Money owed<br> A. Assets <br> B. Audit <br> C. Liabilities <br> D. Capital

Marcelino Co.’s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are

Setler [38]

Answer:

A journal entry was prepared to record the transactions of Marcelino Company during the month of April with the scheduled cost of goods.

Explanation:

Solution

The first step is to take is preparing a journal entries to record the transactions of Marcelino Company during the month of April.

(a) JOURNAL ENTRIES OF MARCELINO COMPANY

Job 306 Job 307 Job 308 April Total

Balances on 31st

March

Direct materials 29000 35000 64000

Direct labor 20000 18000 38000

Applied overhead 10000 9000

(b)

Costs during April

Direct materials 135000 220000 100000 455000

Direct labor 85000 150000 105000 340000

Applied overhead 42500 75000 52500 170000

Cost of Manufacturing 32150 507000 257500 1086000

Status on April 30 Finished (sold)Finished (unsold)In process

April Profit Statement

Manufacturing Cost 1086000

Less Closing WIP job 306 257500

Less Finished goods 307 507000

ADD overhead under applied 5000

Cost Of Goods sold 326500

Sales Value 635000

Gross Profit 308500

OverheadActualy incured

Indirect material 50000

Indirect labor 23000

Factory rent 32000

Factory Utility 19000

Factory equipment 51000

OverheadActualy incured 175000

Overhead applied 170000

Overhead under applied 5000

We create another Journal for Marcelino Company

Journal Credit Debit

Material Control 500000

Account Payable 500000

Overhead control 175000

Overhead payable 175000

Wage Control 363000

Wage Payable 363000

Work in progress 455000

Material Control 455000

Work in progress 340000

Direct labor 38000

Work in progress 170000

Applied overhead 170000

Overhead under applied 5000

Cost of Goods sold 5000

Finished Goods 507000

Work in progress 507000

5 0

3 years ago

People in the united states score considerably higher on extraversion than do people in spain. select one:

Korvikt [17]

People living in the united states score considerably higher on extraversion than do people in spain.------. false

Option A is correct

What is the purpose of extraversion?

Namely, extraversion basically appears to facilitate people's goals and objectives to possess fun, to engage with other people, and to entertain people . Furthermore, these goals strongly predicted increases in state positive affect.

What is the extraversion theory?

In the big 5 theory of personality, extroversion (often referred to as extraversion) is one of the greatest five core traits believed to form up human personality. Extroversion is characterized by it' s sociability, talkativeness, assertiveness, and excitability.

What is a extraversion personality?

Extraversion could be defines as a broad personality trait that encompasses a number of most specific characteristics like sociability, assertiveness, high activity level, positive emotions, and impulsivity

Learn more about extraversion:

brainly.com/question/7375078

#SPJ4

3 0

1 year ago

Suppose a firm has an annual budget of $200,000 in wages and salaries, $75,000 in materials, $30,000 in new equipment, $20,000 i

Molodets [167]

Answer:

The firm will need additional revenue of $90,000 to earn normal profit(zero economic profit)

Explanation:

Normal profit equals zero economic profit or when total revenue equals

the addition of explicit cost and Implicit cost. Implicit cost is the opportunity cost.

Explicit cost = $200,000 + $75,000 + $30,000 + $20,000 + $35,000

=$360,000

Implicit cost is $90,000

Total revenue is $360,000

Normal profit = $360,000 - ($360,000 + $90,000)

$360,000 - $450,000

-$90,000.

This means the firm will need additional revenue of $90,000 to earn normal profit(zero economic profit)

5 0

3 years ago

Sheffield borrowed $701000 on October 1, 2017 and is required to pay $721000 on March 1, 2018. What amount is the note payable r

Georgia [21]

Answer:

On October 01, 2017

The amount actually borrowed that is $ 701,000 will be recorded as liability/note payable on october 01, 2017. The following accounting entry will be passed

Debit Cash Asset $ 701,000

Credit Note payable $ 701,000

Interest recognized from October 1 to December 31, 2017

The premium amount paid on redemption will be recorded as interest over the period of time. The interest amount is

Interest = 721,000 -701,000 = $ 20,000

So this above calculated expense will be recognized as an expense over loan period.

5 0

3 years ago

Using the example of your university, give examples of information systems for each of the three levels of scope (workgroup, ent

Alex73 [517]

Answer:

Three levels of information systems at university include:

1. The students ICT unit (workgroup)

2. The departmental ICT units (enterprise)

3. The examination and records unit (inter enterprise)

Explanation:

The students ICT units and lab works together by communicating with one another in terms of file transfer, content chat systems and temporal record I keeping and processing.

The departmental information system operates at the higher level as an enterprise because at this stage the users at the work stations can no longer have full access to the platform because it is redefined to accommodate academic and non academic staff who are very useful in managing the data content, as well as keeping the security of these content intact against any form of security threats.

The examination and records unit on the final and higher level is the home server for all information systems security, backup and archive and the communication level regarded as the inter enterprise units. It is the final resort point when every other means of information and record keeping becomes threatened. Hence it is seen as the collation, record keeping and transfer point between one enterprise or department to the other.

7 0

3 years ago

Money owed A. Assets B. Audit C. Liabilities D. Capital