Answer:
Dr Factory Overhead 15,030
Cr Materials 3,040
Cr Wages Payable 5,340
Cr Utilities Payable 1,490
Cr Accumulated Depreciation—Factory 5,160
Explanation:
Preparation of Journal entry to record the factory overhead incurred during August.
Dr Factory Overhead 15,030
(3,040+5,340+1,490+5,160)
Cr Materials 3,040
Cr Wages Payable 5,340
Cr Utilities Payable 1,490
Cr Accumulated Depreciation—Factory 5,160
Answer:
Real interest rate= 0.06 = 6%
Explanation:
Giving the following information:
Nominal interest rate= 12%
Inflation rate= 6%
<u>The inflation rate provides the opposite effect on the interest rate. It decreases the purchasing power of an individual. </u>To calculate the real interest rate, we need to deduct the inflation rate.
Real interest rate= 0.12 - 0.06= 0.06
Answer: $45 million
Explanation:
Cash Contributions during the year can be calculated by;
= Ending Plan assets + Retiree benefits - Opening plan assets - Actual return
Actual return
= Actual return on plan assets * Opening plan assets
= 13% * 500
= 65
Cash contributions = 530 + 80 - 500 - 65
= $45 million
Answer:
The credit portion of a general journal entry is always recorded first.
Explanation:
A journal entry involves the process of keeping the records of business transactions made by an organization.
The journal entry is used by bookkeepers and accountants. Ideally, it is important that a journal has all of following informations; date, reference number, debit balance, credit balance and transaction description.
Also, the total amount of money credited must equal the total amount of money debited.
The following statements are correct and true about the general journal;
I. The description of a journal entry should include a reference to the source of the information contained in the entry.
II. If goods are purchased on credit, the supplier's invoice number is used as the source document for the transaction.
III. A firm should be able to trace amounts through the accounting records and back to their source documents.
When a product is recycled back into almost the same product it's called 'reuse.' There are three R's - reduce, reuse, and recycle. When a product, such as paper, is recycled and made again into paper or a paper product, this is called reuse.
