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SOVA2 [1]
2 years ago
5

Alpha Company purchased, on account, 3,500 pounds of raw materials at $9 per pound on January 2, 2017. The production manager re

quisitioned and received 2,500 pounds of raw material into production on January 15. Use this information to prepare the General Journal entries (without explanation) for January 2 and January 15. If no entry is required then write "No Entry Required."
Business
1 answer:
yaroslaw [1]2 years ago
4 0

Answer:

January 2, 2017

Raw Materials $31,500 (debit)

Trade Payable $31,500 (credit)

January 15, 2017

Work In Process $22,500 (debit)

Raw Materials $22,500 (credit)

Explanation:

January 2, 2017

Raw Materials $31,500 (debit)

Trade Payable $31,500 (credit)

3,500 pounds × $9 per pound = $31,500

<em>Recognise the Asset - Raw Materials Inventory and Recognise the Liability - Trade Payable</em>

January 15, 2017

Work In Process $22,500 (debit)

Raw Materials $22,500 (credit)

2,500 pounds × $9 per pound = $22,500

<em>Recognise Cost of Manufacture - Work In Process and De-recognise the Asset - Raw Materials </em>

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3 years ago
Hudson Co. reports the contribution margin income statement for 2015. Assume sales remain constant at 10.000 units.HUDSON CO. Co
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Answer:

Results are below.

Explanation:

Giving the following information:

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Pre-tax income= 205,400

5 0
2 years ago
The adjusting entry for accrued interest on a note receivable would include a __________ to __________.
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C. The adjusting entry for accrued interest on a note receivable would include a credit to interest revenue
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If the price of the item is $15.00 per unit and the employees cost $125 each, how many employees should the firm hire to maximiz
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If the price of the item is $15.00 per unit and the employees costs $125 each,  Three employees should the firm hire to maximize their profit.

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All firms maximize profits when their marginal cost is equal to the marginal product. This dollar amount should also be the selling price that maximizes profits.

What is meant by profit maximization?

Profit maximization is a process business firms undergo to ensure the best output and price levels are achieved in order to maximize its returns. Influential factors such as sale price, production cost and output levels are adjusted by the firm as a way of realizing its profit goals.

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3 0
1 year ago
Sort the examples below into the appropriate bin. Think about which factors could lead to more toxic substances being released i
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Answer:

1. Causes: commercial production of many chemicals massive use of chemicals in food, agriculture, medicine, and industry

2. Consequences: increase in reproductive disorders contamination of soil, air, and water bioaccumulation and biomagnification of toxins in the food chain.

3. Solutions: consumer choice of low-toxicity products stricter regulations requiring that consumer products be thoroughly tested before being released to market.

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This factors could lead to more toxic substances being released into the environment (causes), the consequences that result from toxic substances in the environment, and possible solutions to save environmental degradation.

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