Explanation:
The Journal entry is given below :-
Bonds payable $2,000,000
To common stock $1,000,000
To Discount on common stock $30,000
To Paid in capital $970,000
The calculation of bonds payable, common stock is below:-
For bonds payable
= 2,000 × $1,000
= $2,000,000
For common stock
= 2,000 × 50 × $10
= $1,000,000
For paid in capital
= $2,000,000 - ($1,000,000 - $30,000)
= $970,000
Calculation of Total Manufacturing Overhead Costs:
Manufacturing overhead costs are indirect costs incurred in relation to the production.
From the given information manufacturing overhead costs shall include factory Utilities $5,000, Indirect labor $ 25,000, depreciation of production equipment $ 20,000
Hence the Total Manufacturing Overhead Costs shall be (5000+25000+20000)=<u>$50,000</u>
Answer: Functional departmentalization
Explanation: In a functional departmentalization structure, the company tries to organize the employees into groups based upon the specific skills they possess. The activities performed by such groups are different from each other but the employees within groups performs the same task.
In the given case, the manager is dividing the company as per the purchase,serving and home delivery etc. It is evident that the grouping is done upon the specific activities to be performed.
Hence we can conclude that the correct option is B.
Answer:
c. Dec. 31Fees Earned750 Rent Revenue175 Income Summary925
Explanation:
The journal entry to record the closing of Fees earned and rent revenue is given below:
On Dec 31
Fees earned $750
Rent revenue $175
To Income summary $925
(Being the revenues and fees earned is closed)
For recording this we debited the fees earned and rent revenue and credited the income summary so that the correct recording and posting could be done
Therefore the total amount of $925 is credited to income summary
Answer:
inter vivos trust.
Explanation:
A trust under which property is transferred by a living trustor to a trustee with instructions for management of assets and for distribution of income, is known as an inter vivos trust. The main purpose of an inter vivos trust is to facilitate the naming of the beneficiaries of assets or property for transfer purposes while the owner is still alive in order to avoid probations.
