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omeli [17]
3 years ago
12

The Marchetti Soup Company entered into the following transactions during the month of June:

Business
1 answer:
fiasKO [112]3 years ago
3 0

Answer:

Explanation:

The journal entries are shown below:

1. Merchandise Inventory A/c Dr $200,000

             To Account payable A/c $200,000

(Being the inventory purchased is recorded)

2. Salaries Expense A/c Dr $51,000

                      To Cash A/c $51,000

(Being salaries expenses are paid for cash)

3. Cost of goods sold A/c Dr $142,000

               To Merchandise Inventory $142,000

(Being the merchandise is sold for cost)

Accounts receivable A/c Dr $255,000

                To Sales revenue A/c  $255,00

(Being the merchandise is sold on credit)

4.  Cash A/c Dr $235,000

        To Accounts receivable A/c $235,000

(Being the cash is collected)

5. Accounts payable A/c Dr 180,000

           To Cash A/c 180,000

(Being cash is paid)

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Land improvements were put into service on January 1st. The cost was $80,000, and the estimated salvage value was $20,000. The c
pochemuha

Answer:

7

Explanation:

Depreciation expense using the straight line depreciation method = (Cost of asset - Salvage value) / useful life

Useful life isn't given

Cost of asset = $80,0000

Salvage value = $20,000

Depreciation expense = $5,000

$5,000 = ($80,000 - $20,000) / x

$5,000 = $60,000 / x

X = 12

The useful life is 12 years

If accumulated depreciation is $25,000, the number of years so far would be $25,000 / $5,000 = 5 years

Remaining year = 12 - 5 = 7 years

I hope my answer helps you

8 0
3 years ago
The law of demand applies most directly to which group?
Ilya [14]
The answer is BUYERS
8 0
3 years ago
Crane Company has 900 shares of 4%, $100 par cumulative preferred stock outstanding at December 31, 2018. No dividends have been
labwork [276]

Answer:

c) $7200

Explanation:

Preference dividends have preference when it comes to payment of dividends.

This means that we pay the Preference Stock holders their dividend (which is fixed) and there after the remainder is paid up to the Common Stockholders

Preference dividend = 900 shares x $100 x 4 % =  $3600

When Preference Stock is Cumulative, it means that all previous dividends in arrears have to be paid up before any current year distributions are made.

<u>2018</u>

Cumulative Preference dividend = $3600 (2017) + $3600 (2018) = $7200

therefore,

Dividends in arrears at December 31, 2018 total $7200

8 0
3 years ago
Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct
Paladinen [302]

Answer:

Overhead at the end of the year was $3,570 under-applied

Explanation:

For computing the ended overhead amount, first, we have to compute the predetermined overhead rate. The formula is shown below:

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours)

= $521,220 ÷ 21,900 hours

= $23.8

Now we have to find the actual overhead which equals to

= Actual direct labor-hours × predetermined overhead rate

= 21,750 hours × $23.8

= $517,650

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $521,220 - $517,650

= $3,570 under-applied

8 0
3 years ago
Which manager designs the product in a business​
TiliK225 [7]
It is a product design manager
3 0
2 years ago
Read 2 more answers
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