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Anit [1.1K]
4 years ago
9

On March 1, 2012, Freeze Company hires a new employee who will start to work on March 6. The employee will be paid on the last d

ay of each month. Should a journal entry be made on March 6? Why or why not?
a. Yes, the company is now obligated to pay the employee, thus that event must be recorded.b. No, hiring an employee is an important event; however, it is not an economic event that should be recorded.
c. Yes, failure to record the event would cause the financial statements to be misleading.
Business
1 answer:
Art [367]4 years ago
7 0

Answer:

B. No.

Explanation:

We do not need to give a journal entry for a non-economic event. Non-economic event means where there are no monetary transactions. As the company hires new employees who will start working on March 6, it is an event, but we cannot value this event in monetary form. Therefore, no journal entry is required to post.

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strojnjashka [21]

Answer: Proven oil reserves

Explanation:

Proven oil reserves are those that humans can extract oil from given our current technological and economic situations.

Under Proven oil reserves there are those that are Proven developed and those that are Proven Underdeveloped. Proven Developed ones can be extracted from as they come from already existing wells. Proven Underdeveloped however would need further investment to get them ready.

6 0
3 years ago
Metaline Corp. uses the weighted average method for inventory costs and had the following information available for the year. Th
Archy [21]

Answer:

Total equivalent units= 4,190

Explanation:

Giving the following information:

Beginning Work in Process (30% complete, $1,600) 250 units

Ending inventory of Work in Process (70% complete) 450 units

Total units started during the year 3,700 units

<u>We need to calculate the number of units completed and transferred out.</u>

Beginning work in process= 250*0.7= 175

Units started and completed= 3,700

Ending work in process equivalent units= 450*0.7= 315

Total equivalent units= 4,190

4 0
3 years ago
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Kazeer [188]
Electronic Profiling is your answer. I hope I helped:)
6 0
3 years ago
Manufacturers follow four steps to implement a manufacturing overhead allocation system. The last step is to:
MArishka [77]

Answer: Manufacturers follow four steps to implement a manufacturing overhead allocation system. The last step is to: " B. Allocate some manufacturing overhead to each individual job ".

Explanation: The steps to implement a manufacturing overhead allocation system are:

1) Obtain a detailed list of all general manufacturing costs.

2) Choose an allocation base (machine hours, direct labor hours) to divide the general factory costs by this allocation base and assign general costs to each production unit.

3) The total allocation base is divided by the units produced to know the amount of manufacturing overhead associated with each unit.

4)"B. Assign some general manufacturing expenses to each individual job." For example, product X requires 2 hours of work to produce it and product Y one hour, higher general manufacturing costs will be assigned to product X

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3 years ago
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Ira Lisetskai [31]

Answer:

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Explanation:

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3 0
3 years ago
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