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svetlana [45]
3 years ago
15

John is an employee at a car manufacturer. today he has come into work to find that production has stopped because the governmen

t has determined that the steel used in the cars will be better used in the manufacture of a new railway line. john doesn't mind, because although his wages are low, he gets paid whether there is any work for him to do or not. john most likely lives in a ________.
Business
1 answer:
Trava [24]3 years ago
5 0

John most likely lives in a<u> "planned economy".</u>


A planned economy is a sort of financial framework where venture and the assignment of capital merchandise happen as per vast monetary and creation designs. A planned economy may utilize brought together, decentralized or participatory types of financial planning. A planned economy is a monetary framework in which the administration controls and manages generation, dispersion, costs, etc.

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The December 31, 2020, Allowance account balance includes $3,076 for a past due account that is not likely to be collected. This
Blizzard [7]

Answer:

There will be no effect on working capital upon write off as the entries required would be a credit to receivables and a debit to allowance account.

Explanation:

The allowance account is the account used to record receivables due that may not be collectible.

When a company has determined that a receivable may be uncollectible, the company credits the allowance for receivables account and debits bad debit expense. This reduces the accounts receivable balance in the balance sheet as the receivables to be reported will be net the allowance given. As such, where on December 31, 2020, Allowance account balance includes $3,076 for a past due account that is not likely to be collected.

There will be no effect on working capital upon write off as the entries required would be a credit to receivables and a debit to allowance account.

8 0
3 years ago
On 1/29, General Electric bought supplies in the amount of $1,500. What account is debited and what account is credited in the r
alexdok [17]

Answer: Debit Supplies

Credit Cash

Credit Accounts payable.

Explanation:

The journal entry is an act of making records of the transactions in an organization which shows the debit and credit balances of the company.

Based on the information given, since General Electric bought supplies in the amount of $1,500, the journal entry will be:

Debit Supply $1500

Credit Cash / Accounts Payable $1500

4 0
2 years ago
In the month of October, Tran Incorporated had salaries of $15,000 for factory managers, $18,000 for financial managers, and $42
Sloan [31]

Answer:

The correct answer is C.

Explanation:

Giving the following information:

$15,000 for factory managers

$18,000 for financial managers

$42,000 for company executives.

$98,000 for factory workers

$64,000 for office workers.

To calculate the labor cost we need to separate between indirect and direct labor:

Indirect labor:

Factory managers (manufactury overhead)= 15,000

Direct labor:

Factory workers= 98,000

Total labor cost= $113,000

7 0
3 years ago
Tower Inc. owns 30% of Yale Co. and applies the equity method. During the current year, Tower bought inventory costing $66,000 a
Murrr4er [49]

Answer:

the amount deferred by tower as intra-entity gross profit: 3,240

Explanation:

120,000 sales with a cost of 66,000

remains at year-end:

 24,000 with a cost of:  66,000/120,000 x 24,000 = 13,200

gross profit: 24,000 - 13,200 = 10,800

For this rgoss profit we are going to deferre the 30%;

10,800 x 30% =  3,240

4 0
3 years ago
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $165 $6,600 Aug. 13 Purcha
Volgvan

Answer:

a. FIFO - Inventory Used: $39900  Remaining Inventory: $14700

b. LIFO - Inventory Used: $41700 Remaining Inventory: $12900

c. Weighted Average Cost - Inventory Used: $40950 Remaining Inventory: $13650

Explanation:

Jan 01. Beginning inventory = 40 x $165 = $6600

Aug 13. Purchases 200 x $180 = $36000

Nov 30. Purchases 60 x $200 = $12000

Ending inventory = 75 units

Inventory Used = 300 – 75 = 225

(a) First-In-First-Out (FIFO)

This is the method where the inventory first received is the one that is used first. Common method when the inventory is perishable and would be wasted if left too long.

Inventory Used:

40 x $165 = $6600

185 x $180 = $33300

Total = $39900

Remaining Inventory:

15 x $180 = $2700

60 x $200 = $12000

Total = $14700

(b) Last-In-First-Out

Method whereby the inventory received latest is used first. Common in goods that are bulky. the inventory on top (latest purchased) is used first.

Inventory Used:

60 x $200 = $12000

165 x $180 = $29700

Total = $41700

Remaining Inventory:

40 x $165 = $6600

35 x $180 = $6300

Total = $12900

(c) Weighted Average Cost

This is whereby you divide the cost of goods sold by the number of units available for sale.

54,600 / 300 = $182

Inventory Used: 225 x $182 = $40950

Remaining inventory = 75 x $182 = $13650

3 0
3 years ago
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