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Sati [7]
3 years ago
8

job cost journal entries prior to the beginning of 2016, lowe company estimated that it would incur $264,000 of manufacturing ov

erhead cost during 2016, using 24,000 direct labor hours to produce the desired volume of goods. on january 1,2016, beginning balances of materials inventory, work in process inventory, and finished goods inventory were $42,000, $-0-, and $64,500, respectively. required prepare general journal entries to record the following for 2016. a. purchased materials on account, $58,500.
Business
1 answer:
saw5 [17]3 years ago
4 0

Answer:

raw materials inventory    58,500 debit

                      accoutns payable       58,500 credit

Explanation:

Required prepare general journal entries to record the following for 2016. a. purchased materials on account, $58,500.

The raw materials inventory will increase for 58,500 which is the amount purchased. As the materials are an asset, we will debited.

We will also use an account to represent the debt we have with our providor.

We have an "account to pay" --> account payable

As this is a debt, we have a liability. Thus we credit to increase it-

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Accounting standard-setters use the following process in establishing accounting standards:__________. A. Discussion paper, rese
Sergeu [11.5K]

Answer:

Option D Research, discussion paper, exposure draft, standard.

Explanation:

The reason is that the International Accounting Standard Board conducts the research which includes the issues arising in the current standard due to advancement in environment. This requires that the company consider all the valuable suggestions fromt the professionals around the world. After a great discussion, the IASB chooses the best recommendations and publishes exposure draft which to review the judgement made. After careful review of the exposure, IASB issues new international accounting standard which results in abandoning the application of previous international accounting standard in two years time and opting to the new international accounting standard.

4 0
3 years ago
Read 2 more answers
Why do organizations identify their opportunities and threats??​
matrenka [14]

Answer:

So they know what do when they fight back or attack

7 0
3 years ago
Suppose that the country of Samiam produces only eggs and ham. In 2005 it produced 100 dozen eggs at $3 per dozen and 50 pounds
kozerog [31]

Answer:

d. nominal GDP is $500, real GDP is $400, and the GDP deflator is 125.

Explanation:

Real GDP is total output produced in an economy within a given period multiplied by base year prices

Nominal GDP is the sum of all final goods and services produced in an economy within a given period multiplied by current year prices.

Nominal GDP = (100 × $3) + (50 × $4) =

$500

Real GDP = (100 × 1.5) + (50 × $5) = $400

GDP deflator = (nominal gdp / real gdp) x 100

(500 / 400) × 100 = 125

I hope my answer helps you

6 0
3 years ago
How does a mayor-council system function?​
ValentinkaMS [17]

Answer:

The mayor is basically the city's chief executive, Meanwhile the council is the city's primary legislative body if you will. These make up general characteristics of a strong mayor council of governments . Therefore the mayor could or may appoint and remove departmental heads. The mayor can also draft and propose a budget to the city council basically.

7 0
3 years ago
On December 31, 2018, a company had assets of $29 billion and stockholders' equity of $22 billion. That same company had assets
Kisachek [45]

Answer:

0.69

Explanation:

From the question above on December 31, 2018 a company has an assets of $29 billion and stockholders equity of $22 billion.

On December 31, 2019 the same company recorded an assets of $55billion and stockholders equity of $17billion

Inorder to calculate the debt-to-assess ratio the first step is to find the amount of liabilities

Liabilities= Assets-Stockholders equity

Assets= $55 billion

Stockholders equity= $17 billion

= $55billion-$17billion

= $38 billion

Therefore, the debt-to-assets ratio can be calculated as follows

Debt-to-assets ratio= Total liabilities/Total Assets

= $38 billion/ $55 billion

= 0.69

Hence on December 31, 3019 the debt-to-assets ratio is 0.69

5 0
3 years ago
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