Answer: See explanation
Explanation:
The journal entry to correct the errors is given below:
a. Dr Cash $8400
Cr Account receivable $8400
b. Dr Supplies $2500
Cr Office equipment $2500
Dr Supplies $2500
Cr Account Payable $2500
Note that the first entry that's given in (b) above reverses the incorrect entry. On the other hand, the second entry simply records the correct entry.
Answer: $2.81 per machine hour
Explanation:
Wages and salaries $ 423,000
Activity cost pools 10%
Allocated amount = 10% of $423000
= 0.1 × 423000
= $42,300
Depreciation = $112,000
Activity cost pools 10%
Allocated amount = 10% of 112,000
= 0.1 × 112000
= $11200
Occupancy 154,000
Activity cost pools 20%
Allocated amount = 20% of 154000
= 0.2 × 154000
= $30800
Total allocated amount = $42300 + $11200 + $30800 = $84300
The cost hour is the machine hour which is 30,000
Rate per machine hour = total allocated amount/machine hour
= 84300/30000
= $2.81 per machine hour
Answer:
For X-Men, the Sales Discount should be recorded at the estimated discount amount that will be taken by the X-Men's customers, which is calculated as: $1,000 * 2% = $20.
The adjusting for sales discount X-Men should be recorded as followed:
Dr Sales Discount 20
Cr Allowance for Sales Discount 20
( to record the estimated sales discount taken)
in which, Sales Discount is a contra-revenue account which helps to record the Net Sales amount from the Gross Sales amount.
Explanation:
Answer:
The answer is letter C.
Explanation:
The situation that would not result in auditors adding an additional paragraph to their report is reference to a departure from GAAP that is material, but not pervasive, to the financial statements.
Answer:
Demographic and buyer behavior characteristics.
Explanation:
- Studying a market can be very difficult, so, sometimes researches choose random sample to study. The question arises that weather these sample represents the whole targeted market or not.
- And that should be judged carefully, if not the study will be an utter failure.
