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malfutka [58]
3 years ago
15

ang Co. manufacturers its products in a continuous process involving two departments, Machining and Assembly. Journalize the ent

ries to record the following transactions related to production during June: If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $180,000. b. Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials. c. Direct labor used by Machining, $23,000; Assembly, $47,000. d. Depreciation expenses: Machining, $4,500; Assembly, $7,800. e. Factory overhead applied: Machining, $9,700; Assembly, $11,300. f. Machining Department transferred $98,300 to Assembly Department; Assembly Department transferred $83,400 to finished goods. g. Sold goods on account, $100,000; cost of goods sold, $68,000.
Business
1 answer:
Ksenya-84 [330]3 years ago
4 0

Answer:

a.

Raw Materials $180,000 (debit)

Accounts Payable $180,000 (credit)

b.

Work In Process Machining : Direct Materials $73,000 (debit)

Work In Process  Machining : Indirect Materials $9,000 (debit)

Work In Process  Assembly : Indirect Materials $4,900 (debit)

Raw Materials $86,900 (credit)

c.

Work In Process  Machining : Direct Labor $23,000 (debit)

Work In Process  Assembly : Direct Labor $47,000 (debit)

Salaries Payable $70,000 (credit)

d.

Work In Process  Machining : Depreciation $4,500 (debit)

Work In Process  Assembly : Depreciation  $7,800 (debit)

Accumulated Depreciation $12,300 (credit)

e.

Work In Process  Machining : Overheads $9,700 (debit)

Work In Process  Assembly : Overheads  $11,300 (debit)

Overheads $21,000 (credit)

f.

Work In Process Assembly Department $14,900 (debit)

Finished Goods Inventory $83,400 (debit)

Work In Process Machining Department $98,300 (credit)

g.

Accounts Receivables $100,000 (debit)

Cost of Goods Sold $68,000 (debit)

Sales Revenue $100,000 (credit)

Finished Goods Inventory $68,000 (credit)

Explanation:

Manufacturing Costs are accumulated in the Work In Process Account.

Finished Goods are Transferred from Work In Process Account to Finished Goods Inventory by Debiting Finished Goods Inventory Account and Crediting Work In Process Account.

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OlgaM077 [116]

Answer:

True.

Explanation:

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When a company shares it registration statement with SEC and it is in the procedure of checking, the company is free to distribute its free-writing prospectus.

A free-writing prospectus is written communication that states the offer of selling the security. This document specifies the basic details about the issue. When the registration statement in the process of checking, the company is free to distribute free-writing prospectus. Thus the answer is true.

8 0
3 years ago
________ capital is the economic or productive potential of employee knowledge and actions.
Andrew [12]

Answer:

human capital i think

Explanation:

7 0
3 years ago
In the context of international trade, India, China, and the Philippines attract multibillion-dollar investments because: a. the
noname [10]

Answer:

d. they have a large cohort of technically skilled university graduates who work for about one-fifth the pay of comparable American workers.

Explanation:

In the context of international trade, India, China, and the Philippines attract multibillion-dollar investments because: they have a large cohort of technically skilled university graduates who work for about one-fifth the pay of comparable American workers.

One of the major attractions of international trade is the exploitation of intellectual property and skills.

In China for example, research has shown that one major reasons why international trade grew was as a result of the number of Chinese workers, and the fact that they produced a sharp, sustained increase in productivity (that is, increased worker efficiency). Not to mention that the cost of labor was far cheaper than in America or Europe.

5 0
3 years ago
Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil f
Ganezh [65]

Answer:

1. 8%

2. 1.5

3. 12%

Explanation:

1) Computation for the margin

Using this formula

Margin = Net operating income/Sales

Let plug in the formula

Margin= 600000/7500000

Margin = 8%

2) Computation for the turnover

Using this formula

Turnover = Sales/average operating assets

Let plug in the formula

Turnover = 7500000/5000000

Turnover= 1.5

3) Computation for the return on investment (ROI

ROI = 8*1.5

ROI= 12%

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2 years ago
A partner (owner) who invests money in a business does not take an active role in managing the operation, and is only subject to
Flauer [41]

Answer: Limited partner.

Explanation:

The limited or silent partner is part of the ownership of a partnership business that only invests into a business but is not involved in the daily business runnings. The partnership owner in charge of the daily business runnings is the active partner.

6 0
3 years ago
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