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3 years ago

For each separate case, record the necessary adjusting entry.

Business

1 answer:

Hitman42 [59]3 years ago

4 0

Answer and Explanation:

The Journal entries are shown below:-

Supplies expense Dr, $11,200 ($9,000 + $4,000 - $1,800)

To Supplies $11,200

(Being supplies expense is recorded)

Here we debited the supplies expenses as and we credited the supplies as it increased the expense and also increased the assets so that proper recording could be done

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3 years ago

What will happen to the firms equilibrium wage rate when the supply of labour decrease from 25 to 15? Explain with the help of d

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Answer:

Wage rate = $960

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Supply of labor is the number of hours workers are willing to work at a given real wage rate. When wage rate increases, supply of labor also increases because more people are encouraged as now they can obtain a higher income. When wage rate decreases, labor supply also decreases.

View diagram

In this case, however, there has been a decrease in supply, causing the supply curve to shift from S to S1. This can be due to many reasons such as migration, increase in minimum working age or increase in interest in education causing more people to study. When the supply of labor falls, there are less people available for work. Thus, demand exceeds supply, causing a shortage. Hence, the pressure causes price, i.e. wage rate to increase. To determine by how much the increase is, cross-multiplication can be used:

At 25 laborers, wage rate is $600 (25 = 600)

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3 years ago

Duck Company produces a product which sells for $40. Variable manufacturing costs are $18 per unit. Fixed manufacturing costs ar

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Answer:

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Contribution is the difference between the selling price and the variable cost.

Contribution margin = (Sales - variable cost )

Variable cost = Variable manufacturing + Variable selling cost

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Contribution margin = 40 - 24 = $16

Contribution margin = $16

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