Buyers of milk, recognizing that the price ceiling is good for them, have pressured policymakers into imposing the price ceiling.
Answer:
Part a. Record the transaction on the day the materials were bought.
Materials Account $180,000 (debit)
Cash $180,000 (credit)
Part b. Record the transaction on the day the materials were requisitioned
Work In Progress $165,000 (debit)
Materials Account $165,000 (credit)
Explanation:
Part a. Record the transaction on the day the materials were bought.
Recognise the Assets of Materials Purchased and Derecognise Cash to depict ouflow of economic benefits
Part b. Record the transaction on the day the materials were requisitioned
De-recognise the Materials applied in Production Process and Recognise the cost in Work In Progress Account
Answer:
Net Income $12,400
Explanation:
Preparation of a corrected income statement.
GREENSTREAM INSURANCE Agency Income Statement For the Month Ended June 30
RevenuesService Revenue $42,000
[$40,000 +(20%* $10,000).]
Expenses:
Salaries and Wages Expense $17,300
($12,000 + $5,300)
Rent Expense 4,200
Depreciation Expense 3,300
($2,800 + $500)
Supplies Expense 2,800
($0 + $2,800)
Utilities Expense 1,200
($0 + $1,200)
Advertising Expense 800
Total expenses 29,600
Net Income $12,400
(42,000-29,600)
Therefore the net income for the corrected income statement will be $12,400
D. would be the correct answer I believe!
The answer you’re looking for is
-Entrepreneurs
I hope this helps! Have a good rest of your day/night :)
