All categories

2 years ago

The final step in recognizing the completion of production requires a company to:

Business

1 answer:

BaLLatris [955]2 years ago

3 0

Answer:

A. debit Finished-Goods Inventory and credit Work-in-Process Inventory.

Explanation:

The work in progress cannot yet be debited because it cannot be sold while the finished goods represent cash.

You might be interested in

Suppose you worked in the government. A company wants to set up a factory in your country. It would bring jobs, but it would als

Alika [10]

No, i personally wouldn’t because it would harm the environment and society more than help :)

4 0

2 years ago

The only skill required of managerial accountants is that they have a solid knowledge of both financial and managerial accountin

slava [35]

Answer:

It's false

Explanation:

8 0

1 year ago

Amy's school records describe her as a monochromat. what can we assume about amy's perceptual abilities

nirvana33 [79]

Estoy bien y tu ????

8 0

3 years ago

Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The jou

Musya8 [376]

Answer:

The option (B) Debit Work in Process Inventory $72.000 credit Factory Wages Payable $172,000 is correct

Explanation:

Solution

Given that:

As the cost of labor was sustained as regards to processing the inventory and it was not completed, so debit the work in process of account.

There also exits a liability of paying labor charges for this it will be payable.

Hence credit factory wages payable.

For the other options they are crediting cash which is not yet paid, here the option A and E is wrong.

For option D, they are crediting inventory which in this case is not correct due to the existence of a liability for paying labor fees.

The option D is wrong, because they debited with the cost of sold goods.

8 0

2 years ago

Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and

Tamiku [17]

Answer: D. $40,175

Explanation:

The balance in the Capital account reported on the Statement of Owner's Equity will include the Capital contributions of Andrea Apple to the business as well as the Net income from operations also known as Retained Earnings.

The Net Income for the month will be revenue less expenses.

Revenue

$5,700 cash and $2,750 on account for services provided in January.

Revenue is therefore,

= 5,700 + 2,750

= $8,450

Expenses

Expenses include the rent paid of $1,500 and the $275 paid for January Utilities.

= 1,500 + 275

= $1,775

Net Income = Revenue - Expenses

Net Income = 8,450 - 1,775

Net Income = $6,675

The Capital that Mr. Apple brought into the business refers to anything he contributed to the business whether in cash or otherwise.

The Capital therefore is,

- The $13,500 cash and the $20,000 worth of equipment.

The Capital Mr. Apple brought into the business is therefore,

= 13,500 + 20,000

= $33,500

The balance on the capital account will therefore be,

= Capital + Net Income

= 33,500 + 6,675

= $40,175

Option D. is correct.

3 0

2 years ago