Suppose the market price of corn is $5 a bushel but the government sets a price of $7. As a result______________

The final step in recognizing the completion of production requires a company to?

Maru [420]

'The final step in recognizing the completion of production requires a company to debit Finished-Goods Inventory and credit Work-in-Process Inventory.

Production is the process of making or producing goods or products from raw materials or parts. In other words, production takes inputs and uses them to create outputs suitable for consumption, i.e. goods or products of value to the end-user or customer.

Production is the process of making, harvesting, or creating something, or the quantity of something manufactured or harvested. An example of production is the manufacture of furniture. An example of production is harvesting corn for food. An example of production is corn production.

The economist classifies the factors of production into his four categories: land, labor, capital and entrepreneurship. The first element of production is land, which includes all natural resources used to produce goods and services.

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4 0

1 year ago

"Maple Corp. had net sales of $217,550 for the year ended December 31, 2017. Its beginning and ending total assets were $94,2

BaLLatris [955]

Answer:

2.09

Explanation:

Asset ratio is a business tool used to measure the efficiency of assets towards sales generation by comparing net sales to average total assets.

It is calculated by dividing the net sales by average total assets.

The average total assets is used in order to make allowance for fluctuation in the course of business year

Workings

Net sales = $217550

Opening total asset = $94200

Closing Total assets = $ 113500

Asset ratio turnover = 217550/(94200+113500)/2

=2.09

7 0

3 years ago

Smith Company reported pretax book income of $400,000. Included in the computation were favorable temporary differences of $50,0

Hoochie [10]

Answer:

$10,200

Explanation:

The computation of the deferred income tax expense or benefit is shown below:

Favorable temporary difference = $50,000

Less: Unfavorable temporary difference -$20,000

Net favorable temporary difference $30,000

We assume the tax rate is of 34%

So, the deferred tax expense is

= $30,000 × 34%

= $10,200

By finding out the net favorable temporary difference and then multiplied with the tax rate we can get the deferred tax expense and the same is shown above

3 0

2 years ago

Which of the following types of inventory describes inventory that has been purchased but not processed?

PtichkaEL [24]

Answer:

A. raw material inventory

Explanation:

Inventory materials are basically of 3 types namely; Raw materials, semi-finished goods and finished goods.

Raw materials are inventory materials yet to be processed. It is usually referred to as material cost.

Inventory items that have been processed but yet to be finished are called semi finished goods. Such items are also called work-in-process inventory.

Finished goods are inventory items ready to be sold.

Based on the above statements, the right option is A. raw material inventory.

3 0

3 years ago

The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending D

alexdok [17]

Answer:

The year-end adjusting entries for the uncollectible accounts will be:

April 13:

Debit Allowance for doubtful accounts $6,530

Credit Accounts receivable $6,530

(To record write-off of accounts receivable - Dean Sheppard)

May 15:

Debit Cash $3,270

Credit Accounts receivable $3,270

(To record collection on account - Dan Pyle)

Debit Allowance for doubtful accounts $5,410

Credit Accounts receivable $5,410

(To record write-off of accounts receivable - Dan Pyle)

July 27:

Debit Accounts receivable $6,530

Credit Allowance for doubtful accounts $6,530

(To re-establish accounts receivable from Dean Sheppard)

Debit Cash $6,530

Credit Accounts receivable $6,530

(To record collection on account - Dean Sheppard)

December 31:

Debit Allowance for doubtful accounts $13,330

Credit Accounts receivable $13,330

(To record write-off of accounts receivable - Miscellaneous)

Explanation:

April 13: Shipway Company wrote-off account of Dean Sheppard, this means there would be a reduction in both allowance for doubtful accounts and accounts receivable.
The receipt on May 15 of $3,270 reduced the accounts receivable but increased cash. However, the write-off of $5,410 caused a reduction in both the allowance account and accounts receivable.
When there was a receipt of $6,530 on July 27, the accounts receivable would be reinstated and then adjusted for the cash receipt.
Lastly, the write-off of the uncollectible accounts from miscellaneous customers were added up to arrive at $13,330.

8 0

3 years ago

Suppose the market price of corn is​ $5 a bushel but the government sets a price of​ $7. As a​ result_______________--

Suppose the market price of corn is $5 a bushel but the government sets a price of $7. As a result_______________--