Work in process inventory
Explanation:
The overall costs assigned to the department is shown in a costing system for "work in the process inventory"
Work in the process stock shows all costs of the product manufacture and the applicable overhead is also charged to the process stock account.
With goods at various stages of the production process, the WIP applies to the raw materials, the work and overhead costs involved. WIP is part of the balance sheet inventory asset account. These costs will then be converted to the finished product account and ultimately to sales costs.
A wise money manager is someone who is smart with their money. They plan out how they are going to spend it and what exactly they will spend it on. Before spending a lot of money, they save for something so that they aren't making impulse, drastic decisions.
The most helpful examples of milestones for the goal includes:
- taking classes to learn the language of the country
- saving & investing 35% of her income.
<h3>What are milestones?</h3>
This refers to those series of actions and achievements that are necessary to attain to make progress toward goals.
Hence, the examples of milestones for attaining the goal of retiring in a foreign country includes to attend college taking classes to learn the language of the country she wants to retire in and saving & investing 35 percent of her income every month.
Therefore, the Option 2 and 6 is correct.
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Answer: a. Liabilities increased by $1.0 million in 2018
Explanation:
In 2018, $9 million was used to settle the wage debt of 2017 and the remainder was used to settle the wages in 2018.
The money remaining in cash after the wage settlement was:
= 9,000,000 - 2,000,000 - 8,000,000
= -$1,000,000
This means that $1,000,000 of wages was not settled in 2018 which means that this would have to go to the Wages Payable account to signify that the company owes wages.
This account is a liability account so liabilities in 2018 would increase by $1,000,000.
Answer and Explanation:
Any additional cost incurred on account of improving the performance of long term asset is called capital improvement.
1. New component was purchased to improve the efficiency of the equipment.
Journal entry:
Particulars Debit Credit
Equipment $22,000
Cash $22,000
(Being component purchased for cash)
Equipment is debited as capital improvements are made.
2. In the third year, some repair expense incurred for maintaining the efficiency of equipment.
Journal entry:
Particulars Debit Credit
Repair expense $6,250
Cash $6,250
(Being repair expense incurred and paid in cash)
increase in expenses is debited and decrease in asset (cash) is credited.
3. Since repairs is improving the useful life of the equipment, it is considered capital improvement, so the same will be charged to the equipment.
Journal entry:
Particulars Debit Credit
Equipment $14,870
Cash $14,870
(Being repair expense charged to equipment)
