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
tankabanditka [31]
2 years ago
13

A law firm, Morris & Morris, accumulates costs associated with individual cases using a job order cost system. On August 5,

the firm charged 200 hours of professional (lawyer) time to the Micro Systems Co. breach of contract suit to prepare for the trial, at a rate of $340 per hour. What is the journal entry for this transaction?
Business
1 answer:
Monica [59]2 years ago
3 0

Answer:

Given that,

On august 5,

Firm charged = 200 hours of lawyer time

Rate per hour = $340

Therefore,

Salaries payable = Number of hours × Rate per hour

                            = 200 hours × $340 per hour

                            = $68,000

Hence, the journal entry for this transaction is as follows:

Work in process A/c          Dr.    $68,000

To Salaries payable A/c                                $68,000

You might be interested in
If the price of the item is $15.00 per unit and the employees cost $125 each, how many employees should the firm hire to maximiz
Aneli [31]

If the price of the item is $15.00 per unit and the employees costs $125 each,  Three employees should the firm hire to maximize their profit.

How do firms maximize profit?

All firms maximize profits when their marginal cost is equal to the marginal product. This dollar amount should also be the selling price that maximizes profits.

What is meant by profit maximization?

Profit maximization is a process business firms undergo to ensure the best output and price levels are achieved in order to maximize its returns. Influential factors such as sale price, production cost and output levels are adjusted by the firm as a way of realizing its profit goals.

What are the goals of profit maximization?

Profit maximization is the process by which a business arranges its prices and cost structure to achieve the highest possible profit. The central goal of the organization is to increase its profits

 

Learn more about profit maximization:

brainly.com/question/21794386

#SPJ4

3 0
1 year ago
Costly Corporation is considering a new preferred stock issue. The preferred would have a par value of $1000 with an annual divi
shutvik [7]

Answer:

28.63%

Explanation:

The computation of the cost of preferred stock is shown below:

Cost of the preferred stock = Dividend ÷ Price of the stock

where,

Dividend is

= $1,000 × $15%

= $150

And, the price of the stock is

= Market value of the stock - flotation cost

= $576 - $52

= $524

So, the cost of preferred stock is

= $150 ÷ $524

= 28.63%

We ignored the marginal tax rate i.e 40%

3 0
2 years ago
Everyday fresh is a retail outlet that sells its products at a discounted rate. it expands its product base to a new division th
otez555 [7]
This kind of reasoning is said to be DEDUCTIVE REASONING.
Deductive reasoning is the process of reasoning based on multiple premises that are generally believed to be true. Deductive reasoning usually moves from the general to the specific. For instance, in the question given above, Jason reasoned that if other products are sold at discounted prices, then the items that are newly available will also be sold at discounted prices. 
7 0
3 years ago
Read 2 more answers
Describe at least three ways you will implement your project to soften the impact of the issue on the community
brilliants [131]
We can enumerate three ways on how we can implement the project that would soften the impact of the issue on the community. These three ways are enumerated below:
1. Understand the talent of the youth and discuss the proposed project that would help to their development. The benefit of this project is to divert the attention of the youth into a healthy lifestyle instead of being attractive into illegal drugs which are very common nowadays.
2. Discuss the projects by giving them the all the options that would benefit them rather than creating damage to their livelihood. Organize meetings and open forum.
3. Introduce to them the health impact of the project.
8 0
3 years ago
Explain how financial statements (Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows) are
Svetlanka [38]

A financial statements are helpful to the business owner, employees, and investors because:

  • It helps to financial plan
  • It helps to make decisions
  • It helps to adhere to regulations etc

<h3>What are financial statements?</h3>

This refers to those written records that convey the business activities and the financial performance of a company.

Some examples of financial statements in every standard companies includes Income statement, Cash flow statement, Balance sheet, Note to Financial Statements, Statement of change in equity etc.

In conclusion, majority of firm's financial statement are audited by government agencies, accountants, firms  to ensure accuracy, tax purpose, financing, investing purposes etc.

Read more about financial statements

<em>brainly.com/question/24498019</em>

#SPJ1

3 0
1 year ago
Read 2 more answers
Other questions:
  • A customer buys 100 shares of DEFF stock at $150 per share. During the first year of owning the stock, the customer receives $45
    12·1 answer
  • Doing taxes, taking people's blood pressure, and using video editing software are examples of _______ skills.
    5·1 answer
  • Can someone help me with this?
    6·2 answers
  • Select the correct answer.
    8·1 answer
  • Assume that instead, the debtholders had negotiated a covenant based on the maximum amount of investment (so, they set a maximum
    10·1 answer
  • Money in your emergency fund could be wisely used:
    12·1 answer
  • 1. Park Co. is considering an investment that requires immediate payment of $31,500 and provides expected cash inflows of $12,00
    9·1 answer
  • Summarise the five (5) types of directors in incorporated companies.
    12·1 answer
  • Which points are most efficient for the utilization of resources on a production possibilities diagram?
    15·1 answer
  • champions school of real estateIn which of the emotional phases of buying is a buyer drawn in by advertising or sign, stimulatin
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!