All categories

3 years ago

EA12.

Business

1 answer:

amm18123 years ago

8 0

Answer:

The Journal entries are as follows:

(i) Manufacturing Overheads Account Dr. $900

To Accumulated Depreciation $300

To Cash account $100

To Utilities payable $500

(To record the expenses incurred)

(ii) Work in process inventory A/c ($1.50 × 450) Dr. $675

To Manufacturing Overhead $675

(To record the allocation of overhead at the predetermined rate of $1.50 per machine hour)

You might be interested in

Taxable income of a corporation

kobusy [5.1K]

Answer:

Option b. Differs from accounting income due to differences in interperiod allocation and

permanent differences between the two methods of income determination.

Explanation:

Corporation examples are joint stock companies, joint accounts, associations, insurance companies e.t.c.

A Corporation taxable income is simply defined as a part of its profits generated by corporations that is collected by the Federal and State government as an income tax. It is known as a direct tax. It is placed on the net income or profit of a corporate organization. The tax rate for corporation uses the slab rate system or method of taxation that is based on the type of corporate entity and the different revenues gotten by them individually.

6 0

3 years ago

he Gilbert Department Store uses the conventional retail inventory method. The following information is available for the month

raketka [301]

Answer:

$52,500

Explanation:

As per given data

Cost Retail

Beginning Inventory $30,000 $45,000

Cost of Goods Available for Sale $150,000 $180,000

Net Markups $25,000

Net Markdowns $10,000

Sales $170,000

As we do not have the ending inventory value, First we need to calculate it. We will make the selling price of all the available inventory at retail value then deducting the actual sales we will have the retail value of available stock. By applying the cost to retail ratio we can calculate the value of ending Inventory.

Cost Retail

Beginning Inventory $30,000 $45,000

Cost of Goods Available for Sale $150,000 $180,000

Total Goods Available for sale $180,000 $225,000

+ Net Markups $25,000

- Net Markdowns $10,000

Sales price of Goods $180,000 $240,000

- Sales $170,000

Ending Inventory at retail $70,000

Now calculate the cost to retail ratio to determine the ending value of inventory at conventional inventory method.

Cost to retail ratio = ( Sale price of goods at cost / Sale price of goods at retail ) x 100 = ( $180,000 / $240,000) x 100 = 75%

Value of Ending inventory at conventional method = $70,000 x 75% = $52,500

6 0

3 years ago

Buying a new building increases business Land/capital

Marysya12 [62]

Answer:

land

Explanation:

why because buying a capital we'll be to much

8 0

3 years ago

Read 2 more answers

A 60-year old customer desires an investment that will provide for retirement income when she reaches age 65. The customer is ab

Wittaler [7]

Answer:

B. The purchase of a variable annuity contract

Explanation:

The variable annuity contract is the contract in which there is no limit in terms of dollars for contributions and the income i.e. earned on the investment should be considered as a tax deferred

Since the invested amount is $1,000 per month so for yearly it is $12,000.

Also the IRA account permits $5,500 contribution for the year 2018 so this not meet the requirement of $12,000

Also the large returns bonds are speculative and thus not considered for the income used in the retirement

Hence, the option is correct

7 0

3 years ago

Imagine that before black diamond initiated its greenfield venture in zhouhai, china, peter and wim asked for your advice. what

Nadya [2.5K]

A green field investment or venture is a foreign direct investment known as FDI. If a company decides to go the FDI route, they are building their operations within a foreign country from start to finish. They will often build many distribution warehouses, offices and living areas for their workers that go to the foreign country to work or those within the foreign country working for the parent company.

7 0

3 years ago

Read 2 more answers