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spayn [35]
3 years ago
10

The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Fran

klin Company uses the following journals: cash receipts (CR), cash payments (CP. Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger.
Business
1 answer:
Digiron [165]3 years ago
7 0

Answer:

Issued check for a payment on account CP, subsidiary posting

Issued check for rent CP, No subsidiary posting

Received cash for a sale CP, No subsidiary posting

Issued an invoice to a customer R, subsidiary posting

Purchased a computer for cash CP, subsidiary posting

Received a check from a payment on account CR, subsidiary posting

Purchased equipment on account P, subsidiary posting

Issued check for salary CP, No subsidiary posting

Issued check for purchase of supplies CP, No subsidiary posting

Issued check for advertising expense CP, No subsidiary posting

Paid for the equipment purchased on account CP, subsidiary posting

Recorded the adjustment for supplies used during the month G, Subsidiary posting

Purchased supplies on account P, subsidiary posting

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Which of the following inventory valuation methods produce(s) the same dollar amount as the balance in ending inventory under bo
mylen [45]

Answer:

c. Yes,  No

Explanation:

  • The difference between the periodic and the perceptual inventory system is that the period system is based on the occasional physical accounts of the inventory to determine the ending inventory balance and costs of the goods and services sold.
  • The perceptual system keeps a track of the inventory balances.
8 0
3 years ago
Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below. Indicate the missing amoun
ohaa [14]

Answer and Explanation:

As per the given question the solution of missing amount for each letter is provided below:-

                                           Case A           Case B

Direct material used        a $49,350      $93,400

Direct Labor                      $56,000          $146,100

Manufacturing overhead

applied                              $44,800         d $116,880

Total manufacturing

cost                                 $150,150           e $356,380

Work in process 1/1/20  b $55,750        $16,800

Total cost of work in

process                         $205,900         f $373,180

Work in process

12/31/20                       c $11,600          $15,400

Cost of goods

manufactured              $194,300            g $357,780

Working Note

a. Direct materials used = Total manufacturing costs - Manufacturing overhead applied - Direct labor

= $150,150 - ($56,000 + $44,800)

= $150,150 - $100,800

= $49,350

b. Works in process 1/1/20 = Total cost of works in process - Total manufacturing costs

= $205,900 - $150,150

= $55,750

c. Works in process 12/31/20   = Total cost of works in process - Cost of goods manufactured

= $205,900 - $194,300

= $11,600

d. Manufacturing overhead applied = $44,800 ÷ $56,000

= 80%

For case B the manufacturing overhead applied = 80% × $146,100

= $116,880

e. Total manufacturing costs = Direct materials used + Direct Labor + Manufacturing overhead applied

= $93,400 + $146,100 + $116,880

= $356,380

f. Total cost of work in process = Total manufacturing costs + Works in process 1/1/20

= $356,380 + $16,800

= $373,180

g.  Cost of goods manufactured = Total cost of work in process - Works in process 31/12/20

= $373,180 - $15,400

= $357,780

Therefore to reach the missing amounts we simply use the working notes.

8 0
3 years ago
Explain why the marginal rate of technical substitution is likely to diminish as more and more labor is substituted for capital.
Likurg_2 [28]

Answer: This is because the marginal rate of technical substitution is the ratio of the marginal product of labour to that of capital and for the output to be constant opportunity cost comes in, one input has to be reduced to increase the other input.

Explanation:

The marginal rate of technical substitution (MRTS) shows the amount by which the quantity of an input can be lowered when an extra unit of another input is​ utilized on order for the output to remain constant.

The marginal rate of technical substitution is likely to reduce as more capital is substituted for labor because the marginal rate of technical substitution is the ratio of the marginal product of labour to that of capital and for the output to be constant opportunity cost comes in, one input has to be reduced to increase the other input.

8 0
3 years ago
_______ allows the use of sophisticated analytical techniques and very large amounts of data to help organizations develop insig
BabaBlast [244]

Answer:

A. data mining

Explanation:

Data mining is a process which is used to understand a large sum of data and to extract critical and analytical information. It is a way to read the data in the best way possible to understand the pattern and information. It is used by organizations and firms to develop insight about customers, target market and marketing process.

6 0
3 years ago
Sam buys 100 shares of Acme stock at $100 per share on January 1, Year 1. At the end of the first year (December 31, Year 1), sh
Nastasia [14]

Answer:

The answer is "21%".

Explanation:

The calculation for this question is define in attached file please find it.

3 0
3 years ago
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