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ladessa [460]
3 years ago
11

What economic challenge did the newly formed American federal government face? Which act created nationally chartered banks and

circulated notes backed by the federal government? What economic event led to the creation of the Federal Reserve?
Business
2 answers:
Nadya [2.5K]3 years ago
8 0

Answer:

Inflation;National Banking Act ;Panic of 1907

Explanation:

What economic challenge did the newly formed American federal government face? Inflation

Which act created nationally chartered banks and circulated notes backed by the federal government? National Banking Act was pass during the Civil War, it was created so as to provide for nationally chartered banks, whose circulating notes had to be backed by U.S. government

What economic event led to the creation of the Federal Reserve?  Panic of 1907 resulted in the creation of Federal Reserve by the Congress due the wreaked havoc on the fragile banking system at that time

geniusboy [140]3 years ago
5 0

Answer:

Explanation:

Inflation

;National Banking Act ;

Panic of 1907

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Which of the following statements is false?
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Answer: Actual overhead costs always enter the Work-in-Process account.

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Overhead cost is not recorded in work-in-process account, rather it is recorded as business expenses.

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Chicken and tuna fish are substitutes in consumption. Suppose that new technology decreases the cost of catching tuna. This woul
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B. a decrease; a decrease

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Danielle Corporation received $2,000,000 from investors and issued them shares of its stock. Danielle's journal entry to record
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c. Credit to common stock.

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3 years ago
Shannon Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct cost categories:
adelina 88 [10]

Answer:

please find the answers below

Explanation:

Shannon corporation:

The inventory cycle of is composed of 3 phases:

1. Ordering / purchases

2. Production

3. Finished good / sales

The ordering phase is when the company orders goods and the time it takes to receive the raw materials.

The production phase is the work in process phase when the raw materials are converted into finished goods.

The finished goods/ sales phase is the time it takes to sell the goods that were manufactured.

Journal entries in a manufacturing company are used to record transactions. Adjusting journal entries are used to recognize costs and revenues in the correct period.  

Dr Work – In - process                            $75, 000

Cr Inventory- Direct materials                                   $$75, 000

Recording actual direct materials used

Dr Wages Payroll                           $55, 500

Cr Cash /Bank                                            $55, 500

Recording direct labor wages incurred

Dr Manufacturing overhead          $3, 500

Cr Inventory- Indirect materials                  $3, 500

Recording the cost of indirect materials incurred

Dr Manufacturing overhead         $49, 000

Cr Cash/ Bank                                    $49, 000

Recording wages payable to supervisor and engineer

Dr Manufacturing overhead         $13, 000

Cr Cash/ Bank                                                 $13, 000

Plant utilities and repairs taken to manufacturing overhead

Dr Manufacturing overhead                $11, 000

Cr Accumulated depreciation – plant                 $11, 000

Record depreciation on factory plant

Dr Finished goods                                $190, 000

Cr Work – In – Process                                            $190, 000

Record of jobs completed (cost of goods manufactured)

Dr Work – in – process                       $76, 500

Cr Manufacturing overhead                                   $76, 500

Record overhead applied to production

[$3, 500 + $49, 000 + $13, 000 + $11, 000 = $76, 500]

Dr Cost of goods sold                         $145, 000

Cr finished goods                                                        $145, 000

Record cost of jobs or goods completed and sold

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