Answer:
$300
Explanation:
When insurance is paid in advance, the entries required are
Debit Prepaid Insurance
Credit Cash account
As time elapses and the insurance expires,
Debit Insurance expense
Credit Prepaid Insurance
Amount of insurance expense as at 31 December (6 months between 1 July and 31 December)
= 6/12 * $600
= $300
The insurance expense on the annual income statement for the first year ended December 31 is $300.
Answer: When a market price allocates resources, everyone who is able to pay the price gets the resource.
Explanation:
The market allocates prices to goods and services based on the scarcity of the said goods and services. This means that regardless of how scarce a good is, you can get it if you are willing to pay the price that it is being offered at.
For instance, if the price of tomatoes suddenly went up from $4 to $12 per pack, it means that tomatoes are now more scarce and not many people can afford it. If you can afford that $12 however, you will be able to get the tomatoes despite how scarce it is.
Answer:
Gross profit = $790000
Explanation:
Suppose:
Sales = 1000000
Cost of goods sold = 200000
Actual overhead = 100000
Direct labor used = 15000 hours
Predetermined rate = $ 6 per hour
Computation of gross profit:
Sales = 1000000
less:<u> Cost of goods sold</u> =200000
Add: under applied overhead (w#1) = <u>10000</u>
(<u>210000</u>)
Gross profit 790000
(w#1) Applied overhead = Actual labour hours * predetermined rate
= 15000 * 6 = $90000.
Actual overhead = <u>100000</u>
Under applied overhead 10000
Answer:
The correct answer is letter "D": closing.
Explanation:
The selling process describes the steps salespeople go through at the moment of offering goods or services to prospective consumers. The process includes seven (7) steps: <em>prospecting, pre-approach, approach, presentation, overcoming objections, closing, </em>and <em>follow-up.</em> In the closing stage, clerks aks for the methods of payment, delivery method of the products and offer additional complementary goods or services for what is being acquired. Asking for orders is also part of this stage.
<span>A manufacturing process is a set of methods and technologies used in the production of a good or service. The manufacturing process is extremely important because it is one of the final stages in making sure the product is put together as designed and turns out the way the company wants. If something goes wrong within the manufacturing process, the company could lose a lot of products and money. </span>