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tankabanditka [31]
3 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]3 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

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If beginning inventory is $60,000, cost of goods purchased is $380,000, sales revenue is $800,000 and ending inventory is $50,00
marysya [2.9K]

Answer:

$390000

Explanation:

Given: Beginning inventory= $60000

          Cost of goods purchased = $380,000

          Sales revenue= $800000.

          Ending inventory= $50000.

The Periodic inventory system is used to determine the amount of inventory available at the end of each accounting period.

Cost of goods sold= beginning\ inventory+ cost\ of\ goods\ purchased- ending\ inventory

⇒ Cost of goods sold= 60000+380000-50000

⇒ Cost of goods sold= \$ 440000 - \$ 50000

∴ Cost of goods sold= \$ 390000.

Hence, $390000 is the cost of goods sold under a periodic system.

6 0
3 years ago
Making a minimum payment:
stich3 [128]
Making<span> the total </span>minimum payment<span> each month </span>means<span> you avoid a late </span>payment <span>fee and ensures you can keep using your card. This is the defenition  of making a minimum payment so I would go with answer A</span>
5 0
3 years ago
During a recession, if a government uses an expansionary fiscal policy to increase GDP, the: Group of answer choices
Nezavi [6.7K]

Answer:

aggregate demand curve would shift to the right

Explanation:

Please find attached the full question

A recession is a period of decline in the economy. there is a recession if the GDP of two consecutive quarters is negative.

expansionary fiscal policy are steps taken by the government to increase the money supply in the economy. they include :

1. reducing taxes

2. increasing government spending.

reducing taxes would increase disposable income and aggregate spending would rise.

increased government spending would increase the money supply in the economy and demand would increase.

increased demand would lead to a rightward shift of the aggregate demand curve

5 0
3 years ago
b. Which of the following combinations of fishing lures and duck decoys is unobtainable to Mountain Mack in one week's worth of
Alexus [3.1K]

Question Completion:

Production Possibilities Frontiers

Duck decoys     Fishing lures

0                              120

6                              100

12                              80

18                              60

24                            40

30                            20

36                            0

Answer:

Mountain Mach

Production Possibilities Frontiers:

1. The combinations of fishing lures and duck decoys that is unobtainable to Mountain Mach is:

10 fishing lures and 40 duck decoys

2. The combinations of fishing lures and duck decoys that is an efficient combination for Mountain Mach is:

16 fishing lures and 30 duck decoys

Explanation:

Mountain Mack's Production Possibilities Frontier (PPF) is a graphical illustration of the production possibilities of carving duck decoys and fishing lures with fixed resources.  The PPF indicates the information about the tradeoff between devoting resources to carving duck decoys versus carving fishing lures.  It shows that there is an opportunity cost if Mountain Mack chooses to produce more duck decoys than fishing lures and vice versa.  With PPF, Mountain Mack is able to make efficient decisions by determining the best combination of goods and allocating resources accordingly.

7 0
3 years ago
Suppose Paris Household Sales (PHS), headquartered in California, acquires fine furniture from several high-quality manufacturer
stich3 [128]

Answer:

Option C

Explanation:

In simple words, A reseller can be defined as the business or individuals (merchant) that buys products or activities with the aim of reselling them instead of utilizing or consuming them. Inside the communications business for example, corporations purchase surplus transmission bandwidth or call times from larger providers and resale it to smaller providers.

6 0
3 years ago
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