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Ray Of Light [21]
3 years ago
8

For each item described: Identify the type of account (Asset, Liability, Equity, Revenue or Gain, Expense or Loss), normal balan

ce (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra account, the answer will show the account type in parentheses. Answer items may be used once, more than once, or not at all.
Sales & Services
Allowance to for Doubtful Accounts
Office Salaries Paid
Notes Payable
Cash
Sales Returns & Allowances
1. Expense or Loss, Debit, Income Statement, Yes
2. Revenue or Gain, Credit, Income Statement, Yes
3. Asset, Debit, Income Statement, Yes
4. Liability, Credit, Income Statement, Yes
5. Revenue, Credit, Balance Sheet, No
6. (Asset), Credit, Balance Sheet, No
7. (Revenue or Gain), Credit, Income Statement, Yes
8. Asset, Debit, Balance Sheet, No
9. Asset, Debit, Balance Sheet, No
Business
1 answer:
Juli2301 [7.4K]3 years ago
8 0

Answer:

Identification of Type of Account, etc.:

Letter  Account

2.         Sales & Services  

6.    Allowance to for Doubtful Accounts  - 6. (Asset), Credit, Balance Sheet, No

1.     Office Salaries Paid  - Expense or Loss, Debit, Income Statement, Yes

Notes Payable

8.    Cash  - Asset, Debit, Balance Sheet, No

1. Sales Returns & Allowances - Expense or Loss, Debit, Income Statement, Yes

Explanation:

NB: Notes Payable are Liabilities, Credit, Balance Sheet, No.

The normal balance of Assets is debit.  Assets are stated in the balance sheet and are not closed at the end of the period.  The normal balance of Liabilities and Equity is credit.  Liabilities and Equity are stated in the balance sheet and are not closed at the end of the period.  The normal balance of Revenue or Gain is credit.  Revenue or Gain is stated in the Income Statement and is closed at the end of the period.  The normal balance of Expense or Loss is debit.  Expense or loss is closed at the end of the period.

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vova2212 [387]

Answer:

Explanation:

a.

Direct Material cost per unit = Cost of Direct materials/ units produced = $3400/17000 mugs = $0.20 per mug

Direct material used per mug = 0.40 pounds

Direct material cost per pound = $0.20 / 0.40 = $0.50 per round

Direct material inventory = 3400 * $0.50 = $1700

b. Compute the finished goods ending inventory in units on December 31, year 1.

Finished Goods inventory (in units) = Finished goods inventory / manufacturing cost per unit

Manufacturing cost per unit = (Direct material + Direct Labour + Indirect manufacturing cost)/Units Produced

= ($3400+$25280+$1140+$4180)/17000 = $2 per unit

Finished Goods inventory (in unit) :

Year 1 = $6,000/$2 = 3000 units

c. Compute the selling price per unit.

Selling price per unit = Revenues / units sold

Units sold = Units produced - units in the ending finished goods inventory = 17000-3000 = 14000

Selling price per unit = $52,500/14000 = $3.75

d.Compute the operating profit (loss) for year 1

Operating income for the year :

Revenues  $52,500

Cost of goods sold (14000*$2)  (28000 )

-----------------------------------------------------------------

Gross Margin                          $24,500

Less marketing and administrative cost:  

Variable cost ($2,350)  

Fixed cost ($11,800)

-----------------------------------------

                                                  ($14,150)

Operating Profit  $10,350

7 0
3 years ago
A work system has five stations that have process times of 5, 9, 4, 9, and 8. What is the throughput time of the system?A. 7B. 4
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Answer:

D

The throughput time of the system is 35

Explanation:

When we talk of the throughput time of a system, we are referring to the total time utilized from the start of the job to the end

So to calculate the throughput time of this system, we simply need to add all the hours of work together (proceeds time)

That would be; 5 + 9 + 4 + 9 + 8 = 35

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Answer: Option (B) is correct.

Explanation:

Correct option: The marginal utility from consuming good A will be lower than before.

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Therefore, the marginal utility from consuming good A will be lower than before.

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Answer:

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Ainat [17]

Answer:

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