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polet [3.4K]
3 years ago
14

Process and job order cost systems are similar in all of the following ways except a.both maintain perpetual inventories b.both

use job order cost cards c.both accumulate product costs—direct materials, direct labor, and factory overhead d.both allocate product cost to units produced
Business
1 answer:
Fittoniya [83]3 years ago
6 0

Answer:

B) both use job order cost cards

Explanation:

Process cost systems are best suited for manufacturers who continuously produce a large number of identical units of output.

Job order cost systems are effective when the manufacturer produces several types of products whose production costs and total output units vary significantly.

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Swifty Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $26 per year. During Nov
ira [324]

Answer:

A. Dr Cash $705,120

Cr Unearned subscription revenue

B. Dr Unearned subscription revenue $58,760

($705,120 *1/12)

Cr Subscription revenue $58,760

Explanation:

a) Preparation of the entry in November for the receipt of the subscriptions

Dr Cash $705,120

(27,120*$26)

Cr Unearned subscription revenue $705,120

(To record the receipt of the subscriptions)

b) Preparation of the adjusting entry at December 31, 2015, to record sales revenue recognized in December 2015

Dr Unearned subscription revenue $58,760

($705,120 *1/12)

Cr Subscription revenue $58,760

(To record sales revenue recognized)

7 0
3 years ago
Jackie has been working for a local small business called Personal Wellness for the last three years. It is a retail business th
andre [41]

Answer:

C.

Explanation:

Wholesaling consist of the sale and all activities in selling goods or services to those who buy for resale or business use.

Characteristics of Wholesaling:

-Wholesalers generally buy merchandise direct from the producers in large quantity mainly in cash.

-They are trading concern having an army of agents and stocks the large quantity of goods, supply or sell goods to the directly or through their agents in small quantities.

-Wholesalers are financially good health. They purchased goods in cash from the manufacturer and sell to the retailers on credit.

-Wholesalers profit margins is very small so that they can maximizes their sales volume to earn maximum profit.

-They deals in limited product line or products.

-They maintain warehouse and godown at different places in the country to facilitate the trade at minimum transportation charges.

They sometimes make the grading of goods under their own name or brand name.

3 0
3 years ago
Skysong Company, a machinery dealer, leased manufacturing equipment to Mays Corporation on January 1, 2017. The lease is for a 7
hram777 [196]

Answer:

$ 165,998.41  

Explanation:

The amount lease receivable is the present value of annual lease rental which is $30,259  per for 7 years.

The present value can be determined using the present value formula in excel given below:

=-pv(rate,nper,pmt,fv,type)

rate is the 9% rate of return per year

nper is the number of years the payment would be made which is 7

pmt is the regular lease payment per year which is $30.259

fv is the total payments payable by the leasee which is unknown

type is 1 since payment is received at the beginning of the year,it would have been zero if payments are expected end of the year

=-pv(9%,7,30259,0,1)=$165,998.41  

6 0
3 years ago
Flintlnc. provided the following information for the year 2017.
gtnhenbr [62]

Answer: See explanation

Explanation:

1. Prepare a single-step income statement for 2017. Shares outstanding during 2017 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.)

The income from continuing operations for earnings per share was calculated as:

= 285000/100000

= $2.85

The loss on discontinued operations was calculated as:

= 35190/100000 shares

= 0.35

Check the attachment for the solution.

2. Prepare aretained earning statement for 2017. Shares outstanding for 2017 were 100000.

Check the attachment for the solution

8 0
4 years ago
Pie Bakery owns 60 percent of slice Products Company's stock. During 20X8. Slice produced 100,000 bags of flour, which it sold t
Archy [21]

Answer:

Since no transactions are specified that were made out of the group ( i.e. Holding Company and Subsidiary) so, in consolidated income statement of 20x8, no COGS shall be shown for the transactions made between Pie and Slice Co.

Explanation:

In consolidated financial statements, we represent Holding ( Pie ) and Subsidiary ( Slice ) Companies as a single unit. Hence, the transactions made within the group are not considered in making of Consolidated financial statements.

However, both companies will show the sales and COGS in separate financial statements.

4 0
4 years ago
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