All categories

2 years ago

Flowchart of Accounts Related to Service and Processing Departments

Business

1 answer:

MakcuM [25]2 years ago

7 0

Answer:

Main route:

Smelting --> Rolling --> Converting --> Sheared Sheet

Secondary route -->

Smelting --> Rolling --> rolled sheet

1) Smelting trasnferred materials into Rolling

2) It will be part of that department work in process inventory

"WIP SConverting debit then factorty overhead credit"

Later it will be transferred out as a complete process therefore,

Finished good Inventory - Shared sheet

3) the Smelting department transfer the entire of his output into Rolling department

4) the finished good will become cost of good solg once they are sold.

Explanation:

We have to read he description of how the processing system works and check to whichdeparmtent are the goods being transferred or sold.

You might be interested in

Wright Company recently petitioned for bankruptcy and is now in the process of preparing a statement of affairs. The carrying va

Nady [450]

Answer:

the total amount owed to general unsecured creditors is $71,000

Explanation:

The computation of the total amount owed to general unsecured creditors is shown below:

= Account payable + wages payable + taxes payable + interest on note payable + interest on bond payable

= $40,000 + $6,000 + $12,000 + $5,000 + $8,000

= $71,000

hence, the total amount owed to general unsecured creditors is $71,000

The same is to be considered

3 0

2 years ago

What is the key difference between command and market economies?

VladimirAG [237]

Answer:

Key Takeaways

Explanation:

7 0

2 years ago

The cost object in a job order system is the ______ and the cost object in a process costing system is the ______.

nordsb [41]

Answer:

The correct word for the blank space is: specific job; process.

Explanation:

The cost object represents the cost of an object or department for which that cost is assigned. For instance, the repairs department of a dealership is a cost object of the repairs employees and the repair supplies. Cost objects are usually traceable thus are treated as direct costs for accounting purposes.

Then, <em>the cost object of a job order is the specific job assigned</em>; <em>while the cost object of a process costing system is the process </em>itself.

6 0

3 years ago

Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was $1,700. When re

aleksandrvk [35]

Answer:

$2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Cost of Goods Sold Dr./Inventory Cr. column.

Explanation:

If we assume that Maxie's Game World uses a perpetual inventory system, the appropriate journal entries should be:

Date XXX, merchandise sold on credit to client YYY, terms 1/10, n/30

Dr Accounts receivable 2,600

Cr Sales revenue 2,600

Dr Cost of goods sold 1,700

Cr Merchandise inventory 1,700

7 0

3 years ago

marks corporation has two operating departments, drilling and grinding, and an office. the three categories of office expenses a

Scorpion4ik [409]

The correct answer is $35750

The amount of depreciation that should be allocated to drilling for the current period is $35750

<h3>How does depreciation work?</h3>

Depreciation is the process of subtracting the entire cost of an expensive item you purchased for your company. However, you write off portions of it over time rather than completing it altogether in one tax year. Depreciating assets gives you more control over your budget because you may schedule how much money is written off annually.

<h3>How much depreciation should be devoted to drilling throughout the current time frame?</h3>

Office costs: Salaries are $30,000, depreciation is $20,000, and advertising is $40,000. The total number of employees for drilling and grinding is 2500.

The overall net sales for drilling are 375 000, for grinding they are 450 000.

Drilling costs are 75,000, grinding costs are 125,000, and overall costs are 200000.

then,

Salaries: $30,000× $\frac{1000}{2500}$ =$12,000

Depreciation: $20,000× $\frac{75000}{200000}$ =$7,500

Advertising: $40,000× $\frac{325000}{800000}$ =$16,250

Total $35,750

To know more about depreciation work visit:

brainly.com/question/14864259

#SPJ4

question options are wrong the correct question is:

marks corporation has two operating departments, drilling and grinding, and an office. the three categories of office expenses are allocated to the two operating departments using different allocation bases. the following information is available for the current period: office expenses total allocation base salaries $ 30,000 number of employees depreciation 20,000 cost of goods sold advertising 40,000 percentage of total sales department number of employees sales cost of goods sold drilling 1,000 $ 325,000 $ 75,000 grinding 1,500 475,000 125,000 total 2,500 $ 800,000 $ 200,000 the amount of depreciation that should be allocated to drilling for the current period is: multiple choice $25,000. $12,500. $7,500. $20,000. $35750. this is a correct option.

8 0

1 year ago