A job cost sheet of Sandoval Company is given below.

Dunn Sporting Goods sells athletic clothing and footwear to retail customers. Dunn's accountant indicates that the firm's operat

Brilliant_brown [7]

Answer:

Dunn Sporting Goods

Identifying Current Assets and Current Liabilities

Current Assets:

1. Prepaid Rent $6,000

3. Inventory $46,230

4. Marketable securities $700

5. Cash $1,050

7. Account receivable $2,850

Current Liabilities:

2. Accounts payable $9,700

6. Interest Payable $4,500

Explanation:

a) Data and Analysis:

1. Prepaid Rent (Current Assets) $6,000 Prepaid Rent (Long-term Assets) $2,500 in the amount of $8,500. Dunn's rent is $500 per month.

2. Account payable $9,700

3. Inventory (Current assets) $46,230.

4. Short-term marketable securities $700 Long-term Investments $1,200

5. Cash (current assets) $1,050.

6. Loan Payable (long-term) $60,000 due in March 2024. Interest Payable (current liabilities) $4,500

7. Account receivable (Current assets) $2,850

8. Store equipment $9,200. Accumulated depreciation $1,250.

b) Current assets are short-term assets expected to be used up within 12 months while current liabilities are short-term assets expected to be settled within 12 months.

8 0

3 years ago

What would economic conditions potentially be like in the u.s if the federal reserve did not regulate monetary policy, monitor b

kenny6666 [7]

If the Federal Reserve did not regulate monetary policy, monitor banks, and provide services for banks, then the transactions would be more costly and interest rates will be more.

The Federal Reserve (Fed) in the US manages the economic and financial system in US. It regulate the monetary policy, monitor banks and provide services for banks. They monitor banks so that there will be no more increases in the costs of transactions than the cost agreed by the Fed. Also it will also reduce the possibility of increase in interest rates as the monetary policy is also implemented by the Fed. As a head of the banks, the Federal Reserve also provide services to other banks. In short, the Fed keeps the US economy stable. If they did not regulate monetary policy, monitor banks, and provide services for banks, then it would have been hard to keep this economic stability in US.

Learn more about Federal Reserve at brainly.com/question/382312

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4 0

2 years ago

In a process-costing system, the cost of abnormal spoilage should be A. Included in the cost of units transferred out. B. Prorat

Olin [163]

Answer:

D. Treated as a loss in the period incurred.

Explanation:

The process-costing system is used by firms that produce goods that goes through a set of manufacturing departments i.e it's used when firms mass produce nearly identical or similar units through various processes.

Under process-costing system, direct costs of production are accumulated, summarized, and then assigned to all the units produced during the period.

Thus, a single product cost is calculated by dividing process cost in each manufacturing department by the respective units produced during the production period.

Some organizations that use the process-costing system are oil refineries, chemical processing companies, eraser manufacturing companies, and food production companies.

In a process-costing system, the cost of abnormal spoilage should be treated as a loss in the period incurred.

The abnormal spoilage refers to the cost exceeding normal level, associated with spoiled units of a manufacturing process. It should be treated as a loss in the period incurred because it cannot be recovered

4 0

3 years ago

If you were to take over as inventory control manager at wheeled coach, what additional policies and techniques would you initia

alexgriva [62]

The inventory control manager at Wheeled Coach would need to have ABC investigation as well as actualize tight physical control of the stockroom. He would likewise execute a cycle tallying framework, and guarantee that issues require building change sees for those things not at first included on the bill of material. To the degree attainable, stockrooms would be united.

6 0

3 years ago

Dottie Beauchamp recently was hired by PetSmart to help recruit, select, and train new employees to work in its stores. Beaucham

WINSTONCH [101]

Answer:

option A

Explanation:

Human resource administration refers to the the systematic approach to managing people effectively within a company or industry so they can help their business gain an edge. It is intended to increase the efficiency of workers in relation to the strategic goals of an enterprise.

HR practitioners monitor an organisation's human resources, and concentrate on strategies and procedures being implemented. Such managers specialize in discovering, hiring, education and workforce growth as well as retaining employee relationships or rewards. Specialists in skills training assure that workers are educated and also have sustained growth.

7 0

3 years ago