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2 years ago

8

A job order cost accounting system provides for a separate record of the cost of each particular quantity of product that passes

through the factory.
a. True
b. False

1 answer:

pochemuha2 years ago

4 0

The answer is "true"

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Jamarcus, a full-time student, earned $3,700 this year from a summer job. He had no other income this year and will have zero fe

eimsori [14]

Answer:

C. Jamarcus is not required to file an income tax return because his gross income of $3,700 is well below the gross income threshold for a single taxpayer. However, he should file a taxreturn to receive a refund of the $481 previously withheld.

Explanation:

since Jamarcus income is %3700 and is below the gross income threshold for a single taxpayer so he should file a tax return to receive a refund of $481.

4 0

2 years ago

Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $4

Leto [7]

Answer:

A.

Dr Vacation pay expenses $40,000

Cr Vacation pay payable $40,000

B.

Dr Pension expenses $222,750

Cr Cash $185,000

Cr Unfunded pension liability $37,750

Explanation:

Regling Company Journal entries

A.

Dr Vacation pay expenses $40,000

Cr Vacation pay payable $40,000

B.

Dr Pension expenses $222,750

Cr Cash $185,000

Cr Unfunded Pension liability $37,750

8 0

2 years ago

Astro Co. sold 20,000 units of its only product and incurred a $50,000 loss (ignoring taxes) for the current year as shown here.

Alexandra [31]

Answer:

Required 1.

Break even point (dollar sales) = $750,000

Required 2.

Break even point (dollar sales) = $1,250,000

Required 3.

ASTRO COMPANY

Forecasted Contribution Margin Income Statement

For Year Ended December 31, 2016

Sales $ 1,000,000

Variable costs ($ 400,000 )

Contribution margin $ 600,000

Fixed costs ($ 450,000 )

Net loss $ 150,000

Required 4.

Sales to meet target profit (dollar sales) = $1,833,333

Sales to meet target profit (unit sales) = 73,334

Explanation:

Break even point is the level of activity where a Company neither makes a profit nor a loss.

<em>Break even point (dollar sales) = Fixed Cost / Contribution Margin Ratio</em>

Where,

Contribution Margin Ratio = Contribution / Sales

= $ 200,000 / $ 1,000,000

= 0.20

Therefore,

Break even point (dollar sales) = $250,000 / 0.20

= $1,250,000

<u>Assuming the machine is installed</u>

Contribution Margin Ratio = ($ 1,000,000 - $400,000) / $ 1,000,000

= $600,000 / $1,000,000

= 0.60

Therefore,

Break even point (dollar sales) = ($250,000 + $200,000) / 0.60

= $750,000

Sales to meet target profit of $200,000

Sales to meet target profit (dollar sales) = Fixed Cost + Target Profit / Contribution Margin Ratio

= ($450,000 + $200,000) / 0.60

= $1,833,333

Sales to meet target profit (unit sales) = $1,833,333 / $25

= 73,334

4 0

2 years ago

We typically hear of the gains from trade coming through specialization wherein each nation produces more of and exports that go

Brut [27]

Answer:

Generally theoretical models work only in theory. E.g. perfect competition models exist in theory but no market is really a perfect competition market.

The Ricardian model or the H-O model, or other trade models make the mistake of assuming that resources can be allocated at will and almost immediately, e.g. a fisherman can immediately become an engineer and start developing apps. Or a farmer that produces corn or rye (very popular examples) can suddenly start working at a factory producing bluejeans.

In real life, it doesn't happen. Also, trade models never consider natural trade barriers and extra costs related to trade. E.g. it is not the same to sell $10,000 worth of corn (you need a very large truck) than selling $10,000 worth of jeans (all you need is a small delivery van). In real life, trade is not simple, it is actually extremely complicated.

E.g. everyone knows that manufacturing goods in America is not efficient, at best companies can be less inefficient, but no manufacturing company in America is really efficient if we compare them to foreign companies. Even people who work in manufacturing industries know this, but they want to continue working in them. They want the companies to keep producing in America and they want to keep their jobs. Not everyone in America has a college degree in computer programming, finances, is able to design robots, or is a doctor, etc.

In real life, efficient industries have to exist alongside inefficient industries, and the whole economy suffers from it. But it is unavoidable. In the long run, the economy will eventually shift resources to more efficient industries, but it takes a long time, and a lot of people and companies will be against it. E.g. every year there are less shoe manufacturers in America, and eventually sometime in the future there will be none.

7 0

2 years ago

Calistoga Produce estimates bad debt expense at 0.60% of credit sales. The company reported accounts receivable and allowance fo

liraira [26]

Answer: Calistoga's final balance in its allowance for uncollectible accounts at December 31, 2021 is $246.

Explanation: Calistoga Produce applies percentage of credit sales method to estimate its bad debt expense. So 0.60% of $331,000 (credit sales) = $1,986 and the balance in allowance for doubtful accounts is $1,520. The following journals would be recorded to adjust for the estimate:

Debit Bad debt expense $466

Credit Allowance for doubtful accounts $466

The $466 is the difference between $1,986 and $1,520

Now that the company writes off $1,740 accounts receivable, the following journal entries apply:

Debit Allowance for doubtful account $1,740

Credit Accounts receivable $1,740

In summary, the allowance account movement is as follows:

Opening balance $1,520

Additional bad debt expense 466

Write-off during the year (1,740)

Balance, end of the year $246

6 0

2 years ago