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DiKsa [7]
3 years ago
13

A company incurred the following costs: $6,000 for indirect labor; $26,000 for direct labor; $2,500 for utilities for the factor

y building; $10,300 for factory equipment depreciation; $8,700 for office equipment depreciation. The total overhead costs reported on the schedule of cost of goods manufactured is
Business
1 answer:
Mumz [18]3 years ago
3 0

Answer:

$18,800.00

Explanation:

Overhead costs are the indirect and fixed expenses that cannot be directly associated with a product. They are associated with the production or manufacturing of goods.

In this case

The manufacturing expenses that cannot be attached to a product are

Indirect labor:     $ 6,000.00

Factory utilities:     $ 2,500.00

factor equipment deprecation  <u>$10,300.00</u>

      <u>$18,800.00</u>

Total overhead costs are $18,800.00

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In a credit application, besides one's capacity to pay, creditors also consider which of the following?
DochEvi [55]

Answer:

The lenders use a system of five Cs to know about the creditworthiness of potential borrowers. They weigh five characteristics of the borrower and various conditions of the loan, chances of default and risk of loss. The five Cs used by the lender are capacity, character, collateral, capacity and conditions.

  • The first C is character, it can be known by the previous loans of the applicant.
  • Debt to income ratio is the second C.
  • The third C is capital, it is the amount of money possessed by an applicant.
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  • The fifth C is conditions, the amount of the loan, its purpose and the prevailing interest rate in the market are known as conditions.
4 0
3 years ago
Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising. EcoMart uses a perpetual in
Rudik [331]

Answer:

Oct 1

Debit  : Accounts Receivable $2,600

Debit : Cost of Sales $1,450

Credit : Sales Revenue $2,600

Credit : Merchandise $1,450

Oct 6

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Debit : Merchandise $145

Credit : Accounts Receivable $260

Credit : Cost of Sales $145

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Debit : Cost of Sales $1,450

Credit : Sales Revenue $1, 250

Credit : Merchandise $1,450

Oct 11

Debit  : Cash $2,340

Credit : Accounts Payable $2,340

Explanation:

The perpetual method ensures that the cost of sales and inventory values are calculated after every transaction made.

Therefore, remember to show the cost of sale journal and the resulting decrease in inventory after every sale.

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3 years ago
assume that two firms are both following generally accepted accounting principles. both firms commenced operations two years ago
Igoryamba

The statement is False as when the balance sheets for the two companies are submitted to investors, they are not obligated to disclose the same amount of net fixed assets.

The Property, Plant, and Equipment classification is used to categorize fixed assets on a company's balance sheet. The cost of fixed assets is decreased on the balance sheet by depreciating them over the course of their useful lives in order to account for wear and tear. Both firms started off with $1 million worth of identical fixed assets when they first opened their doors two years ago, and neither one has sold or added any new ones. So, they are not supposed to report the same amount of fixed assets to investors since there is an absence of asset purchases.

Both current assets and fixed assets are listed on the balance sheet, with current assets intended for use immediately or for cash conversion and fixed assets for longer-term usage (more than one year).

Learn to know more about Accounting principles on

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Suppose that a flower nursery benefits from having a butterfly farm located only a few miles away, because the presence of the i
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Answer: Contracts

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