1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
enot [183]
3 years ago
13

Libby Company manufactures a single product by a continuous process, involving the production departments. The records indicate

that direct materials, direct labor, and applied factory overhead for Department 1 were $160,000, $125,000, and $150,000, respectively. The journal entry to record applied factory overhead is
Business
1 answer:
svlad2 [7]3 years ago
7 0

Answer:

Work In Process Account $150,000 (debit)

Overheads $150,000 (credit)

Explanation:

Overheads are included in Work In Process Account at their Applied Amounts .Thus a <em>Debit</em> in Work In Process Account and a <em>Credit</em> in Overheads Account is required for this entry.

You might be interested in
Exercise 8-07 At December 31, 2019, Pharoah Company Company had a credit balance of $18,100 in Allowance for Doubtful Accounts.
Alja [10]

Answer:

Entries are given below

Explanation:

DATA:

Opening Balance in the allowance for doubtful debt = $18,100

During 2020 Pharoah company wrote off accounts totaling 12,900

Entry                                                       DEBIT        CREDIT

Allowance for Doubtful Accounts $11,800  

Accounts Receivable                                               $11,800

At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $23,700

Entry                                                       DEBIT        CREDIT

Bad debt expense                                $17,400

Allowance for doubtful debt                                    $17,400

           

Working

Balance before adjustment = $18,100 - $11,800

Balance before adjustment = $6,300

After Aging schedule indication

Adjustment  = $23,700 - 6,300

Adjustment = $17,400

3 0
3 years ago
Howard Cooper of Owens Corning Fiberglass talks to David Weekley, a homebuilder, to find out how much fiberglass insulation he i
Mars2501 [29]

A buildup approach is used by Howard to find out how much fiberglass insulation to use in building homes

<h3>What is a buildup approach?</h3>

This refers to the method of calculating an market's revenue potential by recognizing the number of probable purchasers in the market and ther purchaser's requirements as well.

Hence, this same approach is used by Howard to find out how much fiberglass insulation to use in building homes.

Read more about buildup approach

<em>brainly.com/question/14167677</em>

#SPJ1

7 0
2 years ago
Value added per employee is a financial measure of how much product was sold vs. how many employees worked during the
Snowcat [4.5K]
This statement is true !!
7 0
2 years ago
Mrs. Park is an elderly retiree. Mrs. Park has a low fixed income. What could you tell Mrs. Park that might be of assistance
natali 33 [55]

Answer: Reach out to her Medicaid for their programs

Explanation:

There are programs that are set up to assist retiree's. Mrs Park should reach out to her state Medicaid agency and enquire if she is qualified for the programs they run which would assist her income.

4 0
3 years ago
Read 2 more answers
Leon exchanges an office building which he held as investment property for a bowling alley. His office building has a basis of $
exis [7]

Answer:

According to Section 1031 of Internal Revenue Code, an exchange of like-kind property is referred to as like-kind exchange, if the exchange meets the following criteria:

  • The property should be exchanged only for the 'like-kind' (same class) property.
  • The 'like-kind' property that is in exchange should be either used in operations of business or held for investment purposes.
  • The exchange should be done under specific timing restrictions or requirements (for indirect exchanges through third parties).

Explanation:

A) Explanation: Since both the properties in exchange are real properties which are used in business, this is a like-kind exchange

B)  

Description                           Amount ($)

Fair market value of bowling alley   120,000

<u>Add: Mortgage value L is relieved off     40,000</u>

Amount reali7ed                      160,000

<u>Less: Adjusted basis             (175:000) </u>

<u>Realized loss by L                      (15,000) </u>

C) Explanation: Since the loss realized is due to exchange, the loss is not recognized.

D) Explanation: Since the loss is not recognized, the character of gain or loss could not be

E) Explanation: The total of realized loss, $15,000 (From Requirement (b)) is deferred.

F) Determine the basis of property acquired in exchange, bowling alley.

Description                         Amount ($)

Fair market value of bowling alley        120,000

<u>Add: Deferred loss                   15,000 </u>

<u>Basis of bowling alley                  135,000 </u>

8 0
3 years ago
Other questions:
  • If an employee has a conflict of interest, this means the employee could do what?
    9·2 answers
  • When your music teacher asks that you increase the decibels in a particular part of your performance, he is specifically request
    10·1 answer
  • When a utility bill is paid with cash, cash is decreased and utilities expense is __________?
    5·1 answer
  • Explain the holistic marketing dimensions in details using the examples of Nestle bangladesh Ltd.
    10·1 answer
  • Carter Co. sells two products, Arks and Bins. Last year, Carter sold 14,000 units of Arks and 56,000 units of Bins. Related data
    9·1 answer
  • PLEASE HELP!
    14·2 answers
  • A registered representative is notified verbally by the nephew of a client that his uncle has passed away. Which statements are
    5·2 answers
  • A firm is considering changing their credit terms. It is estimated that this change would result in sales increasing by $1,600,0
    10·1 answer
  • Banc Corp. Trust is considering either a bankwide overhead rate or department overhead rates to allocate $396,000 of indirect co
    13·1 answer
  • 4 more brainllest to go anwner for a brainllest if u have allready enterd and gotten a brainllest dont answer again
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!