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Eduardwww [97]
3 years ago
8

Jared expects to charge $60 per hour for his industrial maintenance business during the following year. He expects to reach 50,0

00 hours at that price. Jared's partner disagrees with the estimate and expects closer to 40,000 hours. What should Jared do when preparing the budget for the year?
Business
1 answer:
Nataliya [291]3 years ago
8 0

Answer:

Explanation:

He should work with the 50,000 hours estimate instead of the 40,000 in order to avoid shortage of funds during the business year

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Marcelino Co.’s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are
Setler [38]

Answer:

A journal entry was prepared to  record the transactions of Marcelino Company during the month of April with the scheduled cost of goods.

Explanation:

Solution

The first step is to take is  preparing  a journal entries to record the transactions of Marcelino Company during the month of April.

(a)  JOURNAL ENTRIES OF MARCELINO COMPANY

                                Job 306        Job 307      Job 308     April Total

Balances on 31st

    March

Direct materials       29000    35000                               64000

Direct labor                20000    18000                                38000

Applied overhead      10000      9000

(b)

Costs during April

Direct materials           135000    220000   100000    455000

Direct labor                   85000    150000     105000 340000

Applied overhead            42500    75000    52500 170000

Cost of Manufacturing    32150      507000  257500 1086000

Status on April 30     Finished (sold)Finished (unsold)In process

April Profit Statement

Manufacturing Cost               1086000

Less Closing WIP job 306 257500

Less Finished goods 307 507000

ADD overhead under applied 5000

Cost Of Goods sold           326500

Sales Value                           635000

Gross Profit                           308500

OverheadActualy incured  

Indirect material                    50000

Indirect labor                          23000

Factory rent                            32000

Factory Utility                          19000

Factory equipment             51000

OverheadActualy incured     175000

Overhead applied             170000

Overhead under applied      5000

We create another Journal for Marcelino Company

Journal                       Credit               Debit

Material Control        500000

Account Payable                               500000

Overhead control      175000

Overhead payable                              175000

Wage Control              363000

Wage Payable                                      363000

Work in progress       455000

Material Control                                    455000

Work in progress        340000

Direct labor                                            38000

Work in progress         170000  

Applied overhead                                 170000

Overhead under applied 5000  

Cost of Goods sold                                 5000

Finished Goods          507000  

Work in progress                                    507000

5 0
3 years ago
Plz solve its timed!!!
Luda [366]

Answer:

Revaluation of assets and liabilities

Explanation:

The main adjustments required at the time of a partner from a partnership firm: Change in the profit sharing ratio. Accounting treatment of goodwill.

5 0
2 years ago
When is owning a car a better option than leasing a car?
earnstyle [38]
You can sell it later. if you lease, you are paying money for someone else's car. say you can buy a car for 20thousand or lease for 1000 per month. after 20months, you would have paid the exact same amount, except if you bought the car, you now have an asset tht can be sold.
6 0
3 years ago
Diego has been hired as a consultant to review a company’s contracting and purchasing procedures. He began by reviewing recent c
MatroZZZ [7]

Diego applying the systems model of change as a diagnostic framework

<h3><u>Explanation:</u></h3>

The Business Diagnostics Framework is a systemized way to diagnose the form of your business. The framework emerges from the external concentric rings, evaluating primary the outside environment and then penetrating down into the essential functional areas of the business processes.

Business diagnosis is a means of operating rearward to recognize causes for inadequate execution by making the relevant links within causes and effects. Thus, it is a method of knowing the signs or conditions of a problem. The Business Diagnostics system is a different framework that assists resolve even the most complicated business circumstances.

6 0
3 years ago
True or False: When refusing an internal request, it is not a good idea to provide an alternative.
Lana71 [14]

Answer:

1st question: false Refusing internal requests often calls for an indirect strategy. Providing adequate reasons and realistic alternatives helps maintain goodwill and a positive working environment.

2nd question: True. Refusals for routine requests should open with a buffer, a neutral statement on which both readerand writer can agree, and should transition into the reasons.

6 0
3 years ago
Read 2 more answers
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