Answer:
numerous cost pools and numerous cost drivers
Explanation:
Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.
In Financial accounting, one of the most widely used activity-based costing technique is the time-driven activity-based costing.
Time-driven activity-based costing (TDABC) avails business owners the opportunity of reporting their costs on an ongoing basis (real time) which give details about the various cost of doing business, as well as the time spent on them respectively.
Cost pool is simply the amount of money spent by a firm on a particular activity.
Generally, an activity-based costing uses numerous cost pools such as manufacturing cost or customer services and numerous cost drivers such as direct labor hours worked, number of changes used in engineering department, etc.
<span>Three people share the profit and losses as follows.Total ratio is 100. Hendrick and Mitch each get 2/5 of the profit or suffer 2/5 of the loss i. e (40/100) as well while redding gets 1/5 i. e (20/100). Redding can contribute no more than one-fifth of the liqudated capital. The$20, 000 in excess liability will be distributed in proportion to their ratios. 2/5 * 20, 000 = $8, 000 each for Hendrick and Mitcherum while redding gets 1/5 * 20, 000 = $4000. If the non cash assest is sold Hendrick would receive 2/5 * 50, 000 = 100000/5 = $20, 000. The minmum hendrick would receive would be $20, 000 + $8, 000 = $28, 000</span>
Answer:
Debit Supplies $8,900; Credit Cash $8,900
Explanation:
Based on the information given the general journal entries that Specter Consulting will make to record this transaction assuming the companyâs policy is to initially record prepaid and unearned items in balance sheet accounts will be :
Debit Supplies $8,900
Credit Cash $8,900
