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ANTONII [103]
3 years ago
14

Identity and explain the type of adjustment raised in each transaction entered into by ABC Ltd. show how each adjustment will be

reflected in the general journal for ABC Ltd for the year ended 31 December 2016
Business
1 answer:
Ierofanga [76]3 years ago
7 0
Identity and explainthe types of adjustment raised in each transaction entered into by ABC Ltd
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"In the corn market, demand often exceeds supply and supply sometimes exceeds demand." "The price of corn rises and falls in res
alexandr402 [8]

Answer: In the second statement

Explanation: Supply and demand are two market forces which determines the price of a commodity. In simple words, the amount of commodity that the consumers are willing to buy at a given price is called demand and the producer are willing to sell is called supply. The situation in which the two are equal is called equilibrium.

If the demand for a product is higher than its supply then its price will increase and vice versa.

Thus, from the above we can conclude that the second statement is correct.

3 0
3 years ago
George's Chemicals allocates overhead based on machine hours. Selected data for the most recent year follow. Estimated manufactu
ale4655 [162]

Answer:

$256,284

Explanation:

The computation is shown below:

First, Calculate the predetermined overhead rate per hour which equals to

=  (Estimated manufacturing Overhead cost ÷ estimated machine hours)  

= ($235,900 ÷ 20,800 hours)

= $11.34 per hour

So, the applied overhead or manufacturing overhead allocated equals to

=  Predetermined overhead rate per hour × actual machine hours

= $11.34 per hour × 22,600 hours

= $256,284

4 0
2 years ago
Flint Corporation issued 700 shares of no-par common stock for $7,800. Prepare Flint’s journal entry if (a) the stock has no sta
Masja [62]

Answer:Flint corporation journal $

Date

1. Bank account Dr 7800

Common stock Or. 7800

Narration. Issuance of 700 ordinary stock for $7800 .

2. Bank account Dr 7800

Common stock Cr. 1400

Share premium. 6400

Narration. Issuance of 700 ordinary at $7800 at a premium.

Explanation:

Shares can be issued at par, premium or discount. When it's issued at it's nominal value it's said to be issued at par, when it's issued above it's nominal value it's said to be issued at a premium and when it's issued below par it's said to issued at a discount.

4 0
2 years ago
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Sean is looking for a new job that will allow him the flexibility to work from home at least one day a week so he can care for h
liq [111]

<u>Answer</u>:

Boundaryless career pattern is similar as temporary workers.

<u>Explanation</u>:

“Boundaryless career” has been a new perspective in any organisation these days. This type of career pattern provides the employees flexibility in terms of working hours. They pay them high wages for their excellent skill set.  

A person works with several organisations at a single point of time and quickly develops his career. Knowledge of such people is quite high, and companies gain from their expertise. As given in the question, Sean is provided flexibility by allowing him to work from home so that he can take care of his parents. So, this is a boundaryless career pattern.

5 0
3 years ago
What affects the egg coagulation in custards and creams!
Lapatulllka [165]
What affects the egg coagulation in custards and creams!
Answer: Sugar is also important to custard as the addition of it in a recipe results in a softer custard. Sugar also increases the coagulation temperature and time. Don't dump the sugar directly onto the eggs and let it sit; this causes the yolks to "burn" into hard little lumps that detract from your creamy custard.
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2 years ago
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