Answer:
The journal entry to record the factory wages of $25,000 incurred in the processing department is given below.
Debit Processing Department (WIP Asset) $ 25,000
Credit Factory Wage (Liability) $ 25,000
The journal entry to record the factory wages of $15,000 incurred in the production department.
Debit Production Department (WIP Asset) $ 15,000
Credit Factory Wage (Liability) $ 15,000
Please note that these work in process are asset accounts and the cost of inventory is expenses as goods are sold.
Answer: $8000
Explanation:
From the question, we are informed that Jerry and Julie are brother and sister and that Jerry sold stock to Julie for $5,000, its fair market value.
We are further told that the stock cost Jerry $10,000 five years ago and that Jerry also sold Carol (an unrelated party) stock for $2,000 that cost $10,000 three years ago.
Jerry's recognized loss before the $3,000 capital loss will be difference between $10,000 which was the cost and the 2000 which Jerry later sold it for. This gives:
= $10,000 - $2000
= $8000
When deciding how to use resources, you need to evaluate the costs and benefits of each choice to decide which meets your criteria : Trade-offs
<h3>What is trade-offs?</h3>
A trade-offs is when one must choose between two or more things, selecting the best option given available constraints. It a choice that must be made due to scarcity.
Trade-offs are also alternatives that must be given up when one choice is made rather than another.
Examples of Trade-offs includes :
- Role vs People.
- Job security vs Opportunity.
- Brand vs Scope.
Learn more about trade-offs here : brainly.com/question/7072776
