1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ra1l [238]
3 years ago
11

Marshall Enterprises charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process, $60,00

0 to jobs completed but not sold, and $120,000 to jobs finished and sold. At year-end, Marshall Enterprise's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end?
Business
1 answer:
Readme [11.4K]3 years ago
3 0

Answer:

Dr  Factory Overhead Payable $5,000

Cr                          Cost of Goods Sold $5,000

Explanation:

What we have done?

Cr  Factory Overhead   $5000

What we must do?

Dr Factory Overhead $5000

The entry in the expense account is credited, as said in the question. So what we must do is debit it back and waive off its affect from the cost of sales.

So at the end of the period the company is legally required to close the expenses and revenue accounts in-accordance to International Financial Reporting Standards.

What must be the entry?

So the journal entry would be :

Dr  Factory Overhead  $5,000

Cr          Cost of Goods Sold $5,000

You might be interested in
Producers of Ocean Spray cranberry products decided to make Craisins (and dried cranberry snack food) available in convenience s
mylen [45]
I don’t know what your saying I’m confused I’m sorry
3 0
3 years ago
Describe how the ethical codes of your company support or inhibit how these individual characteristics impact employee morale an
Marina86 [1]

Explanation:

Codes of ethics are essential in every organization to be a parameter of employees' moral conduct. Through the code of ethics, the organization induces its people to take actions and behaviors that are positive for the organizational environment and the company's culture, as well as encouraging employees to act in accordance with the company's identity and moral values ​​and also from society.

In a globalized environment, work environments have become multicultural, which should be understood in the code of ethics, which when effective and aligned with organizational objectives will positively impact on motivation and organizational performance, since the organization will have the image and the positioning of a company that preserves individual values, morals and positive development practices in society.

6 0
3 years ago
On January 1, Parson Freight Company issues 7%, 10-year bonds with a par value of $2,000,000. The bonds pay interest semiannuall
Minchanka [31]

Answer:

The correct option is Debit Cash $1,864,097; debit Discount on Bonds Payable $135,903; credit Bonds Payable $2,000,000.

Explanation:

This question is an instance of bonds issued at a discount. This happens when a bond is issued below the face value of the bond and also happens when the coupon rate on the bond payable is less than the market rate.

The face value of the bond payable is $2,000,000 while the market value is $1,864,097, so there is a discount of $2,000,000 - $1,864,097 = $135,903 on the bond payable, which is to be amortized over the life of the bond payable.

So, the appropriate journals to record this transaction is as provided above.

4 0
3 years ago
Explain the roles of taxation and government expenditure in the circular flow of income
STatiana [176]
The role of taxation in the circular flow of income, is basically to have a medium of revenue for the government, if the government is able to earn money, they are able to spend it on the economy.
So then the role of Government expenditure is to make sure the money goes back into the economy, if the government were to save the money, the economy will have restriction to grow, if all the money the government creates from tax was put back into the economy by spending in say, Heath, Education, Investment, the economy can grow because then household will spend money from their income to utilise these industries.
Hopefully this helps!
6 0
3 years ago
When developing baseline standards, it is vital to use industry best practices. Industry best practices standards enable one to
Trava [24]

Answer: True

Explanation: There is always that opportunity to perfect existing industry standards and several analysis would have already be done which saves you a great deal of financial stress and a possible loss.

7 0
4 years ago
Other questions:
  • Which of these states one of the opportunity costs of attending college?
    13·1 answer
  • Amanda keeps bees to produce honey. each hive produces $300 worth of honey each month. the table below shows amanda’s marginal c
    6·1 answer
  • Walmart is opening 12 stores to test the concept of walmart express, stores that are one-tenth the size of its supercenters and
    11·1 answer
  • On September 1, Year 1, West Company borrowed $50,000 from Valley Bank. West agreed to pay interest annually at the rate of 6% p
    8·1 answer
  • An employee can exclude from gross income the value of meals provided by his or her employer whenever: a.The meals are provided
    11·1 answer
  • What is the primary danger during the first 3-5 minutes if you are suddenly immersed in cold water?
    6·1 answer
  • The Outpost, a sole proprietorship currently sells short leather jackets for $369 each. The firm is considering selling long coa
    5·1 answer
  • Please help me. I will mark you as brainliest !!
    11·1 answer
  • ______ activities add value directly by transforming inputs into outputs as the firm moves a product or service horizontally alo
    11·1 answer
  • Discuss Two social factors (excluding friends and social interaction) that may contribute to unemployment in South Africa amongs
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!