The direct labor budget begins with the required production in units from the production budget.

Angela Moss and Autumn Barber organize a partnership on January 1. Moss's initial net investment is $92,000, consisting of cash

geniusboy [140]

Answer:

1. Dr Cash$30,000

Dr Equipment (Long-term asset) $77,000

Cr Share Capital (Owner’s Equity) $92,000

Cr Bank Loan (Liability) $15,000

2.Dr Cash $37,000

Cr Share Capital (Owner’s Equity) $37,000

Explanation:

1. Preparation for the journal entries to record Moss’s investment

Dr Cash$30,000

Dr Equipment (Long-term asset) $77,000

Cr Share Capital (Owner’s Equity) $92,000

Cr Bank Loan (Liability) $15,000

( Being to record initial capital investment of Moss’s )

2. Preparation for the journal entries to record Barber’s investment

Dr Cash $37,000

Cr Share Capital (Owner’s Equity) $37,000

( Being to record initial capital investment of Barber's )

3 0

3 years ago

Which of the following statements most directly relates to the broad economic goal of freedom?

vagabundo [1.1K]

The right answer for the question that is being asked and shown above is that: "Increasing income taxes for the rich so that tax money can fund aid for the economically disadvantaged." The statement that most directly relates to the broad economic goal of freedom is that Increasing income taxes for the rich so that tax money can fund aid for the economically disadvantaged

7 0

3 years ago

Q 8.14: The financial statements of the Imagine Company report net sales of $1,000,000 and accounts receivable of $700,000 and $

sesenic [268]

Answer:

2 times

Explanation:

The computation of accounts receivable turnover is shown below:-

Account receivable turnover ratio = Net credit sales ÷ Average accounts receivable

where,

Net credit sales is $1,000,000

And, the Average accounts receivable is

= (Accounts receivable, beginning of year + Accounts receivable, end of year) ÷ 2

= ( $700,000 + $300,000) ÷ 2

= $500,000

Accounts receivable turnover = Net sales ÷ Average accounts receivable

= $1,000,000 ÷ $500,000

= 2 times

6 0

3 years ago

What should you do when the job you interviewed for is not what you wanted?

aleksandr82 [10.1K]

B

i think because you dont want a job that is not what you want to do.

4 0

3 years ago

Read 2 more answers

On March 1, 2018, Gold Examiner receives $165,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold ba

photoshop1234 [79]

Answer:

there are two performance:

the sales revenue and the insurance.

cash 165,000 debit

unearned revenues 165,000 credit

--to record collectiong from local bank

unearned revenues 165,000 debit

sales revenues 151,000 credit

insurance liability 9,900 credit

--to record gold delivered to Brink's--

insurance liability 9,900 debit

insurance fees earned 9,900 credit

--to record reception of bank from Brink/end of the insurance--

Explanation:

sales revenue

100 x 1,410 = 141,000 = 94%

insurance:

100 x 90 = 9,000 = 6%

total 150,000

combo: 165,000

sales revenue: 165,000 x 94% = 155,100

insurance fee earned: 165,000 x 6% = 9,900

7 0

3 years ago