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katen-ka-za [31]
3 years ago
11

Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw materials on credit

; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the issuance of materials to production is:
Business
1 answer:
kvasek [131]3 years ago
8 0

Answer:

WIP 195,000 debit

Factory Overhead 30,000 debit

    Raw Materials 225,000 credit

Explanation:

The journal entry to record <u>the issuance of materials to production</u>

<u />

Direct materials 195,000 goes to WIP

30,000 indirect goes into actual Factory Overhead (debit)

raw materials will decrease by the sum of both cocnepts-

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While conducting an audit, Larson Associates, CPAs, failed to detect material misstatements included in its client's financial s
tatuchka [14]

Answer:

Larson did not have actual or constructive knowledge of the misstatements.

Explanation:

When a CPA conducts an audit of a firm's statements, they do not give a guarantee that all the firm's statements are accurate. Larson CPA is only giving an opinion that the books of its clients follows the generally accepted accounting practices.

They should however not knowing give opinion on statements that they know is untrue.

So the best defense for Larson Associates is that they did not have actual or constructive knowledge of the misstatements. Since they do not guarantee that all statements of the client is accurate.

8 0
2 years ago
Cinnamon Toast Crunch cereal and Trix cereal are considered substitute goods. Because of this, one would predict that, holding a
zvonat [6]

As Crunch cereal and Trix cereal are substitute goods, then, if the price of Crunch cereal increases, then, we would see that the demand curve for Trix cereals will shift to the left

<h3>What causes demand curve to shifts to left? </h3>

In economics, when the demand curve shifts to the left it means that determinant causes demand to drop and less of the good or service is demanded.

In conclusion, if the price of Crunch cereal increases, then, we would see that the demand curve for Trix cereals will shift to the left

Read more about demand curve

<em>brainly.com/question/1979620</em>

7 0
2 years ago
Maya, who lives in California, just purchased her first home at a Trustee’s foreclosure sale. She was given a deed at the sale.
nevsk [136]

Answer:  Trustee's Deed

                             

Explanation: A trust deed in immovable property in the Americas refers to a legal instrument used to develop a significant stake in the immovable property under which legal title in capital assets is diverted to a trustee holding that as security for such a loan between a creditor and perhaps a lender.

From the perspective of the investor, a document of trust has a vital benefit as compared to a mortgage. If a borrower fails to pay on the loan, on part of the lender, the trustee has the right to repossess the land. Thus, from the above we can conclude that Maya would have been given a trustee's deed.

7 0
2 years ago
In order to retain certain key executives, Smiley Corporation granted them incentive stock options on December 31, 2017. 150,000
Mice21 [21]

Answer:

Check the explanation

Explanation:

Kindly check the attached image below to see the step by step explanation to the question above.

3 0
3 years ago
Assume that one year ago, you bought 130 shares of a mutual fund for $27 per share, you received an income distribution of $0.12
Anika [276]

Answer:

Solution:

Dollar amount of total return = Capital gain distributions + Change in market value

First, we calculate the capital gain distributions

Income and capital gains distribution = ($0.12 + $0.22) x 130 shares

Income and capital gains distribution = $44.2

Now, we calculate the change in market value

Change in market value = Sales Price - Purchase price

Change in market value = 130 x $24 - 130 x $27

Change in market value = -$390

Therefore,

Dollar amount of total return = $44.2 + (-$390)

Dollar amount of total return = -$345.80

6 0
3 years ago
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