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Tatiana [17]
3 years ago
13

Which information is found on a credit report?

Business
1 answer:
Makovka662 [10]3 years ago
8 0

Answer:

D: Credit account history

Explanation:

got it right on edgenuity

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[The following information applies to the questions displayed below.]
blsea [12.9K]

Answer:

<em><u>Widmer Watercraft</u></em>

<em><u>Journal Entries</u></em>

Sr No                      Particulars                 Debit                   Credit

a.                      Materials                    $200,000

                     Accounts Payable                                         $ 200,000

Purchased raw materials on credit, $200,000.

b.             Work in Process Job 136        $ 48,000

              Work in Process Job 137            32,000

               Work in Process Job 138           19,200

              Work in Process Job 139           22,400

                Work in Process Job 140           6,400

                                       Materials                                      $  128,000  

Total direct materials 128,000 issued.

           Factory Overhead Control Account  19,500

                                    Materials                                      $  19,500  

Indirect materials 19,500 issued.

c.                  Factory Overhead- Equip       15,000

                                     Cash                                          15000    

Paid $15,000 cash to a computer consultant to reprogram factory equipment.

d.              Work in Process Job 136      $12,000

                Work in Process  Job 137      10,500

                 Work in Process Job 138      37,500

                 Work in Process Job 139      39,000

                Work in Process  Job 140       3,000      

       Factory Overhead Control Account  24,000

                    Wages Control Account                                $ 126,000

Total direct labor 102,000 charged to production, Indirect labor 24,000  Charged to  Factory Overhead.

e.                Work In Process Job 136      $24,000

                  Work in Process Job 138      75,000

                 Work in Process Job 139      78,000

                Applied Overhead                                           255,000

Applied overhead to Jobs 136, 138, and 139 at 200% of Direct Labor Cost.

         Applied Overhead Control Account  $ 255,000

               Factory Overhead Control Account                   $ 255,000

Applied Overhead Closed To Actual Overhead Account.

f.          Finished Goods Control  Account       $ 355,100

                                   Work in Process Job 136                  84000

                                   Work in Process Job 138                 131,700

                                     Work in Process Job 139              139,400

Transferred Jobs 136, 138, and 139 to Finished Goods.

g.                    Cost of Goods Sold          215,700

                      Finished Goods                                      215,700

Sold Jobs 136 and 138 on credit at a total price of $525,000.

                   Accounts Receivable          $525,000                

                                      Sales                                   $525,000

h.       Factory Overhead Control Account $ 149,500

               Provision For Depreciation Account            $68,000

               Prepaid Insurance Expense                           $ 10,000

    Accumulated Depreciation Factory Equip.             36,500

           Property Taxes Payable Account                      35,000

The company incurred the above overhead costs during the month.

i.          Work in Process  Job 136       21,000    

              Work in Process  Job 140       6,000    

               Factory Overhead Control Account              27,000

Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% .        

                 

                     

4 0
3 years ago
Merle Corporation applies manufacturing overhead to products on the basis of standard machine-hours. For the most recent month,
bixtya [17]

Answer: $721 Unfavorable

Explanation:

The following can be deduced from the question:

Actual hours = 3690 hours

Standard hours = 3620 hours

Standard rate per hour = ($14000 + $27200) / 4000

= $41200 / 4000

= $10.30 per hour

Therefore, the overall variable overhead efficiency variance for the month is calculated as:

= (Actual Hours - Standard Hours) × Standard rate per hour

= (3690 - 3620) × $10.30

= 70 × $10.30

= $721 Unfavorable

3 0
3 years ago
The first group of customers to enter the market for a new product are called: a. the late majority. b. laggards. c. passive sho
Bas_tet [7]

Answer: Innovators

Explanation:

Innovators are customers who take risk, seek changes and are also the earliest to purchase a new product. They are able to tolerate high risk which enables them to try products in the initial stage of its life cycle ahead of other customers.

Their tolerance for high risk makes them try out new products such as new technologies even though the product may fail eventually. They have huge financial liquidity which enables them try new products. They are also called influencers because they influence other people in the society about the product.

8 0
3 years ago
Indiana Co. bega n a construction project in 2018 with a contract price of $150 million to receive when the project completed in
Liula [17]

Answer: C) Recognized $9 million gross profit on the project in 2018.

Explanation:

Duration of construction project from 2018 to 2020 = 3 years

Cost incurred by Indiana co. in 2018 = $36 million

Estimated additional cost for the remainder of the project = $84 million

Total cost to be incurred over the duration of the project = $36 million + $84 million = $120 million

To calculate the percentage of the project completed, we use the cost figures;

Cost incurred so far (in 2018) ÷ Total cost to be incurred × 100

36,000,000/ 120,000,000 × 100 = 30%

Total revenue from contract (which is the contract price) = $150 million

Indiana Co. recognizes revenue according to the percentage of the project completed. Therefore, revenue recognized after 30% of the project is completed (which is the revenue for 2018) = 30% of $150,000,000

Revenue for 2018 = 30/100 × 150,000,000 = $45,000,000

Profit recognized on the project in 2018 = Revenue for 2018 - Cost incurred in 2018

Profit = $45,000,000 - $36,000,000

Gross profit recognized in 2018 = $9,000,000

5 0
3 years ago
The following information is available for Sunland Company:
vladimir1956 [14]

Answer:

Contribution margin= 250,000

Explanation:

Giving the following information:

Sales $590,000

Total fixed expenses $150,000

Cost of goods sold $390,000

Total variable expenses $340,000

<u>A CVP income statements provides the following structure:</u>

<u></u>

Sales= 590,000

Total variable costs= (340,000)

Contribution margin= 250,000

6 0
3 years ago
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