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3 years ago

Define current assets. what basis is used for arranging individual items within the current assets section

1 answer:

5 0

Current assets are balance sheet accounts that represent the value of all assets that are expected to be converted into cash within one year. Current assets include cash and cash equivalents, accounts receivable, inventory, marketable securities, prepaid expenses and other liquid assets that can be readily converted to cash.
Accounts receivables, bills to customers that have yet to be paid, are considered current assets as long as thy can be expected to be paid within a year.

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The payroll register for Gamble Company for the week ended April 29 indicated the following: Salaries $1,250,000 Social security

Nastasia [14]

Answer with its Explanation:

Part A. The with held taxes will adjusted against the salaries which means with held taxes will be credited and the salaries accrued will be debited and the difference of the accrued salary and with held taxes will go to the salaries payables (Credit).

The double entry is given as under:

Dr Salaries Expenses $1,250,000

Cr Social Security Payables $75,000

Cr Medicare Tax Payables $18,750

Cr Federal Income Tax Payables $250,000

Cr Salaries Payables $906,250

Part B. The state and federal unemployment taxes will also result in the increase in the salaries expense just like the with held taxes.

The double entry would be as under:

Dr Salaries Expense $13,500

Cr State Unemployment Taxes $12,150 (225,000 * 5.4%)

Cr Federal Unemployment Taxes $1,350 (225,000 * 0.6%)

3 0

3 years ago

True or false Personal action plans should not be flexible and cannot be modified.

Ronch [10]

That statement is False

Often time, you will have to faced some problems that will messed up your personal action plans.

in that case, you need to adjust your personal action plans so you can stick to your goal, that's why it have to be flexible and can be modified

5 0

3 years ago

Read 2 more answers

On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cos

NeTakaya

Answer:

Option (d) is correct.

Explanation:

Given that,

Inventory sold to Alberta, Inc. on account = $5,800

Cost of goods sold = $4,000

The journal entries are as follows:

(i) On October 1,

Accounts receivable A/c Dr. $5,800

To sales A/c $5,800

(To record the credit sale of inventory)

(ii) On October 1,

Cost of goods sold A/c Dr. $4,000

To Merchandise inventory A/c $4,000

(To record the cost of goods sold)

4 0

3 years ago

You are the General Manager of a US owned plant located in Northern Mexico. The firm manufactures semiconductors and uses tempor

Varvara68 [4.7K]

Answer:

tables to display the required information:

$\left[\begin{array}{ccccccc}$quarter&$beg workers&$hired&$lay-off&$total&$working days&$production\\1st&375&174&0&549&59&971730\\2nd&549&23&0&572&62&1063920\\3rd&572&0&50&522&55&861300\\4th&522&0&196&326&58&567240\\\end{array}\right]$

$\left[\begin{array}{ccccc}$quarter&$beginning&$production&$demand&$ending\\1st&120000&971730&940000&151730\\2nd&151730&1063920&1215000&650\\3rd&650&861300&860000&1950\\4th&1950&567240&430000&139190\\\end{array}\right]$

Total cost:

hiring cost: (174 + 23)*200 = 39,400

lay-off cost: (50 + 196) * 400 = 98,400

inventory cost: ending inventory * $0.25 = 73,380

Total cost: $211,180

Explanation:

We solve this using Excel SOLVER which uses linear programming.

First, build a table for workers and production.

$\left[\begin{array}{ccccccc}\\A&B&C&D&E&F&G\\$quarter&$beg workers&$hired&$lay-off&$total&$working days&$production\\1st&375&&&B + C - D &59&E \times 30 \times F\\2nd&E_1&&&B + C - D&62&E \times 30 \times F\\3rd&E_2&&&B + C - D&62&E \times 30 \times F\\4th&E_3&&&B + C - D&62&E \times 30 \times F\\\end{array}\right]$

Then we build a table for inventory:

$\left[\begin{array}{ccccc}\\A&B&C&D&E\\quarter&beginning&production&demand&ending\\1st&120000&&&B+C-D\\2nd&E_1&&&B+C-D\\3rd&E_2&&&B+C-D\\4th&E_3&&&B+C-D\\\end{array}\right]$

Last the cell for total cost we want to minimize:

=SUM(hired) x 200 + SUM(lay-off) x 400) + SUM(ending inventory) x 0.25

Our requirement is:

1)ending inventory of 100,000 or more

2) total worker of 325 or above

3) fulfill all demand so ending must be zero or higher than zero

4) hiring and lay-off are Natural numbers (we can't hire 0.5 employees)

4 0

3 years ago

If people believe their rights are being violated, they have the right to a fair and impartial hearing. This reflects the basic

igor_vitrenko [27]

Answer:

I believe its C

7 0

3 years ago