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olasank [31]
3 years ago
15

Under the flsa, what information concerning employees' wages earned must be maintained by the employer?

Business
1 answer:
Ksju [112]3 years ago
4 0

Under the FLSA, information concerning employees’ wages must be maintained by employer such as having to pay during the payroll period, the proper total additions to or deductions from wages should be followed and the amount and nature of the exempt pay should be followed correctly.

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Leadership skills,knowledge of a foreign language
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Alpha Division had the following information: Average operating asset base in Alpha Division $500,000 Operating income in Alpha
ExtremeBDS [4]

Answer:

15.79%

Explanation:

The computation of the return on investment is shown below:

Return on investment  = Operating Income ÷  New operating asset base

where,

Operating income is $60,000

And, the new operating asset is

= $500,000 - $120,000

= $380,000

So, the return on investment is

= $60,000 ÷ $380,000

= 15.79%

By dividing the operating income from the new operating asset base we can get the return on investment

5 0
3 years ago
_is any place where goods are produced or distributed or services areproduced​
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A factory is any place where goods are produced or distributed or services are produced.
5 0
3 years ago
Explain what lower of cost or market means in regards to reporting merchandise inventory on the balance sheet.
Degger [83]

Answer and Explanation:

Inventory is an asset and is posted on the asset side of the balance sheet. As per accounting standards regarding inventory valuation, it can be either valued at historical cost or at market price, whichever is lower.

Historical cost is the cost at which asset was acquired. Market price is the price which would be received if the asset is replaced as on the date on which balance sheet is prepared. Inventory is valued at lower of the above mentioned costs.

4 0
3 years ago
Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $16,950 of materials on account.
horrorfan [7]

Answer:

Forest Components

Journal Entries:

1. Debit Materials Inventory $16,950

Credit Accounts Payable $16,950

To record the purchase of materials on account.

2. Debit Work in Process Inventory $16,780

Credit Materials Inventory $16,780

To record the issue of materials to the production department.

3. Debit Manufacturing Overhead $1,340

Credit Materials Inventory $1,340

To record the issue of materials to the service department.

4. Debit Accounts Payable $16,950

Credit Cash Account $16,950

To record the payment for the materials purchased on account.

5. Debit Materials Inventory $2,020

Credit Work In Process $2,020

To record the record of materials.

6. Debit Work in Process $32,500

Credit Factory Wages $32,500

To record the direct labor cost.

7. Debit Manufacturing Overhead $17,250

Credit Accounts Payable $17,250

To record the purchase of miscellaneous items for the plant.

8. Debit Manufacturing Overhead $36,700

Credit Depreciation Expense $36,700

To record depreciation expense on manufacturing plant.

9. Debit Work In Process $30,875

Credit Manufacturing Overhead $30,875

To apply overhead for the month.

b. T-accounts:

Materials Inventory

Accounts Titles         Debit    Credit

Balance                    $12,320

Accounts Payable   $14,930

Work in Process         2,020

Work in Process Inventory    $16,780

Balance                                  $12,490

Work-in-Process Inventory

Accounts Titles         Debit    Credit

Balance                    $11,755

Materials Inventory   16,780

Materials Inventory                $2,020

Factory Wages        32,500

Overhead                30,875

Finished Goods Inventory    79,330

Balance                                  10,560

Manufacturing Overhead

Accounts Titles                 Debit    Credit

Materials Inventory         $1,340

Accounts Payable           17,250

Depreciation Expense   36,700

Work In Process                         $30,875

Finished Goods Inventory

Accounts Titles         Debit    Credit

Balance                   $2,700

Work in Process     79,330

Cost of goods sold                75,100

Balance                                 $6,930

Cost of Goods Sold

Accounts Titles         Debit    Credit

Finished Goods      75,100

Explanation:

a) Data and Calculations:

Materials Inventory                 ?         $12,490

Work-in-Process Inventory     ?           10,560

Finished Goods Inventory $2,700       6,930

Cost of Goods Sold                ?         75,1000

Predetermined overhead rate = $412,870/$434,600 = $0.95

Overhead applied = $30,875 ($0.95 * $32,500)

5 0
3 years ago
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