1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Butoxors [25]
3 years ago
12

Knowledge Check 03 During January, Dream House Builders, Inc. incurred $550 of actual indirect materials costs, as supported by

materials requisitions. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus.
Business
1 answer:
TEA [102]3 years ago
5 0

Answer:

Debit:  Work in Process Inventory $550

Credit: Actual Indirect Material Costs $550

<em>Transferred Raw Material to Production.</em>

Explanation:

Material Requisition is form in which a production department requests a Raw Material Department to release the Raw Material into a Production Phase.

The Indirect Material costs are those which are not easily identified and are not usually a part of finished good or end product.

The Cost of Actual Indirect Material is given so we can have the above Journal entry for material requisition.

You might be interested in
On January 1, 2021, American Corporation purchased 25% of the outstanding voting shares of Short Supplies common stock for $210,
Usimov [2.4K]

Answer:

"$224,000" is the correct solution.

Explanation:

The given values are:

Corporation purchased percentage,

= 25%

Original investment,

= $210,000

Short's net income,

= $80,000

Paid cash dividend,

= $24,000

Now,

The share of net income will be:

= 25 \ percent\times 80,000

= 0.25\times 80000

= 20,000 ($)

The cash dividend will be:

= 25 \ percent\times 24,000

= 0.25\times 24,000

= 6,000 ($)

hence,

On December 31, 2021, the balance will be:

= Original \ investment+Net \ income \ share+Cash \ dividend

= 210,000+20,000+6,000

= 230,000-6,000

= 224,000 ($)

6 0
2 years ago
Priya Rahavy, M.D., is a general practitioner whose offices are located in the Lake Forest Professional Building. In the past, D
mariarad [96]
Priya Rahavy, M.D., is a general practitioner whose offices are located in the Lake Forest Professional Building. In the past, Dr. Rahavy has operated her practice with a nurse, a receptionist/secretary, and a part-time bookkeeper. Dr. Rahavy, like many small-town physicians, has billed her patients and their insurance companies from her own office. The part-time bookkeeper, who works 15 hours per week. is employed exclusively for this purpose.
North Avenue Physician's Service Center has offered to take over all of Dr. Rahavy's billings and collections for an annual fee of $24,000. If Dr. Rahavy accepts this offer, she will no longer need the bookkeeper. The bookkeeper's wages and fringe benefits amount to $20 per hour, and the bookkeeper works 50 weeks per year. With all the billings and collections done elsewhere, Dr. Rahavy will have three additional hours available per week to see patients. She sees an average Of four patients per hour at an average fee of $30 per visit. Dr. Rahavy's practice is expanding, and new patients often have to wait several weeks for an appointment. She has resisted expanding her office hours or working more than 50 weeks per year. Finally, if Dr. Rahavy signs on with the center, she will no longer need to rent a records storage facility for $200 per month.


a. Conduct a relevant cost analysis to determine if it is profitable to outsource the bookkeeping.
8 0
3 years ago
PLEASE HELP ME WITH THIS PLS PLS PLS
AveGali [126]
The first once is c and and is a
3 0
2 years ago
Who is responsible for payment of self-employment tax on fees received by a professional fiduciary?
zlopas [31]
<span>If a person is self employed, they are responsible for paying their own taxes. There are tables available on line to calculate the amounts. They should be paid no less than quarterly. If the income is significant, an account should be set up, or they should be paid more frequently. There are fees for late payments.</span>
8 0
3 years ago
What are the costs of “freebie” items?
Oliga [24]

Answer:

The costs of a “freebie” item includes resources to make, a person's labor, and the cost to the store to offer it to us as free.

Explanation:

3 0
3 years ago
Other questions:
  • Suppose Stark Ltd. just issued a dividend of $1.59 per share on its common stock. The company paid dividends of $1.25, $1.33, $1
    11·1 answer
  • On january​ 1, 2017, finch company issued​ $89,000 of​ five-year, 8% bonds when the market interest rate was​ 12%. the issue pri
    11·1 answer
  • Coca-Cola spent $102 million through The Coca-Cola Campaign focusing on water stewardship, healthy and active lifestyles, commun
    5·1 answer
  • In the marketing mix, place includes ________.a. advertising
    12·1 answer
  • The price of pie increases. Some people who purchased pie before the price increase no longer purchase pie. This is A. a negativ
    9·1 answer
  • Some of the mangos from your neighbor's mango tree drop into your yard. You don't like mangos and the fallen mangos make it hard
    6·1 answer
  • Strategy-making is
    13·1 answer
  • Cost behavior analysis focuses on a.how costs react to increases in activity levels only. b.how costs react to changes in activi
    9·1 answer
  • Burnett Corp. pays a constant $8.75 dividend on its stock. The company will maintain this dividend for the next 10 years and wil
    14·1 answer
  • What is the value of a 1000 dollar investment that loses 5% each year
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!