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3 years ago

What is the purpose of a trial balance?

1 answer:

7 0

Preparing a trail balance for a company serves to detect any mathematical errors that have occurred in the double-entry accounting system. If the total debits equal the total credits, the trial balance is considered to be balanced, and there should be no mathematical errors in the ledgers. The trail balance is a working document used by accountants as the basis to prepare financial statements. The purpose is to ensure that for every debit listed there is a corresponding credit recorded, shares Accounting-Simplified. If the totals do not balance, an investigation may be made.

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Entry for Factory Labor Costs A summary of the time tickets is as follows: Job No. Amount 100 $3,460 101 2,870 104 5,260 108 5,9

trapecia [35]

Answer:

DR Work in Progress Account $39,650

DR Factory Overhead Account $18,440

CR Wages Payable $58,090

(To record factory Labor Costs)

Workings

Work in Progress

Standard policy is to send the direct cost of Labor to the Work in Progress Account.

The Total direct cost of labor are all of the above except the Indirect cost.

= 3,460 + 2,870 + 5,260 + 5,950 + 3,630 + 2,380 + 16,120

= $39,650

8 0

3 years ago

Distributive, procedural, and interactional are

Jet001 [13]

Answer:

Organizational justice

Explanation:

Organizational justice concerns employees' understanding of fairness, results, and processes within a company. Distributive, procedural, and interactional are the three types of organizational justice that companies must embrace in order to have happy and productive employees.

4 0

3 years ago

List four people you know who would be good references to include on a job application. What is their relationship to you? Expla

kobusy [5.1K]

Answer:

Explanation:

Someone you have worked with previously (a coworker). They would be able to speak for how well you work with other people, how you contribute to the environment etc.

Boss from previous job. They can testify to the quality, quantity, regularity and consistency of work + how responsible and dependant you are.

Someone you do volunteer work with or anything extra-curricular related to job. Shows passion and character outside of a professional environment.

A teacher (if its your first job), who can show how well you learn new skills and how willing you are to be critiqued and improve.

3 0

3 years ago

For the next 6 years, you plan to make equal quarterly deposits of $600.00 into an accountpaying 8% compounded quarterly. How mu

viva [34]

Answer:

Final Value= $18,253.12

Explanation:

Giving the following information:

For the next 6 years, you plan to make equal quarterly deposits of $600.00 into an account paying 8% compounded quarterly.

To calculate the final value, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= quarterly deposit= 600

n= 6*4= 24

i= 0.08/4= 0.02

FV= {600*[(1.02^24) - 1]}/ 0.02= $18,253.12

8 0

3 years ago

Two years ago, Kimberly became a 30 percent partner in the KST Partnership with a contribution of investment land with a $10,000

klio [65]

Answer:

A. $6,000

B. $13,000

Explanation:

A. Calculation to determine Kimberly’s remaining basis in KST after the distribution

Basis in KST$ 15,000

Add §737 gain $3,000

($15,000-$12,000)

Deduct Carryover basis in land ($12,000)

Remaining basis in KST $6,000

($15,000+$3,000-$12,000).

Therefore Kimberly’s remaining basis in KST after the distribution will be $6,000

B. Calculation to determine KST’s basis in the land Kimberly contributed after Kimberly receives this distribution

KST basis upon contribution $10,000

Add Kimberly’s §737 gain $3,000

($15,000-$12,000)

KST’s basis in land $13,000

($10,000+$3,000)

Therefore KST’s basis in the land Kimberly contributed after Kimberly receives this distribution is $13,000

6 0

3 years ago