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user100 [1]
3 years ago
10

The following refers to units processed by a breakfast cereal maker in August. Compute the total equivalent units of production

with respect to conversion for August using the weighted-average inventory method. Units of Product Percent of Conversion Added Beginning Work in Process 230,000 60 % Units started 570,000 100 % Units completed 620,000 100 % Ending Work in Process 180,000 70 %
Business
1 answer:
masya89 [10]3 years ago
3 0

Answer:

Total Equivalent Units Conversion    746,000

Explanation:

Breakfast Cereal Maker

Weighted-Average Inventory Method

Total Equivalent Units

                                     Units               Conversion     Equivalent Units

Particulars                                                   %

Units completed         620,000               100 %             620,000

<u>Add Ending WIP          180,000                70 %               126,000</u>

<u>Total Equivalent Units                                                      746,000</u>

<u />

<em>The total Equivalent units are obtained by adding the percent of the units in the ending work in process inventory to the units completed and transferred out. This is the average weighted method of finding the equivalent units.</em>

<em>As only conversion is required we found out the conversion units only.</em>

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Alpha Company has assets of $624,000, liabilities of $262,000, and equity of $362,000. It buys office equipment on credit for $8
Sphinxa [80]

Answer:

The effect is an increase in the balance of assets by $87,000 and  a corresponding increase in the balance of liabilities.

Explanation:

The accounting equation shows the relationship between all the elements of the balance sheet. These are the assets, liabilities and owners equity. It is shown as

Assets = Liabilities + Equity

When a company buys an asset on account, the entries required are debit assets, credit accounts payable. This means that asset increases but so does liabilities balance.

Hence asset increases to

= $624,000 + $87,000

= $711,000

Liabilities also increases to

= $262,000 + $87,000

= $349,000

3 0
3 years ago
The town of Gracie has established a permanent fund to account for numerous significant gifts intended to maintain a cemetery in
Viktor [21]

Answer: B. Restricted Fund Balance

Explanation:

A Restricted Fund is created when the source of the funds sets certain stipulations for the use of the money which in this case is that the monies should be used for the maintenance of the cemetery. The monies will therefore be restricted to that use alone.

The Unspent Investment Earnings will be reinvested in the Permanent fund at the end of the year. The Permanent Fund is a Restricted fund account therefore the Unspent earnings will be classified as a Restricted fund balance as well.

4 0
3 years ago
The unadjusted and adjusted trial balances for American Leaf Company on October 31, 2018, follow:
Rashid [163]

Answer:

1. Dr Accounts Receivable $6

Cr Fees Earned $6

2. Dr Supplies Expense $3

Cr Supplies $3

3. Dr Insurance Expense $12

Cr Prepaid Insurance $12

4. Dr Depreciation Expense $5

Cr Accumulated Depreciation—Equipment $5

5. Dr Wages Expense $2

Cr Wages Payable $2

Explanation:

Preparation of the five journal entries that adjusted the accounts at October 31, 2018.

1. Dr Accounts Receivable $6

Cr Fees Earned $6

($44-$38)

(To Accrued fees earned)

2. Dr Supplies Expense $3

Cr Supplies $3

($10-$7)

(To record Supplies used)

3. Dr Insurance Expense $12

Cr Prepaid Insurance $12

($22-$10)

(To record Insurance expired)

4. Dr Depreciation Expense $5

Cr Accumulated Depreciation—Equipment $5

($12-$7)

(To record Equipment depreciation)

5. Dr Wages Expense $2

Cr Wages Payable $2

($2-$0)

(To record Accrued wages)

4 0
3 years ago
Bok buys an espresso machine from Coffee Gadgets, which bills him for $100. He writes out a check drawn on Dios Bank, but later,
noname [10]

Answer: d. must stop payment if the bank has a reasonable time to act.

Explanation:

Dios as a bank holds money for it's customers which means that the money is still under the ownership of the customer in question to do as they see fit.

If the customer therefore instructs them to act in a certain way with that money, they will do so provided that it is legal of course.

Bok asks Dios to stop a payment related to his own money and so they must do so if they have enough/reasonable time to do so because as their customer, he is there first priority especially in relation to his own money.

5 0
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Catherine sat down with all of her income details from the past year to calculate the total income she had in that period. After
Nataliya [291]

Answer:

Adjusted Gross Income

Explanation:

4 0
3 years ago
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