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4 years ago

State four components of business studies

Business

1 answer:

Bess [88]4 years ago

3 0

Answer:

The 4 main component of Business studies are,

Finance
Accounting
Marketing
Organizational Studies

Explanation:

Finance concerns with managing the money and the wealth of the organization so it could grow in the future.

Accounting is the function that records, controls and interprets the financial performance of an organization.

Marketing deal with the market that the company operates in, to enable the organization to adapt according to the current market status and customer needs.

Organizational studies the different aspect of organization, how to form them, control them, maintain them, different structure, etc.. Also, it concerns about the functions of a manager in an organization. Such as planning, leading and controlling.

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Prepare summary journal entries to record the following transactions for a company in its first month of operations. Raw materia

Whitepunk [10]

Answer:

Journal Entries

Raw Materials $108,000 (debit)

Accounts Payable $108,000 (credit)

Being purchase of Raw Materials on Account

Work In Process ; Direct Material Cost $44,000 (debit)

Work In Process ; Indirect Material Cost $19,800 (debit)

Raw Materials $63,800 (credit)

Being Raw Materials requisitioned for Production

Work In Process ; Direct Wages and Salaries $46,000 (debit)

Work In Process ; Indirect Wages and Salaries $24,000 (debit)

Cash $70,000 (credit)

Being Wages and Salaries Paid in Cash

Overheads $8,750 (debit)

Cash $8,750 (credit)

Being Cash paid for Overheads

Work In Process $55,200 (debit)

Overheads $55,200 (credit)

Being Overheads Applied to Work In Process at 120% of direct labor cost

Finished Goods $86,000 (debit)

Work In Process $86,000 (credit)

Being Goods transferred to Finished Goods

Trade Receivable $123,000 (debit)

Revenue $123,000 (credit)

Being Sale of Jobs on Account

Cost of Sales $86,000 (debit)

Finished Goods $86,000 (credit)

Being Cost of Jobs Sold

Explanation:

Costs incurred for Manufacturing are accumulated In the Work In Process Account.

This account is de-recognized as the goods are transferred to Finished Goods.

The Finished Goods Inventory Account is then de-recognised as the Jobs are sold to the Customers.

7 0

3 years ago

Click this link to learn about a career as a Multimedia Artist. What are some common tasks? Check all that apply.

vfiekz [6]

Answer:

3,4,5

Explanation:

Just did it on edge

7 0

3 years ago

Read 2 more answers

Jordan deposits $100 into a savings account that pays him with a compound interest rate of 3%. Justin deposits $100 into an acco

ipn [44]

Answer:

Jordan

Explanation:

Given that :

JORDAN :

Principal (P) = $100

Compound interest rate (r) = 3%

AMOUNT AFTER 3 YEARS:

A = P(1 + r/n)^nt

n = number of times interest is applied per period

t = time ; A = final amount

A = 100(1 + 0.03)^3

A = 100(1.03)^3

A = 100(1.092727)

A = $109.2727

JUSTIN :

Principal = $100

SIMPLE INTEREST interest rate = 3%

A = P(1 + rt)

A = 100(1 +(0.03 * 3))

A = 100(1 + 0.09)

A = 100(1.09)

A = 1.09 * 100

A = final amount after 3 years = $109

4 0

3 years ago

Monson sells 29 units for $50 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to end

svetoff [14.1K]

The complete question:

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 29 units for $50 each.

Purchases on December 7 20 units at $20.00 each

Purchases on December 14 34 units at $30.00 each

Purchases on December 21 30 units at $36.00 each

Monson uses a perpetual inventory system. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per-unit costs to 2 decimal places.)

Answer:

<h2>Trey Monson</h2>

<h3>Determination of the cost of Ending Inventory based on the Weighted Average Method:</h3>

Date Quantity Unit Cost Total Cost

Dec. 7 Purchase 20 $20 $400

Dec. 14 Purchase 34 30 1,020

Total 54 26.30 $1,420 .20

Dec. 15 Sale -29 26.30 -762.70

Dec 15 Balance 25 26.30 $657.50

Dec. 21 Purchase 30 36 1,080

Dec. 21 Available 55 31.59 $1,737.50

Dec. 31 Ending Inventory 55 $31.59 $1,737.50

Explanation:

To use the weighted average method, we divide the cost of goods available for sale by the number of units available for sale, which yields the weighted-average cost per unit. The cost of goods available for sale is the sum of beginning inventory and net purchases.

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4 years ago

Barbara's Bakery purchased three new 7-year assets last year. She chose NOT to use Section 179 immediate expensing or take bonus

Serggg [28]

Answer:

b. $14,939

Explanation:

Property placed in service in 1st year:

Amount $

2nd quarter 15,000

3rd quarter 6,000

4th quarter 40,000

Total furnishing at beginning of 2nd Year $61,000

Half Year depreciation rate in 2nd Year as per Macrs table under "7 years life" assets, the applicable depreciation in the 2nd year is 24.49%

Thus, amount of depreciation expense is allowable in the current (second) year of ownership = $61,000 * 24.49% = $14938.90

6 0

3 years ago

State four components of business studies​

State four components of business studies