The consumer sector is the largest part of the macroeconomy. Please select the best answer from the choices provided T F

John Grey owns Grey's Snow Plowing. In October, he collects $12,000 cash for 6 commercial accounts for which he will provide sno

mote1985 [20]

Answer:

The correct answer is Debit Unearned Plowing Revenue

Explanation:

Earlier the journal entry would be recorded as:

Cash A/c.................................................Dr $4,000

Unearned Plowing Revenue A/c..............Cr $4,000

But the correct entry that should be recorded is:

Cash A/c.................................................Dr $4,000

Plowing Revenue Earned A/c..............Cr $4,000

So, in order to pass the adjusting entry, we should debit the Unearned Plowing Revenue in order to reconcile or nill the same account by debiting.

4 0

3 years ago

In an annual report, management's views on significant events, trends, and uncertainties pertaining to the company's operations

Art [367]

Answer:

The correct answer is: Management Discussion and Analysis.

Explanation:

Management Discussion and Analysis or MD&A is the section of the financial statement that provides a subjective point of view of the firm's perspective on the same organization. The MD&A is part of the Securities Exchange Commission (<em>SEC</em>) form 10-K and highlights the company's expectations on its operations, liquidity, and capital resources.

5 0

3 years ago

A 30-second radio spot for Louies sporting goods cost $650.If the spot is run three times a day for one week, how much will Loui

lisabon 2012 [21]

Answer:

The total amount that Louies spends on advertising=$13,650

Explanation:

To calculate the total amount Louies sporting goods spends on advertising, we express the total expenditure as follows;

Total expenditure=Cost per day×number of days

Cost per day=cost per spot×number of spots in a day

Cost per day=(650×3)=$1,950

Number of days in a week=7 days

replacing;

Total expenditure=Cost per day×number of days

Total expenditure=(1,950×7)

Total expenditure=$13,650

The total amount that Louies spends on advertising=$13,650

5 0

3 years ago

Given the following information, determine the cost of goods manufactured and the cost of goods sold for the year ended December

natulia [17]

Answer:

$731,000 and $684,000

Explanation:

The computations are shown below:

For cost of goods manufactured

= Direct materials used + Direct labor cost + Manufacturing overhead incurred + opening work-in-process inventory - closing work-in-process inventory

= $271,000 + $126,000 + $359,000 + $193,000 - $218,000

= $731,000

For cost of goods sold

= Opening finished goods Inventory + Cost of goods manufactured - Ending finished goods Inventory

= $395,000 + $731,000 - $442,000

= $684,000

4 0

3 years ago

The reasons for using the variable-cost approach include all of the following except this approach provides the most defensible

Ber [7]

Answer:

The reasons for using the variable-cost approach include all of the following except

this approach provides the most defensible bases for justifying prices to all interested parties.

Explanation:

This is not part of the reasons for using the variable-cost approach. But options b, c, and d are certainly the reasons why the variable-cost approach is used. The variable-cost approach provides a differential analysis for decision-making. It assigns overhead costs to the period in which they are incurred, while other variable costs are assigned to the merchandise produced within that period. Thus, by excluding fixed manufacturing overhead cost, only the direct costs associated with production are used in accounting for the product's costs.

3 0

3 years ago