Answer:
Communism.
Explanation:
<u>Communism</u> is a form of economic and social organization characterized by the common ownership of the means of production, distribution, and exchange. Hence, this expression "communism" can indicate to particular administrative groups, in its essence, communism signifies a philosophy of economic equity through the isolation of the individual property. The theories of communism, most famously signified by Karl Marx, core on the opinion that imbalance as well as experiencing the result of capitalism.
Answer and Explanation:
The Journal entry is shown below:-
Bad debts expense Dr, $18,000 ($900,000 × 2%)
To Allowance for doubtful accounts $18,000
(Being bad debt expense for the year is recorded)
Here we debited the bad debt expenses as it increased the expenses and we credited the allowance for doubtful accounts as it decrease the value of the assets
The answer to this is 0.08 hope that this helped
Answer:
The total conversion cost is <u>$119,500</u>.
Explanation:
Conversion cost refers to all the costs of converting or turning raw materials into finished goods. Conversion cost can therefore be obtained by deducting the cost of raw materials from the cost of production. This implies that conversion cost is the the addition of direct labor costs and manufacturing costs.
Based on the above explanation, total conversion cost for this question can therefore be calculated as follows:
Total conversion cost = Direct labor cost + Applied factory overhead = $82,000 + $37,500 = $119,500
Therefore, the total conversion cost is <u>$119,500</u>.
Answer:
Dr Cash $10,000
Dr Equipment (at FairValue) $4,000
Cr Nichols’s Capital Account $14,000
Explanation:
Preparation of the entry to record Nichols's investment in the partner- ship
Dr Cash $10,000
Dr Equipment (at FairValue) $4,000
Cr Nichols’s Capital Account $14,000
($10,000+$4,000)
(To record Nichols's investment in the partner- ship)