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3 years ago

Using conversion cost per equivalent unit is appropriate for many business that use process costing because:

1 answer:

7 0

<span>I am definitely sure that correct answer is: Using conversion cost per equivalent unit is appropriate for many business that use process costing because d</span>irect labor and factory overhead enter the production process at the same rate. To calculate cost per equivalent unit you need to the total cost of production and divide by the number of units.

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The book balance in the checking account of Kyri Enterprises as of November 30 is $2,964. The bank statement shows an ending bal

lianna [129]

Answer:

reconciliation of bank balance:

bank balance $2,525

+ deposits in transit 11/29 $125

+ deposits in transit 11/30 $200

- outstanding check N. 322 $17

- outstanding check N. 324 $105

- outstanding check N. 327 $54

adjusted bank balance $2,674

reconciliation of checking account:

checking account balance $2,964

+ error on Check N. 321 $20

- NSF check $185

- unrecorded ATM withdrawal $100

- bank fees $25

adjusted checking account $2,674

To correct the error on Check N. 321

Dr Cash 20

Cr Accounts payable 20

To record NSF check

Dr Accounts receivable 185

Cr Cash 185

To record ATM withdrawal

Dr Drawing - Susan Kyri 100

Cr Cash 100

To record the bank fees

Dr Bank charges 25

Cr Cash 25

4 0

3 years ago

A wedding party hired a sole proprietorship to cater their wedding. In this situation the sole proprietorship is a partnership,

Kruka [31]

Answer:

False

Explanation:

A sole proprietorship is owned and managed by a single person. The owner is responsible for all the decisions and actions of his or her business. The owner may hire workers to assist in running the business. The workers remain workers and not partners in the business.

The law does not distinguish between the business and the owner. Any liabilities arising from the business are considered to be the owner's liability. In this wedding situation, the sole proprietor is solely responsible for the mistakes of his assistant.

7 0

3 years ago

The following information relates to the manufacturing operations of the IMH Publishing Corporation for the year:Beginning Endin

LenKa [72]

Answer:

Raw materials purchased = $111,000

Explanation:

given data

Beginning Ending

Raw materials inventory $47,000 $50,000

Finished goods 58,000 50,000

raw materials use manufacturing = $108,000

solution

we get here Raw materials purchased that is express as

Raw materials purchased + beginning raw material = ending Raw materials + Raw materials used ...................1

put here value and we get

Raw materials purchased = $50,000 + $108,000 - $47,000

Raw materials purchased = $111,000

6 0

2 years ago

____________ risk refers to the danger of changes in buying power during times of rising or falling prices.

natali 33 [55]

The risk refers to the danger of changes in buying power during times of rising or falling prices is known as inflation.

Risk refers to the uncertainty or probability of an accidental event that will affect the decision-making of an individual or organization. In business the higher the risk, the higher the profit is achieved.

Inflation is defined as the ratio at which prices rise over time. Inflation is usually defined as a wide measure of price increases or increases in the cost of living in a place affecting its citizens.

Inflation diminishes the purchasing power of individuals which leads to high risk for investors who paid a fixed rate of interest on the investment. Most concerned about inflation-reducing returns are those individuals who invested in cash equivalents.

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3 0

2 years ago

The majority of 401 (k) plans are participant directed.<br> a)true<br> b) false

xxTIMURxx [149]

The plans regarding the contributions made to the 401(k) plans are directed by the participant, who is also known as an employee of the organization.

A 401(k) can be referred to as a feature of a profit-sharing plan that enables the employees to make a partial contribution of their wages to their individual accounts.

An employee is referred to as a participant for the purpose of this plan. It is further to be noted that this plan is as per the voluntary directions of the participant.

Hence, it holds true that majority of the 401(k) plans are participant directed.

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8 0

1 year ago