Answer:
1. Allocate overhead costs to jobs: Credit Factory Overhead.
2. Pay factory utilities: Debit Factory Overhead.
3. Purchase indirect material: Debit Raw Materials Inventory.
4. Use indirect materials: Credit Raw Materials Inventory.
5. Direct labor used: Debit Work in Process Inventory.
Explanation:
1. When you allocate overhead costs to jobs: Credit factory overhead. Factory overhead can be defined as cost incurred in the manufacturing process of finished goods and cannot be linked directly to the goods.
2. When you pay factory utilities: Debit factory overhead. Factory overhead can be defined as cost incurred in the manufacturing process of finished goods and cannot be linked directly to the goods.
3. When you purchase indirect material: Debit raw materials inventory. The raw materials inventory comprises of the overall cost of all resources such as component parts that a business has in stock which haven't been used for production of finished goods or work in process.
4. When you use indirect materials: Credit raw materials inventory. Raw materials inventory comprises of the overall cost of all resources such as component parts that a business has in stock which haven't been used for production of finished goods or work in process.
5. For direct labor used: Debit work in process inventory.
Answer:
b. A truck held for resale by an automobile dealership
Explanation:
Property plant and equipment are physical or tangible assets used by an organization in the ordinary course of business. They include Land and building used in ordinary business operations, plant and machinery used in production, Land improvements, such as parking lots and fences etc. Such assets are usually depreciated as they are used and in accordance with the organization's policy. However, assets held for sale are not used by the organization in the ordinary course of business rather, the company holds them till such assets are sold. No depreciation is computed on the assets held for sale. Hence, from the options given, a truck held for resale by an automobile dealership is the only item held for sale and does not qualify for recognition as property plant and equipment. The right answer is b.
Answer:
a. Imports
b.Exports or Consumption
c. Consumption
d. Government Spending
e. Consumption.
Explanation:
a. if Gilberto buys Italian wine in the US that is part of consumption spending because the store that Gilberto buys from already imported the wine from Italy and paid all the costs that go with it but if Gilberto orders the wine from Italy that will be part of imports because the wine will have to be imported then have all those importing costs on it.
b. Juanitas father will be exporting the syrup if its from the US even though he might buy it online as he lives in Sweden .
c. Juanita will be part of consumption spending for goods and services as this will be part of the US GDP consumption spending.
d. This is part of government purchases as the government will spend on everything that includes repaving the high way.
e. Consumption spending because they are manufactured in the US and they are in the US therefore its part of the US purchases of goods and services.
<span>Simple interest is set in place by an interest rate that is multiplied by the total amount of money you have in place. While compound interest is essentially interest on top of your simple interest. It accumulates over time making you more money.</span>
