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Rus_ich [418]
3 years ago
12

Jones Company received $2,200 in cash during March for Service Revenue for a job that will be completed in May. This job would b

e completed before the end of the year when the finance's are prepared. Since it is short lived and will be earned during this accounting period, Jones Company decided to record it as revenue instead of a liability at the time the cash was received in March. The journal entry to record this transaction when we received the cash in March would be:
Business
1 answer:
Katena32 [7]3 years ago
7 0

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $2,200

  To Service revenue $2,200

(Being cash is received)

Since the cash is received so we debited the cash account and credited the service revenue account as the service is completed which create an income for the business organization.

We do not write unearned service revenue as the amount is actually received from the customer

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Canoe Company's manufacturing accounting system uses direct labor costs to apply overhead to goods in process and finished goods
sasho [114]

Answer:

Estimated manufacturing overhead rate= $0.2 per direct labor dollar

Explanation:

Giving the following information:

Direct labor, $30,000

Factory overhead applied $6,000.

<u>To calculate the predetermined overhead rate, we need to use the following formula:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

6,000= Estimated manufacturing overhead rate*30,000

6,000 / 30,000 = Estimated manufacturing overhead rate

Estimated manufacturing overhead rate= $0.2 per direct labor dollar

4 0
3 years ago
What type of research involves identifying key product characteristics that become selling​ points? For​ example, the marketing
Trava [24]

Answer:

<em>Product-Specific Research</em>

Explanation:

Product research <em>is an essential part of the development of new products. Analysis will help you determine important issues at every stage of the process and avoid costly errors.</em>

Testing a prototype will help you to reject uncompromising concepts, allowing you to focus money and time commitment on goods with the best chance of commercial success.

Product-Specific Research includes finding key product features that are selling points. Sells the benefit that the product provides.

8 0
3 years ago
Cash Flow Equivalences. Southwestern Moving and Storage wants to have enough money to purchase a new tractor-trailer in 5 years
vagabundo [1.1K]

Answer:

They must set aside $65,494.95 at the end of year 4.

Explanation:

Giving the following information:

Southwestern Moving and Storage wants to have enough money to purchase a new tractor-trailer in 5 years for $290,000. If the company sets aside $100,000 in year 2 and $75,000 in year 3.

Interest rate= 9%

<u>We will assume that the money gets set aside at the end of each period.</u>

First, we need to calculate the accumulated money of the first two investments using the following formula:

FV= PV*(1+i)^n

Year 2: FV= 100,000*(1.09)^3= 129,503

Year 3: FV= 75,000*(1.09)^2= 89,107.5

Total= $218,610.5

Difference= 290,000 - 218,610.5= 71,389.5

Final value= 71,389.5

We need to find the present value:

PV= FV/(1+i)^n

PV= 71,389.5/(1.09)= 65,494.95

7 0
3 years ago
IN the light of Nike Case, identify the following:
Agata [3.3K]

Answer:

Nike company follows brand recognition marketing strategy.

Nike focuses on market trends rather than product features.

Explanation:

Nike has great brand image among its customers. It focusses on its brand and launches new products with heavy R&D experiences. The management of Nike focus on market orientation rather than product orientation. It identifies the market trends and then customizes its product according to customers needs.

3 0
3 years ago
At the break-even point:
OlgaM077 [116]

Answer:

D. Contribution margin would be equal to total fixed costs

Explanation:

As we know that

break even point is the point at which the firm is earning no profit or no loss suffered

In equation, it is

Total cost = Total revenues

In addition,

The contribution margin = Sales - variable expenses

Therefore

The contribution margin = Fixed cost = break even point

If we subtract the contribution margin from the fixed cost the amount should be zero which implies the break even point

5 0
2 years ago
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