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3 years ago

ASsume the following information:

Business

1 answer:

Dmitriy789 [7]3 years ago

8 0

Explanation:

The Journal entry is shown below:-

1. Accounts receivable Dr, $938,000

To Sales revenue $938,000

(Being Sales on account is recorded)

2. Cash Dr, $915,000

To accounts receivable $915,000

(Being collection of accounts receivable is recorded)

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Walter Company uses a job-order costing system to account for product costs. The following information pertains to the current y

djverab [1.8K]

Answer:

COGM = 450,000

Explanation:

The amount debited will be equal to the COGM which is the cost of goods manufactured.

COGM = beginnning WIP + cost added - ending WIP

we need to know the cost added during the period:

cost added during the period

materials 140,000

direct labor 160,000

overhead applied

18 x 10,000 = 180,000

total 480,000

Notice, for the overhead we multiply the predetermined rate by the amount of labor hours.

The actual values and adjustment for application of overhead are calculate later at year-end

Now, we are given the following information:

we know that WIP increase by 30,000

so : ending is 30,000 dollars greater than beginning

which implies ending - beginning = -30,000

we plug that into the formula:

COGM = cost added + (beginning WIP - ending WIP)

COGM = 480,000 - 30,000

COGM = 450,000

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3 years ago

What does inflation mean?

juin [17]

Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling

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2 years ago

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The tip of a match is ignited as it is struck against the matchbox. Why is this a chemical change? (2 points)

Archy [21]

Answer:

because it will turn into ashes

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3 years ago

______ are special incentives or excitement-building programs that encourage consumers to purchase a particular product, often u

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Answer:

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3 years ago

) In April of 2019, Mike acquired a machine for $30,000 to use in his business. It is the only plant asset he purchased this yea

yan [13]

Answer:

Option $6,000

Explanation:

Data provided in the question:

Cost of the machine acquired = $30,000

Classified useful life = 5 years property

Now,

The MARCS rate for 5 years property, the depreciation rate is 20%

Therefore,

The depreciation for the year 2019 will be

= 20% of the Cost of the machine acquired

= 0.20 × $30,000

= $6,000

Hence,

Option $6,000

7 0

3 years ago