Places where early peoples met and traded developed into _________

Record the following process costing transactions in the general journal:

Ne4ueva [31]

Answer:

a.

Raw Materials $9,300 (debit)

Account Payable $9,300 (credit)

b.

Assembly Department $4,300 (debit)

Finishing Department $2,400 (debit)

Raw Materials $6,700 (credit)

c.

WIP Inventory-Assembly $10,500 (debit)

Cash $10,500 (credit)

d.

Overheads $12,100 (debit)

Property taxes-plant: Payable $1, 800 (credit)

Utilities-plant : Payable $4, 800 (credit)

Insurance-plant : Payable, $1, 700 (credit)

Provision for Depreciation-plant, $3, 800 (credit)

e.

Work In Process - Assembly Department $7,600 (debit)

Direct labor, $5, 000 (credit)

Manufacturing overhead, $2, 600 (credit)

f.

Work In Process - Finishing Department $11,300 (debit)

Direct labor, $4,700 (credit)

Manufacturing overhead, $6,600 (credit)

g.

Finishing Department, $10,500 (debit)

Assembly Department $10,500 (credit)

h.

Finished Goods Inventory $15,600 (debit)

Finishing Department $15,600 (credit)

Explanation:

Manufacturing costs accumulate in the Work In Process Account of their respective departments.

When goods are transferred out of the Assembly Department to the Finishing Department, de-recognize the cost from Assembly Department (credit) and recognized the cost in Finishing Department (debit).

When cost of goods completed are transferred out of the Finishing Department into Finished Goods Inventory, we de-recognize the cost from Finishing Department and recognize it in the Finished Goods Inventory.

5 0

3 years ago

In addition to the three basic financial statements, which of the following is also a required financial statement? O Statement

Vikki [24]

Answer:

Statement of Cash Flows.

Explanation:

The financial statement comprises of income statement, balance sheet, statement of stockholder equity and the statement of cash flows. It is explained below

In the income statement, the total revenues and the total expenses are recorded.

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.

In the balance sheet, the assets, liabilities, and stockholder equity is recorded. In this the accounting equation is used which is shown below:

Total assets = Total liabilities + stockholder equity

The debit and credit side of the balance sheet should always be equal and balanced.

Moreover, it always is prepared on the specified date.

The statement of stockholder's equity comprises common stock and retained earnings.

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

And, the ending balance of the common stock = Beginning balance of common stock + issued shares

There are three types of activities in the cash flow statement which are described below:

1. Operating activities: It includes those transactions which affect the working capital after net income. The increase in current assets and a decrease in current liabilities would be deducted whereas the decrease in current assets and an increase in current liabilities would be added.

These changes in working capital would be adjusted. Moreover, the depreciation expense is added to the net income and the loss on sale of assets is added whereas the gain on sale of assets is deducted

2. Investing activities: It records those activities which include purchase and sale of the long term assets. The purchase is an outflow of cash whereas sale is an inflow of cash

3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance. The issue of shares is an inflow of cash whereas redemption and dividend is an outflow of cash.

6 0

3 years ago

20 POINTS !!!!! Based on your budget, which transportation option is the best financial decision for you? Explain your answer in

patriot [66]

Engenuity said to have

1. Option A is not the best choice, because the monthly payments will be too high.

2. Option B is not a good choice, because it requires too high of an up-front cost, and the mileage restriction might be a problem.

3. Option C is the best choice for my budget, and it will allow me to own a car outright once the loan is repaid.

5 0

3 years ago

Read 2 more answers

Teresa has a contract to teach eighth grade at Washington Middle School. She decided she could make more money writing a book, s

kari74 [83]

Answer:

The duties under the teaching contract cannot be delegated

Explanation:

The person wit whom the school has a binding agreement was Teresa and contract of services cannot be delegated unilaterally by Teresa to her friend Shirley without consulting the school authority.

The appropriate procedure would be for Teresa to discuss with the school her plans to let Teresa to cover up for her absence,however, if the school accepts the new arrangement , Teresa would need to be relieved of her duties as this would be a permanent substitution.

8 0

2 years ago

Thomas Joslin was judged at fault in an automobile accident. Three others were awarded damages of $156,000, $75,000, and $69,000

Mrrafil [7]

$69.000 because it’s an less amount

6 0

2 years ago

Places where early peoples met and traded developed into __________.