In risk management, what does risk control include?

On February 1, a customer's account balance of $2,300 was deemed to be uncollectible. What entry should be recorded on February

Lesechka [4]

Answer:

Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300

Explanation:

The journal entry is shown below:

Allowance for Doubtful Accounts A/c Dr $2,300

To Accounts Receivable A/c $2,300

(Being the written-off amount is recorded)

Since we have to record this journal entry so we debited the Allowance for Doubtful Accounts A/c and credited the account receivable account so that the correct posting can be done.

7 0

3 years ago

The export business in China is growing. Uncle George, who has just returned from a trade expo in Shanghai, has informed you tha

vlada-n [284]

Answer:

Assuming that the capacity of the new X-ray machine is the same as the capacity of two older machines, the difference results from the number of units waiting in line (queue). You would need two different groups of workers to move the containers into the correct position if you use the two older machines, while you need only one group to move them to the new machine. This decreases lead time since coordinating work also requires time, it might be a short time, but it is more time at the end of the day.

4 0

3 years ago

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one uni

Bond [772]

Answer:

1. Material Variances

Material Price Variance = $3,000 F

Material Quantity Variance = $4,000 U

2. Labor Variances

Labor Rate Variance = $1,425 U

Labor Efficiency Variance = $900 F

Explanation:

Provided information we have,

Direct Materials

Standard Quantity = 4.6 pounds

Standard Rate = $2.50 per pound

Direct Labor

Standard Hours = 0.2 hour per unit

Standard Rate = $18 per hour

Actual Materials

Actual Quantity = 20,000 pounds

Actual Rate = $2.35 per pound

Actual Labor

Labor Hours = 750 hours

Labor Cost = $14,925

Labor rate = $\frac{14,925}{750} = $19.9 per hour$

Actual Units produced = 4,000

1. Material Variances

$Material\ Price\ Variance = (Standard\ Price - Actual\ Price) \times Actual\ Units$

= ($2.50 - $2.35) $\times$ 20,000 pounds

= $3,000

As the actual rate is less than standard rate the variance is favorable.

$Material\:Quantity\ Variance = (Standard\ Quantity - Actual\ Quantity) \times Standard\ Rate$

Standard Quantity = 4,000 $\times$ 4.6 = 18,400 pounds

Material Quantity Variance = (18,400 - 20,000) $\times$ $2.50

= - $4,000

As the actual raw material quantity used is higher than standard raw material quantity the variance is unfavorable.

2. Labor Variances

$Labor\ Rate\ Variance = (Standard\ Rate - Actual\ Rate) \times Actual\ Hours$

= ($18 - $19.9) $\times$ 750 = - $1,425

As actual rate is higher than standard rate thus the variance is unfavorable.

$Labor\ Efficiency\ Variance = (Standard\ Hours - Actual\ Hours) \times Standard\ Rate$

Standard Hours = 4,000 $\times$ 0.2 = 800

Labor Efficiency Variance = (800 - 750) $\times$ $18

= $900

As the Standard Hours is more than Actual Hours the variance is favorable.

1. Material Variances

Material Price Variance = $3,000 F

Material Quantity Variance = $4,000 U

2. Labor Variances

Labor Rate Variance = $1,425 U

Labor Efficiency Variance = $900 F

6 0

3 years ago

What are factors of production?

Reika [66]

C: all the physical tools and equipment used in the production process. That would be the answer

4 0

4 years ago

The degree to which a specific finding can be applied to a broader group or population is __________.

Citrus2011 [14]

The correct answer to this is either generalizing or generalizabilty. Both mean the same and can be used interchangeably. It is basically an ability to generalize something based on a specific finding. It's not only on a broader group though, as it can also be done for its impact on natural environments based on a smaller finding.

7 0

3 years ago

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