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olga2289 [7]
2 years ago
8

The deeds and actions of a producer indicate what kind of authority?

Business
1 answer:
stich3 [128]2 years ago
8 0
The deeds and action of a producer indicates apparent authority 
Apparent authority is a legal concept in which a principal is liable for the acts of the agent in case the principal gives an impression to a third party that the agent acts or speaks for the principal. The agent acts on behalf of the principal, even though not expressly or implicitly granted. 
You might be interested in
The general journal is used to: a. post all accounting entries not posted in other individual journals. b. post all accounting e
hjlf

Answer: The general journal is used to post all accounting entries.

Explanation:

The general journal is the journal where all company transactions are recorded in. In other words, a general journal is the book of original entry where bookkeepers and accountants record business transactions according to the date the transactions take place.

It is the initial place where transactions are recorded, every page in the journal is divided into columns for dates, debit or credit records, serial numbers etc. Some companies keep specialized journals, such as sales journals or purchase journals, which records only a particular type of transactions. When a transaction has been recorded in the general journal, the amount is then posted to the appropriate accounts.

6 0
3 years ago
Read 2 more answers
Aggie Fitness began business in College Station, TX on June 1, 2018. At that time, the company collected $6,000 in advance payme
REY [17]

Answer:

b. $2,500, $3,500

Explanation:

Amount collected in advance will be recognized as a liability until the revenue is earned. Entries are posted between the cash account and deferred revenue account on collection of cash.

Given that he company collected $6,000 in advance payments from customers for 12-month gym memberships on June 1, 2018.

Debit Cash account $6,000

Credit Unearned revenue $6,000

After 7 months ( between 1 June and 31 December 2018),

Revenue earned = 7/12 × $6,000 = $3,500

On December 31, 2018,

Debit Unearned revenue          $3,500

Credit Membership  Revenue   $3,500

Balance in unearned revenue accounts = $6,000 - $3,500 = $2,500

Balance in Membership revenue = $3,500

3 0
3 years ago
Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an ela
brilliants [131]

Answer:

Becton Labs, Inc.

1. Direct materials:

a. Price variance

= $20,600 Favorable

Quantity variance

= $1,890 Unfavorable

b. The company can sign the contract provided it is made clear to the new supplier that price variations would not be welcome shortly after signing the contract, but will depend on the market realities.

2. Direct labor:

a. Direct labor rate and efficiency variances:

Direct labor rate variance

= $3,200 Favorable

Efficiency variance

= $8,160 Unfavorable

b. I would not recommend that the new labor mix be continued.  The old mix may be working better because the labor efficiency cost increased with the new mix labor mix.

3. The variable overhead rate and efficiency variances:

Variable overhead rate variance

= $5,200 Favorable

Variable overhead efficiency variance

= $2,380 Unfavorable

Explanation:

a) Data and Calculations:

Standard  Costs for 1 Unit of Fludex:

                                              Standard              Standard      Standard Cost

                                        Quantity or Hours   Price or Rate  

Direct materials                     2.40 ounces    $27.00 per ounce   $64.80

Direct labor                           0.60 hours        $12.00 per hour          7.20

Variable manufacturing

overhead                             0.60 hours          $3.50 per hour          2.10

Total standard cost per unit                                                           $74.10

Activities recorded during November:

a. Materials purchased = 13,000 ounces at $330,300

Each ounce = $25.41 (330,300/13,000)

b. Materials used for production = 10,150 ounces (13,000 - 2,850)

Standard materials = 4,200 * 2.40 = 10,080 ounces

c. Direct labor hours = 20 * 160 = 3,200 hours

Standard labor hours = 0.60 * 4,200 = 2,520

Average labor rate = $11.00 per hour

Direct labor costs = $35,200 ($11.00 * 3,200)

d. Standard variable overhead = $11,200 (3,200 *$3.50)

Actual overhead incurred = $6,000

Actual overhead rate = $1.43 ($6,000/4,200)

e. Units produced = 4,200

1. Direct materials:

a. Price variance = (Actual price - standard price)* Actual units

= ($25.41 - $27.00)13,000 = $20,600 F

Quantity variance = (Actual quantity - Standard quantity) Standard Cost

= (10,150 - 10,080) * $27.00

= $1,890 U

b. The company can sign the contract provided it is made clear to the new supplier that price variations would not be welcome shortly after signing the contract, but will depend on the market realities.

2. Direct labor:

a. Direct labor rate and efficiency variances:

Direct labor rate variance = (Actual rate - Standard rate) * Actual hours

= ($11 - $12) * 3,200 = $3,200 Favorable

Efficiency variance = (Actual hours - Standard hours) * Standard rate

= (3,200 - 2,520) * $12

= $8,160 Unfavorable

b. I would not recommend that the new labor mix be continued.  The old may be working better because the labor efficiency cost increased.

3. The variable overhead rate and efficiency variances:

Variable overhead rate variance = Actual costs − (AH × SR)

= $6,000 - (3,200 * $3.50)

= $6,000 - $11,200

= $5,200 Favorable

Variable overhead efficiency variance =  (AH − SH) × SR

= (3,200 - 2,520) * $3.50

= $2,380 Unfavorable

3 0
2 years ago
June Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 80 units that cost $20
inn [45]

Answer: 200 units

Explanation:

Beginning inventory                                      80 units.

Company Purchases                                     <u>480 units</u>

Total                                                                560 units

Sales                                                               <u>(360 units)</u>

Ending Inventory                                            200 units

200 units remain in Ending inventory.

7 0
2 years ago
Leno Company sells goods to the Fallon Company for​ $10,000. It offers credit terms of​ 2/10, n/30. If Fallon Company pays the i
Zinaida [17]

Answer:

Leno Company will record a debit to Cash in the amount​ of: D. ​$9,800

Explanation:

The terms of 2/10, n/30 means 2% discount for the payment within 10 days and the full amount to be paid within 30 days.

Fallon Company pays the invoice within the discount​ period - early enough to receive a 2% discount. The discount amount is 2% x $10,000 = $200.

On the other hand, Leno Company has to offer a 2% discount to Fallon Company. Cash amount Leno Company receives = $10,000 - 2% x $10,000 = $9,800

Leno Company will record a debit to Cash in the amount​ of $9,800

6 0
3 years ago
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