In economics, the term productivity refers to:

Prepare summary journal entries to record the following transactions for a company in its first month of operations. Raw materia

Whitepunk [10]

Answer:

Journal Entries

Raw Materials $108,000 (debit)

Accounts Payable $108,000 (credit)

Being purchase of Raw Materials on Account

Work In Process ; Direct Material Cost $44,000 (debit)

Work In Process ; Indirect Material Cost $19,800 (debit)

Raw Materials $63,800 (credit)

Being Raw Materials requisitioned for Production

Work In Process ; Direct Wages and Salaries $46,000 (debit)

Work In Process ; Indirect Wages and Salaries $24,000 (debit)

Cash $70,000 (credit)

Being Wages and Salaries Paid in Cash

Overheads $8,750 (debit)

Cash $8,750 (credit)

Being Cash paid for Overheads

Work In Process $55,200 (debit)

Overheads $55,200 (credit)

Being Overheads Applied to Work In Process at 120% of direct labor cost

Finished Goods $86,000 (debit)

Work In Process $86,000 (credit)

Being Goods transferred to Finished Goods

Trade Receivable $123,000 (debit)

Revenue $123,000 (credit)

Being Sale of Jobs on Account

Cost of Sales $86,000 (debit)

Finished Goods $86,000 (credit)

Being Cost of Jobs Sold

Explanation:

Costs incurred for Manufacturing are accumulated In the Work In Process Account.

This account is de-recognized as the goods are transferred to Finished Goods.

The Finished Goods Inventory Account is then de-recognised as the Jobs are sold to the Customers.

7 0

3 years ago

Chang Lee is going to receive $20,000 six years from now. Soo Lee is going to receive $20,000 nine years from now. Which one of

Allisa [31]

Answer:

C) In today's dollars, Chang Lee's money is worth more than Soo Lee's

Explanation:

The present value of receipts 6 year hence of amount $20,000 discounted at 7% rate would be: Discounting factor of 1 $ for 6 years at 7 % i.e expressed as:

$\frac{20000}{(1\ +\ .07)^{6} }$

= 20,000 × 0.6663

= $ 13,327 approx

The present value of $20,000 receipts 9 years hence discounted at 7% rate is given by:

$\frac{20000}{(1\ +\ .07)^{9} }$

= 20,000 × 0.5439

= 10,879 approx.

As is evident from above, Chang Lee's present value of receipts is more than those of Soo Lee's.

6 0

3 years ago

Some colleges charge for student parking. currently, your college does not charge for parking but the administration announced a

Lunna [17]

2 days while your there because you can't have it for 3 days because you'll be short on cash, and for 1 day you would have extra cash for one more day to park.

7 0

4 years ago

During the recession of 2007-2009, the U.S. economy was experiencing a decrease in home prices and consumer wealth, a credit cri

Stels [109]

Answer:Answer The business sector (b)The policy option is the fiscal policy

Explanation:

Recession can be defined as a state of economic declines in a country which in turn lead to decline in the GDP of a country as well as increase in the rate of unemployment in the country. It is a period of slow business activities in the country which can last for period of six months or a year depending on the quick response of the handlers of the economy to quickly put the situation under control. It is a period of slow growth in the economy. In a period of recession, the business sector experience lack of credit facility which arise due to the inability of the banking sector of the economy to lend to the business sector.. during these period there is a decrease in consumer spending, in the sense that, the demand for goods and services by the households will reduced drastically as a result of the reduction in the purchasing power of the people.

However, with a view to bring the economy under control, the policy option to be adopted is the fiscal policy in which the government can increase their spending on the economy, The fiscal policy also includes the reduction of the income tax as a way of increasing the purchasing power of the people. In addition, The banking sector will also be encouraged to start lending to the business sector as a way of boosting the economy and bring back the economy to the path of growth.

3 0

4 years ago

The Artisan Cheese Company in Florida has decided to add a new line of imported cheeses to its offering. The company president (

KonstantinChe [14]

Answer:

Cheeses from England.

Explanation:

First, let us define what Marketing Mix is:

This refers to the number of strategies a company employs to promote its goods and services in the market. The four Ps of the marketing mix include Product, Price, Place and Promotion.

The goal of a marketing strategy is to create awareness among the target audience.

Feedback and surveys are ways in which a company informs its marketing mix strategy. Therefore, if it has been determined from the customer feedback from company surveys and cheese tasting that the Product the customers prefer is Cheese from England, then that is what should be produced and promoted.

It cannot be over emphasized that companies are in business because of the customers, so their opinion takes precedence, as the saying goes, customer is always right. Therefore, if the need of the customer is not met, the company will make no profits.

The company president and product director will have to do what the customer wants.

4 0

3 years ago