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3 years ago

The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:

Business

1 answer:

Lera25 [3.4K]3 years ago

4 0

<u>Solution and Explanation:</u>

The following journal entries will be passed in the book sof fasteners Inc., Co., which is a supplier of buttons and zippers for clothing

Date Accounts Titles and Explanation Post Ref Debit Credit

1 Nov-21 Notes receivable $ 72,000

Accounts receivable-McKenna Outer Wear Co. $ 72,000

2 Dec-31 Interest receivable $(72000 * 9 \% * 40 / 360)$ $720

Interest revenue $ 320

3 Jan-20 Cash $ 73080

Interest revenue $(72000 * 9 \% * 20 / 360)$ $360

Interest receivable $720

Notes receivable $72,000

Note: the figures have been calculated and rounded off in the nearest dollar amount.

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Answer: Stratified Sampling

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2 years ago

One of the most important in-store factors is the salesperson. This influence can be understood in terms of ________ theory, whi

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Option (b), The salesperson is one of the most crucial in-store elements. The exchange theory, which emphasizes that each participant provides to the other and anticipates receiving something in return, can be used to explain this influence.

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11 months ago

he units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22 units @ $29 $638 June 16 Purc

Mama L [17]

Answer:

Thus, difference in gross profit = $144 + $144 = $288

Profit as per FIFO is higher than profit as per LIFO

Explanation:

In the given case, as per both the methods computation shall be as follows:

Date Quantity Rate Amount

Mar 1 22 units $29 $638

Jun 16 31 units $30 $930

Nov 28 41 units $37 $1,517

Total 94 units $3,085

Closing units = 18

That means sales = 94 - 18 = 76 units

Thus as per LIFO cost = 41 units @ $37 + 31 units @ $30 + 4 units @ $29

= $2,563

Closing stock = 18 units @ $29 = $522

As per FIFO cost = 22 units @ $29 + 31 units @ $30 + 23 units @ $37 = $2,419

Closing stock = 18 units @ $37 = $666

Thus, difference of closing stock = $666 - $522 = $144

Profit as per FIFO is higher by $144

Cost is higher in LIFO by $2,563 - $2,419 = $144

Thus, difference in gross profit = $144 + $144 = $288

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3 years ago

To accurately determine the financial performance of a company, it is necessary to compare the company's performance ________.

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1 year ago

Romain Surgical Hospital uses the direct method to allocate service department costs to operating departments. The hospital has

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Answer:

Romain Surgical Hospital

The total Surgery Department cost after service department allocations is closest to:

$ 565,970

Explanation:

a) Data and Calculations:

Service Department Operating Department

Information Technology Administration Surgery Recovery

Departmental costs $ 36,294 $ 36,282 $ 522,320 $ 720,360

Computer workstations 43 20 74 64

Employees 39 25 94 47

Information Technology costs allocated based on the Computer workstations $36,294/138 = $263 per workstation

Administration costs allocated based on the number of employees:

$36,282/141 = $257.32

Direct Allocation of Service Departments' Costs:

Service Department Operating Department

Information Technology Administration Surgery Recovery

Departmental costs $ 36,294 $ 36,282 $ 522,320 $ 720,360

Information Techn. (36,294) 0 19,462 16,832

Administration 0 (36,282) 24,188 12,094

Total costs 0 0 $ 565,970 $ 749,286

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3 years ago