1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
xxMikexx [17]
3 years ago
6

During January, its first month of operations, Knox Company accumulated the following manufacturing costs: raw materials $5, 310

on account, factory labor $7, 010 of which $5, 673 relates to factory wages payable and $1, 337 relates to payroll taxes payable, and utilities payable $2, 130. During January, time tickets show that the factory labor of $7, 010 was used as follows: Job 1 $2, 314, Job 2 $1, 733, Job 3 $1, 529, and general factory use $1, 434. Prepare a summary journal entry to record factory labor used. In January, Knox Company requisitions raw materials for production as follows: Job 1 $926, Job 2 $1, 730, Job 3 $777, and general factory use $701.

Business
1 answer:
mariarad [96]3 years ago
7 0

Answer:

See the attached picture for detailed answer.

Explanation:

See the attached picture for explanation.

You might be interested in
When using the indirect method to determine cash flows from operating activities, an increase in prepaid expenses should be repo
Andrews [41]

Answer:

b. A deduction from net income in determining cash flows from operating activities.

Explanation:

An increase in prepaid expenses is deducted from Net Income. The reason behind it very simple and no rocket science is there. Lets take Insurance as a prepaid expense. You Paid in-advance for Insurance, it increase your current asset that is Prepaid Insurance BUT at the same time cash went out of the Business.

I hope I made it clear to you. If you still have any queries, feel free to ask me.

Thanks!

8 0
3 years ago
5.
sineoko [7]
Wait im searching for answers
4 0
3 years ago
Identify which basic principle of accounting is best described in each item below. (a) Norfolk Southern Corporation reports reve
Stels [109]

Answer:

The answers are,

For A. It's the revenue recognition principle in which revenue is recognised when it is earned, now when the cash is realized.

For B. Its the matching concept in which all expenses related with earnings are debited against it to find the profit or loss.

For C. It's full disclosure principle in which all events in material nature has to be disclosed. We can say that going concern effects this as well, as if any event affect the continuity of an entity, it has to be disclosed as well.

For D. It's the historical cost principle in which you account the assets and expenses at the price you paid for them. When the value increases over time, you can reevaluate and adjust it.

Explanation:

7 0
3 years ago
The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17
kolezko [41]

Answer:

=  $490

Explanation:

<em>Under the </em><em>First-in-First-Out  </em>( FIFO ) <em>method of inventory valuation,  inventories are valued using the price of the earliest batch in stock until the batch is exhausted when the price of the next oldest batch is used and so on.</em>

Date     sale units       Workings                         Value

              10                    10 × $19                              190

               20        (10 × $19)+( 10 × $20)                  390

The cost o he merchandise = $190 + $390

                                             =  $490

8 0
3 years ago
Everybody should leave this app and go to question cove. You do not need any points to ask questions and you get correct answers
guajiro [1.7K]

Answer:

thz fo the points

Explanation:

6 0
3 years ago
Other questions:
  • Determine the missing amounts. (Round answers to 0 decimal places, e.g. 1,225.) Unit Selling Price Unit Variable Costs Unit Cont
    11·1 answer
  • Over the first four years of a company's life, it earned the following net income (loss): $10,000; $5,000; $6,000, and ($4,000).
    9·1 answer
  • Holly files an employment discrimination suit against Industrial Corporation under Title VII of the Civil Rights Act on a dispar
    7·1 answer
  • A firm recently issued $1,000 par value, 20-year bonds with a coupon rate of 9%. Coupon interest payments will be paid semi-annu
    10·1 answer
  • The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are re
    10·1 answer
  • True or false? The best way to choose the right social media tool is to think about your business goals, then narrow down your c
    13·1 answer
  • If an advertisement is affiliated with a website's content, what might that suggest?
    9·1 answer
  • Make a list of entrepreneural activities in your own community?
    12·1 answer
  • Which of the following statements is true in a capitalist economy?
    11·1 answer
  • What is the first account number used in the liabilities division? A. 20 C. 2 B. 21 D. 02
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!