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Helen [10]
3 years ago
10

A company’s Factory Overhead T-account shows total debits of $624,000 and total credits of $646,000 at the end of the year.

Business
1 answer:
trapecia [35]3 years ago
8 0

Answer:

The journal entry is

Dr Cost of sales ---------------$22,000

Cr Factory overhead---------$22,000.

Explanation:

At the end of the year:

Total debits equal $624,000

Total credits equal $646,000.

The difference is $646,000 - $624,000 = $22,000

This $22,000 will be the balance at the beginning of the following year.

So the journal entry to close the balance in the Factory overhead account to cost of goods sold is:

Dr Cost of sales ---------------$22,000

Cr Factory overhead---------$22,000.

This means the overhead is under-applied(actual overhead is greater than the budgeted cost)

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myrzilka [38]

The factor that would not affect the position of the supply curve for cranberries is the popularity of cranberry drinks.

The supply curve is a graph that shows the relationship between price and the quantity supplied. The supply curve is positively sloped. A change in the position of the supply curve can either be an outward shift or an inward shift. An outward shift indicate an increase in supply and an inward shift indicates a decrease in supply.

An increase in the price of agricultural land and the cost of fertilizers increases the cost of producing cranberries . This would lead to an inward shift of the supply curve. On the other hand, a decrease in the price of  agricultural land and the cost of fertilizers would lead to an outward shift of the supply curve.

The development of a new pest control for cranberry production would lead  to an outward shift of the supply curve as more cranberries can be produced.

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5 0
3 years ago
Match the following functions with their descriptions.
drek231 [11]

Answer:

A. ERP

B. RFID

C. Barcodes

D. E-business

E. EDI

Explanation:

Here is the complete question :

Match the following functions with their descriptions.

(E-Business, EDI, Bar Codes, ERP, RFID)

A. It allows companies to organize and share information

B. It provides instantaneous tracking by containing identifying information

C. It provides complete visibility of product location

D. Provides access to global markets, suppliers and distribution channels

E. It enables exchange of documents in a standard format

Enterprise resource planning (ERP) is a software used to organise a business core processes

Electronic Data Interchange (EDI) is used to exchange business documents in a standardised format electronically

Types of EDI

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  3. Web EDI
  4. Mobile EDI

Advantages of EDI

  1. It increases business efficiency
  2. It reduces operating costs

Disadvantages of EDI

  1. Initial setup cost is usually quite high

Radio-frequency identification (RFID) is used to identify and track tags that are attached to items

Barcodes are used as a means of identification of a product. They can identify the country a product is manufactured.

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6 0
3 years ago
Jones company lends Alabater Inc. $85,000 on August 6, 2018. This loan was memorialized with a signed note receivable with a rep
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Answer:C) $2,125.

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using days in a year = 360 days

Interest = $85,000 X 10% x 90/360

=$2,125

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8 0
3 years ago
?daniel has started a small shoe manufacturing company. he does not want the best equipment at the moment, so he is using equipm
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In this scenario, Daniel is <span>satisficing.
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3 years ago
Suppose you deposit $1,091.00 into an account 6.00 years from today that earns 12.00%. It will be worth $1,728.00 _____ years fr
Taya2010 [7]

Answer:

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Explanation:

Giving the following information:

Present value= $1,091

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<u>First, we need to calculate the number of years it will take to transform the PV into the FV:</u>

<u></u>

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n= ln(1,728/1,091) / ln(1.12)

n= 4.058 years

It will take 10.058 years from today.

4 0
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