The term that describes what a manufacturer spends for goods or services is called the 'cost.' When the manufacturer sells it to the consumer, this is called the price, and it is more often times than not, marked up in price.
Answer: $18,280
Explanation:
Ending inventory for fabricating department = Beginning Work in Process + Direct materials + Direct labor + Factory overhead - Inventory transferred out of department
= 11,600 + 77,600 + 25,600 + (80% * 25,600) - 117,000
= 11,600 + 77,600 + 25,600 + 20,480 - 117,000
= $18,280
Answer: a. Sales prospect
When a potential customer becomes serious about the purchase and is likely to buy the product, the customer becomes a sales prospect.
Explanation:
A sales prospect is known to be an act of looking out for new customers, persuading them to buy products and in the process, they become potential customers. There are various method in which a salesperson or seller can get a potential prospects, some of which are through referral and direct contact with the prospects. Hence, sales prospects increase and improve the number of customers that a company has.
Answer:
The required adjusting entry to record estimated bad debts expense is as follows:
Debit Bad Debts Accounts with $39,960
Credit Allowance for Doubtful Accounts with $39,960
Being the adjustment to bring the Allowance for Doubtful Accounts up a new credit balance of $43,625.
Explanation:
The Allowance for Doubtful Accounts had a credit balance of $3,665. Since management had estimated that $43,625 of the Accounts Receivable balance would be uncollectible, this means that the difference $39,960 ($43,625 - $3,665) would be the adjusting amount to bring the balance up-to-date.
Remember that the Allowance for Doubtful Accounts is a contra account to the Accounts Receivable. It is used to reduce the balance of the Accounts Receivable based on collectibility judgement or estimate which management makes out of experience. The balance in this account is, therefore d,educted from the Accounts Receivable in the Balance Sheet in order to obtain the net Accounts Receivable balance.
The account that expenses the increase in this account is the Bad Debts Expense Account, which is taken to the Income Statement to reduce the income.
Answer:
An assembly line is basically just a series of workers who assemble identical items in a line. One of the first uses of the assembly line was in Henry Ford's car factory.
