials $39.00 $39.00

Direct labor $14.40 $7.20

Overhead $23.93 $7.11

Total unit cost $77.33 $53.31

Explanation:

a) Data:

Titanium Hubs Sprockets

Direct Labor-Hours per Unit 0.80 0.40

Annual Production 29,000 units 45,000 units

Direct materials $39 per unit $12 per unit

Direct labor wage rate is $18 per hour

Total direct labor hours 23,200 hours 18,000 hours

Direct labor cost $417,600 $324,000

Direct labor cost per unit $14.40 $7.20

Direct materials costs $1,131,000 $540,000

Activity costing system for Overhead Costs:

Titanium Hubs Sprockets Total

Activity Costs

Machine setups

(number of setups) $31,590 135 108 243

Special processing

(machine hours) $282,000 4,700 0 4,700

General factory

(direct labor hours) $700,400 23,200 18,000 41,200

Activity Rate:

a. Machine setup = $31,590/243 = $130 per setup

b. Special processing = $282,000/4,700 = $60 per machine hour

c. General factory = $700,400/41,200 = $17 per direct labor hour

d) Determination of overhead per unit cost

Titanium Hubs Sprockets

Machine setup $17,550 $14,040

Special processing $282,000 $0

General factory $394,400 $306,000

Total overhead $693,950 $320,040

Annual Production 29,000 units 45,000 units

Overhead cost per unit $23.929 $7.112

e) Activity-based costing system is a costing technique where costs are grouped into activity pools and the costs to be allocated to each product or service depends on its consumption from the activity pools involved. The identification of activities in an organization is a way of explaining that costs are caused by activities and not by their nature or period incurred.

5 0

3 years ago

Sandra is 19 years old and has her first job as an administrative assistant in a law firm. She wears very low-cut shirts, short

sashaice [31]

People might believe that shes trashy she must sleep around with alot of men she wants attention people give her nasty names because of the clothing she choses. Quick note: People will always judge you on how you look you can be the smartest person ever but what you wear is how they will judge you even if you say it will not bother you it will eventually catch up with you and start tearing you down little by little untill you have no confidence in your self no more thats the reality its nasty but its true

8 0

3 years ago

Read 2 more answers

Pert networks use a simple statistical method to determine the most likely task completion times. describe how expected activity

tresset_1 [31]

Answer: Pessimistic time- the optimistic time then divide that number by 6 and square root that number to get the final number.

Explanation:

They can be computed by pessimistic time- the optimistic time divide the number by 6 and square root the number gotten to get the final answer

A manager will choose pert for her project due to uncertainties as regards weather, supplies and availability of labour which would all insert variances into her estimated activity upon completion.

5 0

3 years ago