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3 years ago

Consider the following situations for Shocker:

Business

1 answer:

Katen [24]3 years ago

8 0

Answer and Explanation:

The journal entries are shown below:

a. Deferred revenue Dr ($3,750 ÷ 3 months) $1,250

To Revenue $1,250

(Being the revenue of three month is recorded)

b. Advertising expense Dr ($2,550 × 10 ÷ 30) $850

To Prepaid advertise $850

(Being the advertising expense is recorded)

c. Salary expense Dr $7,500

To Outsanding salary $7,500

(Being the salary expense is recorded)

d. Interest expense Dr ($65,000 × 6% × 4 months ÷ 12 months) $1,300

To Accrued interest $1,300

(being the interest expense is recorded)

The four months is taken from August 31 to December 31

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If manufacturing overhead has been underallocated during the period, then which of the following is true?(a) the jobs produced d

Alecsey [184]

Answer:

The correct answer is B: the jobs produced during the period have been under-costed

Explanation:

Giving the following information:

If manufacturing overhead has been under-allocated during the period, then which of the following is true?

(a) the jobs produced during the period have been over-costed

(b) the jobs produced during the period have been under-costed

(d) none of the above

When manufacturing overhead has been under-allocated means that the actual costs incurred where superior that the estimated cost for the period.

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3 years ago

Look at the examples, and then determine which type of advantage each one describes.

lara [203]

Answer:

1) If a producer can provide cable service more cheaply than another producer, it is an absolute advantage.
2) If a producer can produce salads while giving up fewer opportunities to make sandwiches than another producer, it is a comparative advantage.

3) If a producer can create more car parts than another producer does, using the same number of resources, the price per unit is cheaper and it is an absolute advantage.

Absolute advantage is the ability of a person, a country, company or region to produce a good or service at a cheaper price per unit than another entity producing the same good or service.

Comparative advantage is the ability of a person, a country, company or region to produce a specific good or service more efficiently (lower opportunity cost) than another entity to produce the same good or service.

4 0

3 years ago

Read 2 more answers

Angela, a recent university graduate, wants to start a fashion boutique that will sell tailor-made garments and accessories. She

ella [17]

Answer:

E. The Small business Administration

Explanation:

The small business administration is an agency that supports small business and entrepreneurs with setting up of their business. The small business administration helps with the provision of counseling to aid individuals trying to start and grow businesses.

Therefore Angela should meet the Small business Administration for financial and managerial assistance.

4 0

3 years ago

The balance in retained earnings on December 31, 2017, was $1435000 and on December 31, 2018, it was $1160000. Net income for 20

Inessa [10]

Answer:

b. $556,000.

Explanation:

Retained Earning is an account where all the earnings of the company accumulate and dividend is also paid from this account because it represents the amount the earning associated with the stockholders of the company.

December 31, 2018 Balance of Retained Earning = December 31, 2017 Balance of Retained Earning + Income for the year - Dividend Paid / Declared during the year.

$1,164,000 = $1,440,000 + $1,000,000 - Dividend Paid / Declared during the year.

$1,164,000 = $2,440,000 - Dividend Paid / Declared during the year.

Dividend Paid / Declared during the year = $2,440,000 - $1,164,000

Dividend Paid / Declared during the year = $1,276,000

Stock Dividend Paid - $500,000 + $220,000 = $720,000

Cash Dividend Paid = $1,276,000 - $720,000 = $556,000

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3 years ago

When formulating accounting principles, the Securities and Exchange Commission’s role is A : consistently secondary. B : nonexis

navik [9.2K]

Answer:

C: sometimes primary and sometimes secondary.

Explanation:

When formulating accounting principles, the Securities and Exchange Commission’s role is sometimes primary and sometimes secondary.Securities and Exchange Commission has the responsibility to develop accounting standards which has to be enforced by public companies and they also consistently looked to the private sector for assistance in it. The securities and exchange commission retains the authority to establish the standards which formulate by them.

5 0

3 years ago