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jok3333 [9.3K]
3 years ago
8

Department 1 completed work on 500 units and transferred them to Department 2. The cost of the units wasâ $750. What is the jour

nal entry to record theâ transfer? Date Accounts and Explanation Debit Credit A. Work-in-Process Inventory-Dept. 1 750 Work-in-Process Inventary-Debit. 2 750 B. Work-in-Process Inventory-Dept. 2 750 Work-in-Process Inventary Debit. 1 750 C. Work-in-Process Inventary-Dept. 2 750 Cost of Goods Sold 750 D. Cost of Goods Sold 750 Work-in-Process Inventory-Dept. 1 750
Business
1 answer:
horsena [70]3 years ago
4 0

Answer:

B. Work-in-Process Inventory-Dept. 2 750 Work-in-Process Inventary Debit. 1 750

Explanation:

The journal entry to record this transaction is shown below:

Work-in-Process Inventory A/c - Department 2 $750

               To Work-in-Process Inventory A/c - Department 1 $750

(Being the completed units are transferred)

For recording this transaction we debited the work in process department 2 and credited the work in process department 1

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3. Vocabulary test. Explain the differences between: a. Real and financial assets. b. Capital budgeting and financing decisions.
VikaD [51]

Answer:

The correct answer is:

a) A real asset is a Tangible Asset, Like a machine, a Land or a Building. Real Assets are used to generate resources and, therefore, produce changes in the financial situation of the company that owns them. While a financial asset on the other hand constitutes the right to collect an account in the future. In the case of companies, you can think of an account or document receivable; For natural persons, a financial asset can be a document that compares a plaque investment in a banking institution and that will produce a cash flow in the future.

b) Investment projects are independent, perfectly divisible, and the company can invest any amount of money in a project. Only investment opportunities existing at the present time and not future are considered.  While capital budgeting, it is a projection either in the short term or in the long term, and the reasons for making this budget are that:  Benefits from the point of view of administrative planning and control., an investment proposal must be judged in relation to whether it provides a return equal to or greater than that required by investors y the evaluation of projects through mathematical-financial methods.

c) When a corporation is established, its shares may be in the hands of a small group of investors, perhaps the company's administrators plus some sponsors. In this case, the shares are not sold to the public and the company is closed. Over time, if the company grows and new shares are issued to raise capital, these shares go public. The company becomes a public company.

d) Limited liability means that the liability of each partner's debt is limited to their investment in the business, that is, they cannot be held personally responsible for the debts of other parties, if the company is sued or forced to close, the Each partner's business assets may be liquidated, but his personal assets are safe. Furthermore, unlimited liability means that all parties are responsible for all debts of the company, regardless of how it was created. If a partner commits acts that cause the business to reconcile, all parties become part of the process, not just the partners whose actions caused the judgment.

8 0
3 years ago
Consider the relative liquidity of the following assets:
motikmotik

Answer:

Liquidity of an asset refers to how easily convertible the asset is to cash or so called liquid money.

Most Liquid - A $5 bill

This is already cash so it is the most liquid there is.

Second-Most Liquid  - The funds in a money market account

Funds in a money market account are the second most liquid because most often they can simply be withdrawn from the fund. There might be limits on the number of withdrawals allowed though within a period.

Third-Most Liquid  -  A share in a publicly traded company

A share in a publicly trade company ranks here because to realize the cash, one would need to sell the share first.

Least Liquid - Your house

Your house will be the most difficult of these to liquidate as it will involve a much longer process to eventually get it sold and realize cash. The process will include but will not be limited to, advertising, hiring realtors, inspection etc.

7 0
4 years ago
You have purchased a small medical office building in Hoboken for $3,500,000 and financed the acquisition by borrowing $2,500,00
umka21 [38]

Answer:

$200,000

Explanation:

Interest calculation is based on the Principle amount of $2,500,000 borrowed .

6 0
3 years ago
The work of _____ on light was not widely regarded at the time because it was the opposite of what Newton (who was already wildl
gtnhenbr [62]

Answer:

Christiaan Huygens

Explanation:

Christiaan Huygens was a Dutch physicist with many credits and inventions some of which is the pendulum clock and production of many telescopes. He is also credited as the father of theoretical physics being the first to make use of formula in physics. His wave theory of light was controversially not widely regarded because of Isaac Newton's earlier theory on corpuscular theory of light.

He published his work on the wave theory of light in the book called Treatise on Light in 1690 which was then seen as the opposite of what Newton (who was already wildly famous) had proposed.

6 0
3 years ago
Explain how the following event would affect the cost curves A company's primary supplier of resources implements a 3 percent pr
Alenkasestr [34]

Answer:

Marginal cost, average variable cost, and average total cost will increase. Average fixed cost will not change.

Explanation:

Marginal Cost is the change in total cost as a result of producing one extra unit of output.

Variable cost is cost that varies with output level. Average variable cost = variable cost / quantity produced

Fixed cost is cost that doesn't vary with the level of output produced. Average fixed cost = Fixed cost / quantity produced.

Total cost is the sum of fixed and variable cost. average total cost is total cost / quantity produced.

If the price of supplies increase, the cost of production increases and average total cost, average variable cost and marginal cost would increase.

Fixed cost would remain the same.

I hope my answer helps you

5 0
3 years ago
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