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3 years ago

Select the correct answer.

Business

1 answer:

PolarNik [594]3 years ago

7 0

Answer:

Elena wants to open a Chinese restaurant near a university. She has the required capital to start her restaurant. However, she is unable to find

good chefs for her restaurant. Which type of resource is Elena lacking?

Elena is lacking Labor resource.

Explanation:

The Labor resource is the term related with the people needed for running the operation of a business. In this case Elena has the need for the chefs that will help you with the elaboration of the dishes that she wants to offer.

A business usually needs the following type of resources: labor, capital and land.

As we said previously Labor is the resource related to people.

Land is the resource related to the physical space where you want to set up your business. e.g store, online site, offices, building and so on.

Capital is the resource related to the money or financial investment needed to cover the initial launching costs.

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Pina Colada Corp. holds Tamarisk, Inc. $44400, 120-day, 15% note. The entry made by Pina Colada Corp. when the note is collected

Dafna1 [17]

Answer and Explanation:

The journal entry is shown below

Cash $46,620

To Notes Receivable $44,400

To Interest receivable ($44,400 × 15% × 120 days ÷ 360 days)

(Being the cash received is recorded)

Here we debited the cash as it increased the assets and at the same time we credited the interest receivable and the note receivable as it decreased the assets

The same is to be considered

7 0

3 years ago

Vogel Corporation's cost of goods manufactured last month was $136,000. The beginning finished goods inventory was $35,000 and t

rosijanka [135]

Answer:

117,000 adjusted COGS

Explanation:

$$$Beginning Inventory + Manufactured = Ending Inventory + COGS$

35,000 + 136,000 = 48,000 + COGS

COGS = 123,000 before adjustment

overapplied overhead for 6,000

This means the applied is higher than actual expenses, the cost is 6,000 lower we must decrease the COGS

123,000 - 6,000 = 117,000 adjusted COGS

6 0

3 years ago

Coed Scents, a national producer of young adult perfumes and colognes, needs to determine if it would be cheaper to produce 100,

melisa1 [442]

Answer:

Coed Scents

1. The alternatives for Coed Scents are to reduce cost of internal production or to renegotiate the external purchase price.

2. Relevant costs Internal External

Total Cost Unit Cost

Direct materials $2,000,000 $20.00

Direct labor 350,000 3.50

Variable manufacturing overhead 150,000 1.50

Total cost $2,500,000 $25.00 $2,500,000 $25.00

3. No alternative is more cost-effective. However, Coed Scents can reduce cost of internal production (materials, labor, and variable overhead).

4. Internal production becomes more cost-effective with this additional costs from outsourced production.

The cost-effectiveness amounts to $350,000.

Explanation:

a) Data and Calculations:

Production units of Two AM = 100,000 bottles

Purchase price of outside supplier = $25

Total Cost Unit Cost

Direct materials $2,000,000 $ 20.00

Direct labor 350,000 3.50

Variable manufacturing overhead 150,000 1.50

Variable marketing overhead 250,000 2.50

Fixed plant overhead 300,000 3.00

Total $3,050,000 $30.50

Relevant costs Internal External

Total Cost Unit Cost

Direct materials $2,000,000 $20.00

Direct labor 350,000 3.50

Variable manufacturing overhead 150,000 1.50

Total cost $2,500,000 $25.00 $2,500,000 $25.00

5 0

3 years ago

Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving s

horsena [70]

Answer:

1). Account receivables A/c Dr. $1,345,000

To sales revenue A/c $1,345,000

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $975,700

To merchandise inventory A/c $975,700

(Being the cost is recorded)

2. Allowance for doubtful accounts A/c Dr. $19,400

To accounts receivable A/c $19,400

(Being the written off is recorded)

3. Cash A/c Dr. $670,800

To accounts receivables A/c $670,800

(Being cash received is recorded

1. .Account receivable A/c Dr. $1,529,400

To sales A/c $1,529,400

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $1,332,100

To merchandise inventory A/c $1,332,100

(Being the cost of goods sold is recorded)

2. Allowance for doubtful accounts A/c Dr. $27,000

To Account receivable A/c $27,000

(Being the written off amount is recorded)

3. Cash A/c Dr. $1,391,600

To account receivable A/c $1,391,600

(Being the cash received is recorded)

4. Bad-debts expense A/c Dr. $28,000

(765,600 × 1% + 20,344)

To allowance for doubtful accounts A/c $28,000

(Being the bad debt expense is recorded)

Working note:

Ending Receivables = (654800 + 1529400 - 27,000 - 1,391,600) = $765,600

Total Receivables of 1st Year = 1,345,000 - 19,400 - 670,800 = $654,800

Before Adjustment Ending Allowance Balance = 65,4800 × 1% - 27,000

= 6,548 - 27,000

= 20,344 Debit BalanceThe journal entries are shown below:

According to the scenario, computation of the given data are as follows:-

Journal Entries for 1st year

1). Account receivables A/c Dr. $1,345,000

To sales revenue A/c $1,345,000

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $975,700

To merchandise inventory A/c $975,700

(Being the cost is recorded)

2. Allowance for doubtful accounts A/c Dr. $19,400

To accounts receivable A/c $19,400

(Being the written off is recorded)

3. Cash A/c Dr. $670,800

To accounts receivables A/c $670,800

(Being cash received is recorded)

4. Bad-debts expense A/c Dr. $38,389

(1,345,000-19,400-670,800) × 2.90+ $19,400

To allowance for doubtful accounts A/c $38,389

(Being the bad debt expense is recorded)

Journal Entries for 2nd year

1. .Account receivable A/c Dr. $1,529,400

To sales A/c $1,529,400

(Being the sales revenue is recorded)

Cost of good sold A/c Dr. $1,332,100

To merchandise inventory A/c $1,332,100

(Being the cost of goods sold is recorded)

2. Allowance for doubtful accounts A/c Dr. $27,000

To Account receivable A/c $27,000

(Being the written off amount is recorded)

3. Cash A/c Dr. $1,391,600

To account receivable A/c $1,391,600

(Being the cash received is recorded)

4. Bad-debts expense A/c Dr. $28,000

(765,600 × 1% + 20,344)

To allowance for doubtful accounts A/c $28,000

(Being the bad debt expense is recorded)

Working note:

Ending Receivables = (654800 + 1529400 - 27,000 - 1,391,600) = $765,600

Total Receivables of 1st Year = 1,345,000 - 19,400 - 670,800 = $654,800

Before Adjustment Ending Allowance Balance = 65,4800 × 1% - 27,000

= 6,548 - 27,000

= 20,344 Debit Balance

Explanation:

8 0

2 years ago

Need helpppp asapppp!

geniusboy [140]

Banks are for-profit, meaning they are either privately owned or publicly traded, while credit unions are nonprofit institutions. ... This means members generally get lower rates on loans, pay fewer (and lower) fees and earn higher APYs on savings products than bank customers.

hope this helped

5 0

3 years ago