Answer:
1. Journal:
October 1:
Debit Cash $30,000
Debit Building $200,000
Credit Common Stock $230,000
To record the receipt of cash and building for common stock.
2. T-accounts:
Cash Account
Date Description Debit Credit Balance
Oct. 1 Common Stock $30,000 $30,000
Building Account
Oct. 1 Common Stock $200,000 $200,000
Common Stock
Oct. 1 Cash $30,000 $30,000
Oct. 1 Building $200,000 $200,000
Explanation:
Journal entries show the accounts to be debited and credited respectively. They are the initial records of a business transaction. They can be used to post any transaction, make adjustments to the accounts, and close the accounts at the end of the accounting period.
Answer:
Margin of safety ratio= 0.12
Explanation:
Giving the following information:
Sales= 1,250 units
Break-even point in sales= $13,200
Selling price= $12
<u>First, we need to determine the current sales in dollars:</u>
Sales in dollars= 1,250*12= $15,000
<u>Now, the margin of safety ratio:</u>
Margin of safety ratio= (current sales level - break-even point)/current sales level
Margin of safety ratio= (15,000 - 13,200) / 15,000
Margin of safety ratio= 0.12
The cost of ending work in process inventories and of units transferred out of the Base Fab Department in April is $851,00 and $999,000and $1850,000
The calculation of this question and working of solutions is in tabular form which is attached to this answer.
What is Cost?
The cost is of two types - Variable and Fixed . Variable costs exchange based on the amount of output produced. Variable costs may include labor, commissions, and raw materials. constant costs continue to be the same no matter production output. fixed charges may additionally include hire and rental bills, coverage, and interest payments.
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She named her daughter, Jessica, as the beneficiary under the policy. Jessica has not given anything in consideration for the policy. Jessica is a donee beneficiary who has the right to enforce the policy once Susan dies.
A beneficiary is a character or entity which you legally designate to acquire the blessings out of your financial merchandise. For live coverage, this is the loss of life benefit your policy will pay in case you die. For retirement or investment bills, that is the balance of your belongings in the money owed.
Some may select a surviving partner as a named beneficiary while others might also call a child or a discern. One great purpose people buy life coverage is for peace of mind in relation to their own family, knowing that life insurance safety is in place in the event of your demise.
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Answer:
$19.20
Explanation:
Computation for the unit product cost that would appear on the job cost sheet for this job.
First step is to compute the Total Product cost
Job 243
Direct material $ 51,870
Direct labor (435*11) 4,785
Overhead (516*13) 6,708
Total Product cost $63,363
Now let Compute the unit product cost
Unit product cost=$63,363/3,300 units
Unit product cost =$19.20
Therefore the unit product cost that would appear on the job cost sheet for this job is $19.20