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love history [14]
3 years ago
11

Colleen Mooney earned a salary of $400 for the last week of September. She will be paid on October 1. The adjusting entry for Co

lleen's employer at September 30 is:
Select one:
a. No entry is required.
b. Salaries and Wages Expense 400 Salaries and Wages Payable 400
c. Salaries and Wages Expense 400 Cash 400
d. Salaries and Wages Payable 400 Cash 400
Business
1 answer:
gayaneshka [121]3 years ago
3 0

Answer:

b. Salaries and Wages Expense 400 Salaries and Wages Payable 400

Explanation:

The expense shall be recognized in the accounts of Colleen's employer at September 30, in respect of the salary earned by Colleen Mooney for the last week of September.

The following adjusting entry shall be recorded in Colleen's employer accounts:

                                                                               Debit                          Credit

Salaries and Wages Expense                               400

Salaries and Wages Payable                                                                   400

Based on above journal entry, the answer shall be b. Salaries and Wages Expense 400 Salaries and Wages Payable 400

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Interdepartment Services: Step Method
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Answer:

O'Brian's Department Stores

a) Determination of the percentage of total personnel department services that was provided to the Payroll department

Since allocation of the personnel department services is based on the number of employees, we can use this to calculate the percentage.  The personnel employees are not included in this calculation.

= 4/32 x 100 = 12.5%

b) Percentage of total payroll department services provided to the personnel department.  Since the basis is the gross payroll, we can use this to calculate the percentage.  The gross payroll of the Payroll department is not included in the calculation.

= $6,000/$42,100 x 100 = 14.3%

c)                          Personnel  Payroll  House-     Clothing   Furniture    Total

                                                         Ware

Direct department

  cost               $ 7,800  $ 3,200    $ 12,200   $ 20,000  $ 16,750  $59,950

Number of

  employees       5              4                8               16             4             37

Gross payroll $ 6,000  $ 3,300    $ 10,600     $ 17,400    $ 8,100   $45,400

Total cost      $13,800   $6,500    $22,800     $37,400  $24,850  $105,350

Allocation of service departments costs, using the step method:

Personnel      -13,800      1,725          3,450         6,900       1,725       13,800

Payroll              0           -8,225           2,415         3,965        1,845       8,225

Total allocated 0               0          $28,665    $48,265   $28,420 $105,350

Explanation:

a) Data:

                        Personnel  Payroll  House-     Clothing   Furniture    Total

                                                         Ware

Direct department

  cost               $ 7,800  $ 3,200    $ 12,200   $ 20,000  $ 16,750  $59,950

Number of

  employees       5              4                8               16             4             37

Gross payroll $ 6,000  $ 3,300    $ 10,600     $ 17,400    $ 8,100   $45,400

b) Cost allocation & Calculations:

Personnel (based on the number of employees)

Rate = $13,800/32 = $431.25 per employee

Payroll (based on gross payroll)

Rate = Payroll cost = Payroll cost divided by the total gross payroll in the other departments, excluding personnel and payroll departments

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c) Allocation of service departments' costs is a method of apportioning costs incurred by service departments to the production departments in order to include all the costs in the product costs.  Three methods exist for allocating service departments' costs to the production departments.  The first, which is the simplest, is the direct method.  With this method, the costs of service departments are allocated directly to each production department based on the consumption of the service department's services.  They are not allocated to other service departments.

The second method is the step method.  Here, the costs of one service department with the highest cost are allocated to all other departments first, including production and other service departments following a step.  The costs of the next service department with the highest costs are allocated to the remaining departments.  This step is continued until all the service departments' costs have been allocated.  Once the costs of a service department have been completely allocated, that department would not be allocated any other cost.

The Reciprocal method, which is the last method, is the most accurate and complicated method.  This method first establishes the relationship among the service departments in equation form and uses the established equations to allocate the costs of service departments.  We may not discuss it further than this.

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For banks, online transactions are an inexpensive alternative to branch banking. Transaction costs are about ________ per online
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Answer:

The corrects answers that fills the gaps are: 2 cents; $1,07.

Explanation:

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Among the main electronic means of payment can be mentioned: debit cards, credit cards, mobile wallet and internet transactions - electronic banking.

The advantages:

- They are safer than the use of cash.

- They allow paying for goods or services in an immediate or faster way.

- They allow easy control over the operations and expenses incurred.

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Alexxandr [17]

Answer:

a) Contribution margin= $6,4

b) break-even point:

in units=76562 cds

in dollars=$869058

c) Net profit= $5910000

d) Q=107813 cds

Explanation:

Variable costs:

CD package and disc $1.25/CD

Songwriters’ royalties $0.35/CD

Recording artists’ royalties $1.00/CD

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in dollars= fixed costs/(contribution margin/price)

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using the break-even formula

Q=(fixed cost+profit)/contribution margin

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