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Marizza181 [45]
2 years ago
8

A company determined that the budgeted cost of producing a product is $30 per unit. On June 1, there were 72000 units on hand, t

he sales department budgeted sales of 220000 units in June, and the company desires to have 40000 units on hand on June 30. "The budgeted cost of goods sold" for June would be
Business
1 answer:
Lyrx [107]2 years ago
4 0

Answer:

"The budgeted cost of goods sold" for June would be $5,640,000

Explanation:

Sales department budget for June = 220,000  units

Less-Opening balance as on 1st June = 72,000  units

Add-Closing balance as on 30th June = 40,000  units

No of unit manufactured = Sales department budget for June  - Opening balance as on 1st June + Closing balance as on 30th June

= 220,000 - 72,000 + 40,000

= 188,000  units

Cost per unit = $30

Budgeted cost of manufactured = 188,000 × $30 = $5,640,000

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Colgate-Palmolive Company reports the following balances in its retained earnings.
Dafna11 [192]

Answer:

a. $1,028 million

b. 46.7%

Explanation:

a. Dividends are taken from the retained earnings and net income is added to the retained earnings. The formula for ending retained earnings is;

Ending retained earnings = Opening Retained earnings + Net Income - Dividends

14,329 = 13,157 + 2,200 - Dividends

Dividends = 13,157 + 2,200 - 14,329

Dividends = $1,028 million

b. Dividends as a percentage of income

= 1,028/2,200

= 0.467

= 46.7%

3 0
3 years ago
If employees are bonded Group of answer choices they have worked for the company for at least 10 years. it means that they are n
Solnce55 [7]

Answer:  The correct answer is :  they have been insured against misappropriation of assets.

Explanation:  The employee relationship is an agreement, of fidelity, in which the insurance company guarantees the payment of a defined sum in the event that the employee who is covered by the insurance, causes financial losses to the employer.

6 0
3 years ago
Explain errors are not detected by a trial balance ​
Paha777 [63]

Answer:

Errors not detected by a trial balance ​ are:

1. Posting to Wrong Account

2. Error of Amounts in Original Book

3. Compensating Errors

4. Errors of Principle

5. Errors of Omission

Explanation:

The Trial Balance does not provide absolute assurance of ledger account accuracy. It is just an evidence of the postings' arithmetical accuracy. Even though the amount of debits equals the amount of credits, there may be inaccuracies.

A trial balance will not reveal such errors, and they are:

1. Posting to Wrong Account: IF accidentally posted something to the wrong account, but it was on the right side, the Trial Balance agreement will not be affected. For example, if a $200 purchase from John was credited to Joshua instead of John. As a result, Trial Balance will miss such an error.

2. Error of Amounts in Original Book: The Trial Balance will come out appropriately if an invoice for $632 is filed in Sales Book as $623, because the debit and credit have been recorded as $623. The arithmetical precision is there, yet there is a flaw.

3. Compensating Errors: This occurs one mistake is offset by a similar mistake on the other side. These errors are cancelled if one account in the ledger is debited $500 less and another account in the ledger is credited $500 less.

4. Errors of Principle:  An errors of Principle is one that breaches the foundations of bookkeeping. Purchases of furniture, for example, are debited to the Purchase Account rather than the Furniture Account; wages paid for the erection of plant are debited to the Wages Account rather than the Plant Account; and the amount spent on a building extension is debited to the Repairs Account rather than the Building Account, and so on. These kind of errors do not alter the total debits and credits, but they do impair the bookkeeping principle.

5. Errors of Omission: There will be no effect on the Trial Balance if a transaction is completely omitted. An error of omission occurs when a transaction is fully unreported in both aspects, or when a transaction is documented in the books of primary entry but never entered in the ledger. For example, if a credit purchase is not recorded in the Purchase Day Book, it will not be posted to both the Purchase Account and the Supplier's Account. This error, on the other hand, will not cause Trial Balance to disagree.

7 0
3 years ago
Suppose a bank gets a new deposit of $100 cash and it has a 20% required reserve ratio. If the bank lends the maximum amount of
Scorpion4ik [409]

Answer:

check able deposits = $500

correct option is C. $500

Explanation:

given data

cash deposit = $100

reserve ratio = 20%

to find out

check able deposits

solution

we will apply here check able deposits formula that is express as

check able deposits = cash deposit + ( deposit cash - ( deposit cash × reserved ratio ) × \frac{1}{reserve ratio} )     ...........................1

put here value we get

check able deposits = $100 + ( $100 - ( $100 × 20% ) × \frac{1}{0.2} )

check able deposits = $500

correct option is C. $500

8 0
2 years ago
The owner of a small biotechnology company motivates employees _____ by reminding them of the satisfaction they will gain from h
MariettaO [177]

Answer: intrinsically; extrinsically

Explanation:

Intrinsic motivation simply has to do with self satisfaction. It is the motivation that one does because one find that particular thing fun or satisfying.

Extrinsic motivation is a form of motivation that is reward driven. It is when one does something because there's a particular reward attached to that thing.

3 0
2 years ago
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