Which statement describes a convention used by Italian Baroque artist Caravaggio in The Conversion of Saint Paul?

Identify whether a debit or credit results in the indicated change for each of the following accounts.

Maksim231197 [3]

Answer:

a. To increase Land - Debit

b. To decrease Cash - Credit

c. To increase Fees Earned (Revenues) - Credit

d. To increase Office Expense - Debit

e. To decrease Unearned Revenue - Debit

f. To decrease Prepaid Rent - Credit

g. To increase Notes Payable - Credit

h. To decrease Accounts Receivable - Credit

i. To increase Common Stock - Credit

j. To increase Store Equipment - Debit

Explanation:

Debit gives details of spending, sum owed , amount to balance which is usually recorded to the left side of an account entry book while credit gives the details of income, amount earned or made on sale, spending cut and revenue and is usually placed to the right hand column of an account entry.

8 0

3 years ago

Cost of Goods Manufactured for a Manufacturing Company

aniked [119]

Answer:

Cost of goods manufactured $ 2567,400

Explanation:

Ethtridge Manufacturing Company

Statement of Cost of Goods Manufactured

For the Month Ended July 31

Direct materials $1,150,000

Direct labor 966,000

Total factory overhead 490,500

Total manufacturing costs $ 2606500

Add July 1 Work in process inventory, 316,400

Cost of Goods Available for manufacture $ 2922,900

Less July 31 Work in process inventory, 355,500

Cost of goods manufactured $ 2567,400

When we add the direct materials. direct labor and FOH we get the total manufacturing costs .

When the total manufacturing costs are added to the opening work in process inventory we get the cost of goods available for manufacture and we get the cost of goods manufactured by subtracting the ending work in process inventory from the cost of goods available for manufacture.

6 0

3 years ago

During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 48,000 mini refrigerators, of whi

Anvisha [2.4K]

Answer:

Part a.

Income statement based on the absorption costing concept.

Sales $8,800,000.00

Less Cost of Sales

Beginning Inventory $0

Add Manufacturing Cost $6,048,000.00

Less Ending Inventory ($504,000.00) ($5,544,000.00)

Gross Profit $3,256,000.00

Less Expenses :

Selling and administrative expenses:

Variable $528,000.00

Fixed $352,000.00 ($880,000.00)

Net Income/(loss) $2,376,000.00

Part b.

Income statement based on the variable costing concept.

Sales $8,800,000.00

Less Cost of Sales

Beginning Inventory $0

Add Manufacturing Cost $5,520,000.00

Less Ending Inventory ($460,000.00) ($5,060,000.00)

Contribution $3,740,000.00

Less Expenses :

Fixed manufacturing cost $528,000.00

Selling and administrative expenses:

Variable $528,000.00

Fixed $352,000.00 ($1,408,000.00)

Net Income/(loss) $2,332,000.00

Part c.

Reason : Fixed Costs deferred in Ending Inventory in Absorption Costing has resulted in a higher Income.

Explanation:

Units in Ending Inventory Calculation :

Production 48,000

Less Sales (44,000)

Ending Inventory 4,000

Absorption Costing Calcs

Variable Manufacturing Costs

Direct materials $3,360,000.00

Direct labor $1,344,000.00

Variable manufacturing cost $816,000.00

Fixed manufacturing cost $528,000.00

Total $6,048,000.00

Ending Inventory = $6,048,000.00 × 4,000 / 48,000

= $504,000

Variable Costing Calcs

Variable Manufacturing Costs

Direct materials $3,360,000.00

Direct labor $1,344,000.00

Variable manufacturing cost $816,000.00

Total $5,520,000.00

Ending Inventory = $5,520,000.00 × 4,000 / 48,000

= $460,000

4 0

3 years ago

JTL has 148,000 shares of stock outstanding. The firm has extra cash so it announced this morning that it is willing to repurcha

MrRissso [65]

Answer:

A tender offer.

Explanation:

This is simple explained to be the offer put to place to execute a work or even services for a said/given price. These offers are typically said to be done publicly; shareholders in some cases a been put to place to sell their shares for a specified price and within a particular window of time. Target sales orders which are been tabled/offered are been usually placed at certain premium value which are effective in market price and is often contingent upon a minimum or a maximum number of shares sold. In many other cases, tender are seen to be in security forms or other non-cash alternatives are offered in exchange for shares.

3 0

3 years ago

An investor purchased 100 shares of stock X at \small 6\frac{1}{8} dollars per share and sold them all a year later at 24 dollar

Salsk061 [2.6K]

Answer:

option (C) 280%

Explanation:

Number of shares of stock X purchased = 100

Purchasing cost of share = $\$6\frac{1}{8} =\frac{49}{8}$