Answer:
derived demand
Explanation:
Company X sells their products exclusively to companies in the Y market. In estimating demand from their business customers, Company X must understand that this demand is actually <u>derived demand</u>, which means that the demand for industrial products and services is driven by demand for consumer products and services.
Answer and Explanation:
The Journal entry is shown below:-
Work in progress Dr, $24,000
To Manufacturing Overhead $24,000
(Being the overhead assigned is recorded)
For recording this we debited the work in process as it increased the assets and credited the manufacturing overhead for assigning the overhead
Working note
Overhead amount = (Milling Department + Cutting department) × Overhead rate
= (1,800 + 3,000) × $5
= $4,800 × $5
= $24,000
Answer:
Cost of goods sold is d. $1,600
Explanation:
The LIFO is a method used to account value for inventory. Under the method, the last item of inventory purchased is the first one sold.
1. January 1, Inventory 300 units, $5 per unit. Total $1,500
2. Purchasing:
In February, 500 units, $4 per unit. Total $2,000
In March, 200 units, $6 per unit. Total $1,200
The Xu Corporation uses a periodic inventory system and sells 300 units during the quarter.
Cost of goods sold = 200 x $6 + 100 x $4 = $1,200 + $400 = $1,600
Answer:
The correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of the year is $5,800.
Explanation:
For adjusting the bank statement balance do not consider note collected by the bank, service fee and NSF check returned. Note collected by the banks are already recorded in the bank passbook, so there is no adjustments are needed in the bank statement. Service charge is deducted by the bank, so service charge also recorded in bank passbook; hence no adjustments are required in the bank statement balance. In the case of NSF check returned no adjustments are needed in the bank statement balance.
correct bank balance = Bank balance + Deposits outstanding - Checks outstanding
= $9,000 + $4,600 - $7,800
= $5,800
MAKE SURE YOU AVOID THIS:
For calculating correct cash balance only checks outstanding and deposits outstanding are adjusted with bank balance. For getting correct cash balances add deposit outstanding to the balance as per the bank and minus outstanding checks. Deposit in transit amount must be added to the bank side of the bank reconciliation statement and outstanding check must be deducted from the bank side of the bank reconciliation statement. Here, bank balance is $9,000, checks outstanding are $7,800 and deposits outstanding is $4,600, hence correct cash balance is $5,800.
Therefore, The correct cash balance that should be reported in Mooner Sooner's balance sheet at the end of the year is $5,800.
The answer is A because with a sole proprietorship you can have many partners each contributing small amounts of money, that would add up to a larger amount. :)
