Timmons Corporation purchases office supplies for $350 cash. Debit Supplies $350, credit Cash $350.
A legal entity is an organization (usually a group of people or a legal entity) authorized by the State to act as a single entity and legally recognized as such for a specific purpose. Early incorporated entities were established by charter. Most jurisdictions now allow the formation of new companies through registration.
A corporation is a business entity owned by shareholders who elect a board of directors to oversee the activities of the organization. A company is responsible for its actions and finances, but its shareholders are not.
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Answer:
Total manufacturing overhead cost for T05P <u>$</u>303,000
Explanation:
Using the ABC system, the amount of total manufacturing overhead cost would be assigned to Product T05P is:
1. 4,000 / 9,000 machine hours x $180,000.....$80,000
2. 90 / 250 set ups x $125,000............................$45,000
3. 1 / 2 products x $44,000....................................$22,000
4. 6,000 / 10,000 labor hours x $260,000......<u>$156,000</u>
Total manufacturing overhead cost for T05P <u>$303,000</u>
The things which Jamie Lee <em>might expect</em> as far as reliability and a warranty on the used car is:
- No factory fault
- Low mileage
- Accident free, etc.
<h3>What is a certified pre-owned vehicle?</h3>
This refers to a fairly used car which has been certified by factory standards that has been accident free and has very low mileage and is expected to work without much problems.
With this in mind, we can see that because Jamie Lee has decided to purchase a pre-owned vehicle, the things which she would expect in terms of reliability and warranty is that it should give her little to no problems
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Answer:
Unadjusted Trial Balance of Smart Touch Learning is presented below in explanation section with a total of $66,000 in Debit and Credit Side.
Solution in Excel is also attached for your reference
Explanation:
Smart Touch Learning
Un-adjusted Trial Balance for the year ended 31 December, 2016
Account Debit Credit
<u>Assets</u>
Furniture (Debit) $12,400
Accounts Receivable (Debit) $600
Cash (Debit) $43,410
Prepaid Insurance (Debit) $1,900
<u>Liabilities</u>
Unearned Revenue (Credit) $3,700
<u>Common Stock</u>
Common Stock (Credit) $39,100
<u>Dividends</u>
Dividends (Debit) $3,600
<u>Revenues</u>
Service Revenue (Credit) $23,200
<u>Expenses</u>
Office Supplies (Debit) $510
Rent Expense (Debit) $1,200
Salaries Expense (Debit) $2,000
Utilities Expense (Debit) $380
Total $66,000 $66,000
Answer:
B)
Explanation:
Because Ralph´s Recliners assigns the fixed costs to more quantity of recliners. Each one of the products charges less part of the fixed cost, compared with each one made by Lazy Guys. Then, the average total cost is lower.
