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Sidana [21]
3 years ago
11

Hou Company applies factory overhead to its production departments on the basis of 90% of direct labor costs. In the Assembly De

partment, Hou had $125,000 of direct labor cost, and in the Finishing Department, Hou had $35,000 of direct labor cost. The entry to apply overhead to these production departments is:
Business
1 answer:
Fofino [41]3 years ago
5 0

Answer:

The journal entry is shown below:

Explanation:

Factory overhead is the term which is defined as the cost or expense which take place during production procedure. And it does not involve the cost in relation to direct labor and direct material.

The journal entry to apply the overhead to these production departments is as follows:

Work in Progress Inventory - Assembly A/c..............Dr $112,500

Work in Progress Inventory - Finishing A/c................Dr $ 31,500

            Factory Overhead A/c....................................................Cr  $144,000

Being the entry for applying the overhead is recorded

Working Note:

Work in Progress Inventory - Assembly = $125,000 × 90%

Work in Progress Inventory - Assembly = $112,500

Work in Progress Inventory - Finishing A/c = $35,000 × 90%

Work in Progress Inventory - Finishing A/c = $31,500

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The General Fund of a city pays all utility bills received from private companies for services provided to city agencies. It the
UNO [17]

Options:

a. expenditures - utilities

b. due from library special revenue fund

c. transfer out to library special revenue fund

d. due to library special revenue fund

Answer:

Correct answer is A

Explanation:

The entry that the General Fund make when it sends the bill to the Library Special Revenue Fund should be expenditures - utilities .

8 0
3 years ago
1. Characteristics of oligopoly An oligopolistic market structure is distinguished by several characteristics, one of which is m
sergejj [24]

Answer:

----Either similar or identical products --------Difficult entry

----Mutual interdependence

Explanation: An Oligopolistic market is a market characterized by few sellers of large firms who sell either similar or differentiated products. Here, Each firm is mutually interdependent as any action from any firms influences the actions of the rest of the competing firms , therefore decisions are made using strategic planning and consideration as competing firms are ready to counter react to any change in any new market action.

Market entry is difficult Because of the already established customer base of the successful operating firms dominating the market.Also venturing into the market requires high capital, technology or additional government licences. Examples of Oligopolistic firms are oil and gas firms, airlines, mass media etc

8 0
3 years ago
Companies such as starbucks and ibm are businesses that serve customers and suppliers wherever in the world they may be located
ddd [48]

The answer is :Globalization

Globalization refers to the situation when we able to integrate all of the resources and communication among all people in the world, not limited to country's border.

Globalization could only occurs after advanced technological development that allow people from other countries to make contact with one another in a fast and efficient way.


3 0
3 years ago
A company's defined benefit pension plan had a PBO of $265,000 on January 1, 2018. During 2018, pension benefits paid were $40,0
anastassius [24]

Answer:

$331,500

Explanation:

The computation of the ending balance of the pension benefit obligation is shown below:

= Opening balance of PBO + service cost + interest cost - pension benefits

= $265,000 + $80,000 + $26,500 - $40,000

= $331,500

The computation of the interest cost is shown below:

= Opening balance of PBO × discount rate

= $265,000 × 10%

= $26,500

The increased value of the plan assets would be ignored.

4 0
3 years ago
You have just received notification that you have won the $3 million first prize in the Centennial Lottery. However, the prize w
Oksanka [162]

Answer:

Present Value= $1,772.115

Explanation:

Giving the following information:

You have won the $3 million first prize in the Centennial Lottery.

However, the prize will be awarded on your 100th birthday, 78 years from now. What is the present value of your windfall if the appropriate discount rate is 10 percent.

We need to use the following formula:

PV= FV/[(1+i)^n]

PV= present value

FV= final value

PV= 3000000/(1.10^78)= $1,772.115

7 0
3 years ago
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