Answer:
Requirement: Prepare the entry to record the sales transactions and related taxes.
1. Date Account Titles and Explanation Debit Credit
Apr. 10 Cash $30,975
Sales Revenue $29,500
Sales Tax Payable $1,475
(To record Cash sales along with sales tax)
2. Date Account Titles and Explanation Debit Credit
Apr. 15 Cash $18,530
Sales Revenue $17,000
Sales Tax Payable $1,530
(To record Cash sales along with sales tax)
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<u>Workings</u>
- Total Sales along with sales tax = $18,530, Sales Tax Rate = 9%. Sales Tax Amount = 18530*(0.09/1.09) = $1,530
- Sales Without Sales Tax = $18,530 - $1,530 = $17,000
Answer:
Work in Process (Dr.) $140,000
Manufacturing overhead (Dr.) 40,000
Payroll / Salaries Payable $180,000
Explanation:
Job order costing is a costing method used by the managerial accountants when the company produces different products and these products are not identical in-nature. An alternative to this method is Process costing which is used when a company produces homogenous products. In this case, the company has adopted job order costing because its products can be hetrogenous in-nature. Moreover, the company has incurred a Payroll cost of $180,000. $40,000 out of this amount is classified as indirect labor because the company is not able to trace it to a particular job and it will be treated as manufacturing overhead. This amount could have been paid to supervisors of factory or maintenance workers. The remaining amount of $140,000 is classified as direct labor because the management is in a better position to trace it to a particular job. This amount directly goes to Work-in-Process account.
You might have noticed that the indirect cost is kept in Manufacturing overhead account, whereas the direct labor cost is charged to Work-in-process account. This is because that at the start of a period, the management estimates the amount of manufacturing overhead (Indirect costs) and charge it to the work-in-process account. As the period goes on, the indirect costs are recorded in manufacturing overhead account when incurred, and at the end of period we compare the Actual manufacturing overhead with the expected (charged to Work-in-process) and make adjustments.
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Answer:
Option"A" is the correct answer of the following statement.
counselors no longer have to cope with personal problems.
Explanation:
A counselor is a professional person who is specially trained to give advice. Counselors give proper advice to people on the strength of their specialized training. A good example of a consultant might also be a business consultant who uses his or her specialized knowledge to make appropriate decisions for a business.
The counselor is also like a common person, he also has to face many difficulties in life.
Answer:
Aston has given the information required to meet division profit objective. Increasing the profit objective is common goal of every manager. Here manager wanted to meet profit objective by minimising fixed cost which is not wrong motive. Whether the excess production can be sold in the market. If there is a chance to sell, more production can be made.
Absorption costing means that all of manufacturing costs are absorbed by units produced. It calculates every cost on no. of units produced but it does not mean to increase production only in order to match income objective or to reach this goal instead of fact that inventory remains at end, and sale of that increased production does not take place and income objective met because of the lower cost per unit.
Answer:
Coat Tech’s workers have Sequential interdependence..
Explanation:
Sequential interdependence occurs when one unit in the overall process produces an output necessary for the performance by the next unit.
