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AlekseyPX
3 years ago
15

Buffalo Corporation purchased warehouse shelving for $96,000, terms 1/10, n/30. At the purchase date, Buffalo intended to take t

he discount. Therefore, it made no entry until it paid for the acquisition. The entry was:
Business
1 answer:
Murrr4er [49]3 years ago
4 0

Answer:

Office Equipment (Debit)                  96,000

Accounts Payable (Credit)                96,000

Explanation:

Buffalo Corporation should have made the above stated entry. As the equipment is supposed to start depreciation from the date of purchase (when the asset is available for use as intended by management). Since the corporation intended to take the discount by paying early within the number of days allowed so upon payment the following entry should be made.

Accounts Payable (Debit)                             96,000

Purchase Discount Income (Credit)                9,600

Cash (Credit)                                                  86,400

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The Edward James Toy Company uses a kanban system to make a plastic wheels that are a component of several toys. The waiting tim
kicyunya [14]

Answer:

The number of kanban containers needed for the wheels is 4.2 containers

Explanation:

In order to calculate the number of kanban containers needed for the wheels we would have to calculate the following formula:

number of kanban containers needed for the wheels=Demand rate*(Average processing time+Average waiting time)*(1+Alpha)/Container size

According to the given data we have the following:

Demand rate = 2000 per day

Average processing time= 0.15 day

Average waiting time = 0.25 day

Container size= 200

Alpha= 5%

Therefore, number of kanban containers needed for the wheels=2,000*(0.15+0.25)*(1+0.05)/200

number of kanban containers needed for the wheels=4.2 containers

The number of kanban containers needed for the wheels is 4.2 containers

6 0
2 years ago
Digger Inc. sells a high-speed retrieval system for mining information. It provides the following information for the year.
kozerog [31]

Answer:

Predetermined overhead rate=$19.5/machine hour

The company applied  $877500 to the units produced.

Explanation:

a) Pre-determined overhead rate= <u>Budgeted overhead manufacturing cost</u>

                                                         Estimated number of machine hours

                                                    =975000/50000=$19.5/machine hour.

b)Applied overhead = Pre-determined overhead rate * Actual machine hours

                               = 19.5 * 45000

                              =$877500.

c.

In traditional costing we use as base for calculating overhead rate is machine hours or labor hours but in activity based costing we identify activity that consume resources,identify cost driver of each activity,compute cost rate per cost driver unit and finally assign cost to products by multiplying cost driver rate.

Predetermined overhead rate= estimated overhead/Estimated base (cost driver).

7 0
3 years ago
A currency drain occurs when
gogolik [260]

Answer:

The correct answer is: non-bank public increases its holdings of currency outside the banking system.

Explanation:

A currency drain refers to the situation where there is an increase in currency held outside the banking system. When the public holds more money outside the banking system, it reduces the total reserves of the banks. The excess reserves get reduced as well.

The currency gets drained from the banking system, so banks can create less money. This causes a reduction in the money supply.

5 0
3 years ago
Grasping, strategies for problem solving, driving a car, and balancing a budget are all examples of ______, according to piaget.
solmaris [256]

Grasping, strategies for problem-solving, driving a car, and balancing a budget are all examples of Schemas.

<h3>What is Schemas?</h3>

A schema is defined as a pattern of contented or behavior that handles informational categories and the relations between them, according to psychology and cognitive science.

Schemas can be seen in the act of grasping, problem-solving techniques, operating a vehicle, and budgeting.

Therefore, the given events are the examples of Schemas.

To learn more about the Schemas, refer to;

brainly.com/question/18959128

#SPJ1

7 0
2 years ago
Why is it important for natural monopolies to exist? they help the consumer decide among several suppliers for a necessary servi
malfutka [58]
The reason is that they make it more efficient to deliver necessary goods and services to consumers.
3 0
3 years ago
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