Answer:
c. Work in Process--Department 2 375,000 Work in Process--Department 1 375,000
Explanation:
The journal entry is shown below:
Work in Process - Department 2 $375,000 ($100,000 + $125,000 + $150,000)
To Work in Proces - Department 1 $375,000
(Being the flow of cost from Dept 1 to Dept 2 is recorded)
Here the work in process for dept 2 is debited as it increased the assets and credited the work in process for dept 2 as it decreased the assets
Cleaning up a park, free car wash, volunteer at the soup kitchen
Answer:
$20,600
Explanation:
Depreciation is the systematic allocation of the cost of an asset to the income statement over the estimated useful life of the asset.
Depreciation is a non-cash item in the income statement as the actual cash spent for the purchase of the asset would have been capitalized in the balance sheet.
Hence the total cash disbursements budgeted for operating expenses for the month of January would not include depreciation.
Total cash disbursements budgeted for operating expenses for the month of January
= $15,000 + $12,000 + (4% × $90,000)
= $15,000 + $12,000 + $3,600
= $20,600
Answer:
It will cost employer A more to hire another worker
Answer:
2. For Joe income effect dominates while for Adam substitution effect dominates
Explanation:
Income effect refers to change in the real i.e inflation adjusted income when prices change.
In the given case, Joe works at two jobs which means that for a greater income he is willing to work for more hours. Thus, in his case it can be said that income effect is prominent.
In the case of Adam, he works overtime regularly which means for every extra hour of work, he earns an extra income. This represents change in the relative income owing to change in working habits. This is a case of substitution effect.
